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

Thank you, Deputy Speaker, because I am only too happy to talk about debt. I am very happy to talk about it. Net debt in Australia as a percentage of GDP was 9.6 per cent in 2011-12. That is around one-tenth of the level of other major developed economies.

Why is that important? It goes back to the core of the disagreement in this chamber between the government and the opposition. We do have some net debt in this country now. We have it because the government took the responsible position of supporting jobs and small business during the global financial crisis and the global recession. The consequences of that action are the strong economic fundamentals we have and, most particularly, the gold plated AAA credit rating we have from the three major global rating agencies.

I make that point because here we have yet another scare campaign from those opposite. They are seeking to exaggerate our levels of debt and seeking to talk down our economy as they have day after day for the last few years—but all the time having the shame of having opposed what we did to make our economy strong, to support jobs and to protect the fabric of our community. That shows the clear contrast between the values those on that side of the House have and the values we on this side of the House have. We will always support working Australians and small businesses, but those opposite will always take the axe to them.

See this speech in context