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

We will be producing by the end of the year our Mid-Year Economic and Fiscal Outlook. We will be doing it in the normal way but we will be doing it in very difficult global economic conditions.

Opposition members interjecting—

They are just demonstrating how they are incapable of understanding the international or national economies, Mr Speaker. The fact is that global growth has been revised down, and you have seen that again today with statements from the head of the IMF. That does have an impact on growth in Australia. You saw that through the Reserve Bank statement on monetary policy a couple of weeks ago when they revised down growth from four to 3¼ per cent. As a consequence, we are preparing our materials and forecasts for the Mid-Year Economic and Fiscal Outlook and, given the uncertainty, the hit to confidence and all of the impacts of the global financial crisis, that will have an impact on revenues in our Mid-Year Economic and Fiscal Outlook, and we will account for that in the normal way.

Yes, we will be having budget savings and, if those people opposite claim that they are responsible, they will be supporting them in this House. We are absolutely committed to bringing the budget back to surplus in 2012-13, because that is the right thing to do, sending a clear and consistent message about fiscal policy in an uncertain international environment and, given the fact that growth in this country is still around trend and given that jobs are our priority, we will present a very responsible document with all of the usual analysis.

Mr Robb interjecting—

See this speech in context