Bill Shorten (Maribyrnong, Australian Labor Party, Minister for Financial Services and Superannuation) Share this | Hansard source

When you look at Australia's position compared to the rest of the world and you have a look at the Commonwealth net debt, you will see that we are doing far better. We are at 8.5 per cent. The Canadians are at 36 per cent. The Germans are at 57 per cent. The United Kingdom is at 77 per cent. Italy is at 100 per cent. Our net debt, courtesy of this budget and this government, is far lower than the debts of other nations.

But it is not just about the surplus; we are supporting jobs. That is why we have a manufacturing policy which stands up for the automotive industry.

Opposition members interjecting—

Those opposite may laugh, but their policy is to buy a white flag and a European car. We are also standing up for apprenticeships—130,000 new places next year. We are also standing up for industry and jobs by using the mining tax to help provide a tax cut for small business. This is the contrast when we talk about supporting jobs. The difference between Labor and Liberal could be no starker or clearer than when it comes to the mining tax. We want to use the mining tax to lift people's retirement savings. We want to use the mining tax to help small business. They want to use the mining tax to give a multibillion dollar tax break to billionaires.

We are the ones who have a plan for the future. We are the ones who are putting forward the National Broadband Network. We are the ones who are investing in innovation. We are the ones who are investing in superannuation. Indeed, we are the ones who are willing to challenge the banks when we do not agree with what they are doing.

The member for North Sydney made some comments today. He accused the government of being out of touch with the banks' funding profiles. We on this side note that he is out of touch with the funding profiles of working families.

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