Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Ruston for that question. The biggest pressure on the budget is the bad and reckless approach to budget management by the Labor Party. They were bad enough over six chaotic, dysfunctional and reckless years in government, but they are even worse now in opposition. We saw that Labor was bad under the leadership of Mr Rudd and Ms Gillard. They are even worse under the leadership of Bill Shorten.

We inherited a budget in very bad shape, with a $30 billion deficit this year and deteriorating, $200 billion worth of government net debt and deteriorating, government gross debt heading for $400 billion and beyond. Who was one of the main culprits of the bad waste and mismanagement and reckless fiscal approach under the previous government? It was none other than Senator Wong. In Senator Wong's three short years as finance minister she presided over budget blow-outs of more than $107 billion. In fact, it is the $107 billion Wong black hole that we are dealing with today.

But that is not enough. Labor was not only happy to leave the budget in a mess with a $30 billion budget black hole; Senator Wong banked savings. Labor took a $2.33 billion cut to higher education. She banked the savings but did not implement them. She did not do the hard yards by legislating them through the parliament. She banked savings from not proceeding with income tax cuts linked to the carbon tax but again she did not do the hard yards. Now Labor recklessly and irresponsibly is standing in the way as this government works to clean up the mess that Senator Wong and Bill Shorten left behind. Senator Wong, you should get out of our way. Mr Shorten should get out of our way. You should let us clean up your mess— (Time expired)