Kelly O'Dwyer (Higgins, Liberal Party) Share this | Hansard source

I stand corrected. I would like simply to respond to one of the points that was raised by the member for Hunter. He spoke about the record and the legacy of the coalition government when we were in government. I remind the member for Hunter that we inherited from your side of the chamber $96 billion of debt. We inherited as well a $10 billion black hole. We had to pay back that $96 billion, and it was a very long, hard road to do that. We did it. And by the time you came into power in 2007 not only had we repaid the $96 billion of debt but we had also left for you a $20 billion surplus and we had invested in the future of all Australians by putting together the Future Fund, in which we had invested $45 billion.

This government, by contrast, has a very poor record. This government, by contrast, has delivered four deficits in its time in government. Every single budget that has been brought down by the so-called 'world's best Treasurer' has been a deficit—every single one of them. For the very first time ever we have had to increase our gross debt ceiling to $250 billion. Most Australians when they hear that figure are absolutely astounded. So we now have not only four deficits but also a deficit of around $50 billion. Net debt is up around $107 billion. The Treasurer, who keeps coming into this place and promising to deliver a surplus, is slowly working his way away from that promise. He is now coming up with every excuse in the book to walk away from his promise and is coming up with excuses as to why he will deliver a fifth deficit. The facts are very clear, the record is very clear and I would rather be on our side of the chamber than on theirs.

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