Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

(South Australia—) (): It says something about the opposition that when a question is asked about the volatility and turbulence of global markets they laugh. It says something about their economic credibility and how much they really care about ensuring this economy comes through this current volatility on global markets. We on this side understand the importance of a strong fiscal strategy; that is why we on this side, in the face of the global financial crisis and global recession, have kept public debt to extremely low levels—7.2 per cent peak net debt, less than one-tenth of the average of most advanced economies. That is why the IMF has given us a tick. What have they got on that side? A $70 billion black hole. Let us remember that that is just to get them up to the starting line. That is just to get them to cover all of Mr Abbott's spending promises. (Time expired)