David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Hansard source

The first point that the member for Dunkley raised—which goes to the question of documents and materials that were provided or were intended or meant to be provided to the opposition and the timeliness of their provision—is not a matter that has been raised with me previously. Certainly, that is something that I will endeavour to look into and provide the member for Dunkley with further information on. It is my understanding that it is up to the respective individual departments themselves to make available information to the opposition. I am not aware of any instance in which the way in which departments conducted themselves in the most recent budget departed in any way from the way in which matters would ordinarily occur. I have no knowledge of anything untoward in that regard, but I will certainly have a look at the matters that the member for Dunkley has raised.

I welcome the member for Dunkley's interest in transparency, because with a $70 billion black hole the Australian people are going to be very interested in the transparent in way in which the opposition presents its proposals to the Australian people ahead of the next election. The budget papers, in all regards, comply with the usual accounting practice in terms of how budgets are recorded and matters are disclosed. There is no suggestion that that is not the case. It is good to see the member for Dunkley imbibing his daily or weekly element of Mr Gittins's commentary, because I think the opposition could learn a lot from much of what Mr Gittins has said. He has been a very strong critic of the lack commitment to fiscal discipline on the part of the coalition.

On the question of transparency, the government is very pleased to stand behind a budget that is being returned to surplus. We have stated the reasons why it is so important that we return the budget to surplus. We have done so using all of the accounting mechanisms that would ordinarily apply to the way in which these matters are reported. That will show that we are delivering in 2012-13 a $1.5 billion surplus. The surpluses that will be achieved into the out years grow over time. Of course, this is a remarkable result when we consider what is occurring all around the world at the moment. Indeed, these projections are based upon strong growth, growth that is strong by international standards. There is good reason to believe that those projections will be realised. In recent national accounts data released we see that the Australian economy continued to grow more strongly than any other major advanced economy. The Australian economy today is somewhere in the order of nine per cent larger than the economy that existed before the GFC. We are experiencing growth at rates that no other major advanced economy can even come close to, and we are returning our budget to surplus faster than any other major advanced economy. Indeed, as we return the budget to surplus others are still grappling with very large deficits, and we all operate in the current global economic settings with the inherent challenges they bring.

The government are very pleased that in this budget we have been able to spread the benefits of the mining boom, and that is so important. The national accounts data really did show that the growth in this country is occurring much more strongly in some parts than in others and in some sectors more than in others. As we extract mineral resources in this country today to meet the demands of the global economy and the global marketplace, it is absolutely important that we extract a sufficient and appropriate return for the Australian people from those resources. Through the mining tax and the minerals resource rent tax we are doing that, and we are determined to make sure that the benefits of the boom are being spread. I think that is the responsible thing for the government to do, particularly in a climate where the resources boom, which has meant so much bounty for so many, has also provided structural challenges and changes that have impacted on so many others throughout the economy. This is a very good budget, one that has returned to surplus and one that helps spread the benefits of the mining boom.

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