Senate debates

Wednesday, 4 March 2015



3:49 pm

Photo of David LeyonhjelmDavid Leyonhjelm (NSW, Liberal Democratic Party) Share this | | Hansard source

I, and also on behalf of Senators Day and Madigan, move:

That the Senate recognises that:

(a) the Commonwealth Government's net worth is negative (that is, negative $229 billion in 2014-15, according to the Mid-Year Economic and Fiscal Outlook), indicating That the value of liabilities being left for future generations exceeds the value of assets;

(b) budget surpluses improve the Commonwealth Government's net worth;

(c) it is prudent to achieve budget surpluses on average over the medium term; and

(d) based on the expectations for economic growth and commodity prices set out in the Mid-Year Economic and Fiscal Outlook, it would be prudent to achieve budget surpluses at least by 2019-20.

Photo of Stephen ParryStephen Parry (President) Share this | | Hansard source

The question is that the motion moved by Senator Leyonhjelm be agreed to.