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

I thank Senator Birmingham for that question. It gives me the opportunity to remind those opposite that, in fact, debt is lower under us than it was under you. Of course, off-budget spending is something that still has to be financed, and I just would make the point that, in fact, as Senator Gallagher said yesterday, we inherited a debt higher than we currently have, and debt was $149 billion lower in 2023-24 than what was forecast at the election. And that is saving the nation about $80 billion in interest costs over the decade.

We were asked a question about off-budget spending. I assume the issue is debt, but, actually, we are, as a result of the budget position that we have established, ensuring that Australians are paying less in interest costs over the decade than would have been the case under him. But what is also interesting, if I'm asked about off-budget spending, is that we see that there is some suggestion that those opposite are looking at financing their risky, costly nuclear announcement off budget, but we're not quite sure. Let's remember that this is $600 billion worth of spending on the most expensive power that you can imagine, which will only deliver less than four per cent of the grid and will add $1,000 a year to your energy bills and take up to 20 years before it even starts delivering. And now they're saying, 'Actually, we do want to find it off budget. Well, we think we do,' thereby adding to debt.

Senator Birmingham, if you're so concerned about the fiscal circumstances, I invite you to tell the gallery how you are funding your risky, expensive, slow nuclear scheme.