Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Hansard source

Just last week the Parliamentary Budget Office, for one, reported:

… there are risks to the economic outlook over the medium term due to uncertainties in the international outlook and as the Australian economy transitions out of the resources investment boom …

They went on to say:

These risks reinforce the need for fiscal consolidation in order to establish a fiscal buffer against the possibility of adverse economic shocks.

I simply say to those opposite: what happens if there is another financial shock when Australia has huge levels of debt and deficit and no cash in the bank? Unless action is taken now we will have very little insulation from a future financial shock. It makes good sense for all Australians that we take action now to ensure that Australia remains in the best possible position to deal with any global uncertainty. (Time expired)