Fiona Nash (NSW, National Party, Shadow Parliamentary Secretary for Regional Education) Share this | Hansard source

They have given up—thank you, Senator Williams. They have just given up. I apologise to Senator Moore for tuning out. Usually, I listen with great intent to Senator Moore's contribution because she makes very sensible and balanced contributions. But on this particular issue, no go. Unfortunately, as I said, I did tune out, as many of the people across Australia have done and continue to do.

Senator Fifield, in his opening statement, referred to 1996 and the $96 billion of debt that the incoming coalition government had to deal with. I can remember that very clearly; not that I was in this place at the time, but I was very involved in the National Party. I think I was about 16—sorry, Hansard, that was a joke! But I remember it very clearly and I remember hearing from John Anderson about the ERC and what the coalition had to do to get the economy back to rights. And it was really, really tough.

It was $96 billion and it took us about 10 years, give or take, to pay it off. And in that as well there was—let us not go there!—the sale of Telstra of around $30 billion. At the moment we are now looking at this $120 billion black hole from Labor. They glibly try to make it sound as if it is no real problem at all—it is no bother; it is all fine, everything is on track and the economy is going well. You cannot escape the fact that there is a $120 billion black hole under this Labor government's management of the economy.

Again, I refer to my colleague over there, Senator Williams, who has an amazing grasp of economic issues, I must say.