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

I would like to make a couple of points. We have a AAA credit rating from the three major financial credit rating agencies globally for the first time in our history. We came through the global financial crisis in better shape than any other advanced economy. We have a strong economy. But, of course, as a consequence of the global financial crisis, the floods in Queensland and events in Europe, there has been a dramatic impact on our budget bottom line.

Those opposite come into this House and talk down our economy and pretend that the global financial crisis and the global recession never happened. That is what they pretend. They pretend that there has been no impact on our budget revenues, which have been written down by $140 billion over five years. They want the public of Australia to somehow believe that that never happened. Well, the fact is that it did happen.

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