Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

Restoring growth and getting Australians back into work are critical when it comes to our budget repair effort moving forward. Our budget has taken a hit not just because of the necessary expenditure to support the economy, businesses and jobs through this crisis period but also because of the impact of falling revenues.

Our expenditure measures were targeted and time limited, but the impacts on revenue will be longer lived as the economy makes its way back. That is why we will have to recalibrate our fiscal strategy. We will do that in a responsible way. The budget will be balanced—again, by keeping expenditures under control while boosting revenues through pro-growth policies that lift investment and get Australians back into work. We will not pursue excessive authority nor higher taxes. We will pursue growth and responsible budget management that ensure that the government lives within its means while still guaranteeing the essential services that Australians rely on. We must be very cautious about our expenditure as we navigate our way back.