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

I ran through the figures in MYEFO, but obviously the shadow Treasurer has not even read MYEFO. I ran through the figures and I explained why borrowings were necessary in the first place—that is, there have been revenue write-downs of something like $170 billion. Those revenue write-downs have necessitated borrowings, which has meant that the Commonwealth is paying interest. I then ran through the interest that we are paying on the net debt and he still did not seem to understand it or get it. I can only think that he has not read MYEFO. The truth is that, if we had not borrowed that money, if we were not paying that interest, Australia would be in a deep recession right now. That is the point. That is what those opposite are so embarrassed about. They are embarrassed about the fact that they opposed economic stimulus in this House. Economic stimulus has kept us out of recession. Economic stimulus has supported hundreds of thousands of jobs. Economic stimulus has supported small business. We are paying interest to achieve that very desirable outcome. Those opposite are so embarrassed by their opposition in the House that they simply cannot stand it.

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