Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I thank the member for Longman for his question. It is very important that approaches to fiscal policy are conducted with clarity and consistency. It is obviously vital for government to behave in a clear and consistent manner with respect to fiscal policy, but it is also important for the alternative government to do so. Unfortunately, in recent times we have not seen a great deal of either clarity or consistency from the opposition on issues associated with fiscal policy. In fact, it now seems that the government is almost confronted with two oppositions that more often than not disagree with each other more than they do with the government. On the one hand, we have the Leader of the Opposition almost on a daily basis putting out big spending promises and we have the shadow finance minister, Senator Joyce, again on a daily basis, making wild statements and claims that the Australian government might default on its debts, the United States government might default on its debts and so forth. On the other hand, we have the shadow Treasurer, the member for North Sydney, who seems only to be wheeled out now to repudiate statements made by Senator Joyce. We do not see the shadow Treasurer very often, but every now and then he has to reassure the Australian people that, notwithstanding the litany of big spending commitments being made by his leader, the Liberal Party actually believes in cutting government spending, not increasing it.

Yesterday Senator Joyce said that Australia was at risk of defaulting on its debt. On the doors today his statements were unequivocally supported by the member for Tangney and Senator Williams from the opposition. Yet today in the Age the member for North Sydney was quoted as saying:

I have no doubt that Australia has the ability to repay sovereign debt. It is in no danger of defaulting on its debt.

It appeared this morning that Senator Joyce was slightly getting the message, starting to inch his way back to planet Earth but just starting, when on NewsRadio he said, ‘Yea, well, it’s not going to happen tomorrow.’ It is good news for Australian investors that the threatened default is not going to happen tomorrow—thank you, Senator Joyce! This morning on ABC radio the member for North Sydney was asked, as the Prime Minister indicated, if he had absolute confidence in Senator Joyce. His response was very interesting and I read from the transcript:

Lyndal Curtis: So you have complete confidence in Senator Joyce being a partner in economic portfolios?

Joe Hockey: I have absolutely no confidence in Lindsay Tanner who is the clear definition of a Labor minister who has failed as finance minister.

As the Prime Minister did indicate, the second time around when the member for North Sydney was asked again, ‘And complete confidence in Senator Joyce?’ he said:

I have absolute confidence in Barnaby.

It took him two times. The wheels were turning in his head and he suddenly thought: ‘Whoops! I’d better actually say I have confidence in Senator Joyce.’ It had to be squeezed out of him. It was a painful process. It had to be squeezed out of him.

I understand that watching this circus is entertaining and diverting for many people, but you can get a real sense of how a prospective government is going to govern and how it is going to behave in government by watching how it behaves in opposition. If this circus were occurring in government, there would be absolute mayhem. Investors would be spooked. Our No. 1 ally would be demanding an explanation for the finance minister of this country announcing it was about to default. Australian jobs would be threatened and we would have a bitterly divided government in a period of great global challenge. By appointing Senator Joyce as shadow finance minister, by allowing this circus of great division and disunity to continue, by indicating no interest whatsoever in economic issues, the Leader of the Opposition shows that he is a giant risk to the Australian economy and that he is not worthy of the trust of the Australian people to manage our economy and our finances.

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