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

I thank the member for his question. Through the budget, we have built a $22 billion surplus to fight inflation and put downward pressure on interest rates. The opposition, through their irresponsible actions up in the Senate, are trying to punch a huge hole in that surplus. Let us have a look at what they are blocking. They are blocking increasing the Medicare levy surcharge threshold, which will remove a tax slug on middle-income earners. That is what they are doing—effectively a tax increase. They are also politicking with the condensate measure, which could cost the budget $177 million in terms of delay; if blocked altogether, it could cost the budget to $2.5 billion. How irresponsible is that? Their delay on the luxury car tax threatens a $22 million hole from delay, but if it is blocked it will cost $555 million.

Something rare happened in the House last night. There was 10 minutes of economic responsibility from the Liberal Party. After seven months of irresponsibility, we had 10 minutes of responsibility last night. Last night they let through an important compliance measure to stop rorting in the welfare system. They were going to block it but, when we highlighted it, they were shamed into supporting it. Good on them—10 minutes in seven months is not bad!

Perhaps the member for Wentworth ought to convene another focus group. He can ask them what they want the Liberal Party to do. What would families want? They would want lower inflation. They would want lower interest rates. All of that is threatened by the actions of the Liberal Party in the Senate. We on this side of the House understand the importance of fighting inflation. We understand the importance of getting interest rates down. What the Liberal Party is doing in the Senate is pushing up inflation and interest rates. It has a chance this afternoon to stand up in the Senate and be responsible. Let this vital legislation through and send it down to the House so that the Australian people can get full responsibility from their government—a full attack on inflation, doing something about interest rates in the long term. The Liberal Party is completely irresponsible.

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