Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

As I recall, this government returned a surplus in 2022-23. I know that is difficult for the coalition to accept, because they trumpeted the 'Back in black'—they got the mugs out; they were quite triumphant—but then, of course, they didn't actually deliver one. I know that's very hard for them to accept. The reality is that this is a government that returned a surplus of $22.1 billion in 2022-23. It was a dramatic improvement from the forecast nearly $78 billion deficit that we inherited. In fact, that is a $100 billion turnaround, the biggest nominal budget improvement in Australian history.

We've returned 95 per cent of revenue upgrades to the bottom line in 2022-23. That is more than double the average of the previous government. So I have to say I don't think we'll take a lecture from those opposite, who returned deficit after deficit and did not return revenue upgrades. (Time expired)