Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

We have reined in spending growth, which was four per cent under the member for Higgins. And every single dollar in new spending in 2008-09 is one that comes from savings. There has not been a single saving from those opposite as they have gone about blowing a $22 billion hole in the surplus. Those opposite are simply spendaholics—a $22 billion hole in the surplus. They are spendaholics; they cannot help it. Old habits die hard: $40 billion spent by the member for Higgins at the last budget and not one dollar of savings. They are absolutely shameless, because that sort of spending has put upward pressure on inflation and, of course, upward pressure on interest rates. Not one dollar of savings was produced in the shadow Treasurer’s reply at the Press Club. There were no costed policies, no indication of what they would do to meet their commitments. As I watched the shadow Treasurer at the Press Club, I thought, ‘Who does this remind me of?’ as he was up there, all front and no substance. I said, ‘I’ve got it. It’s Andrew Peacock but without the suntan!’

See this speech in context