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

I am directly answering the question, because our AAA rating goes to the core of our fiscal discipline, which has been recognised by the rating agencies—indeed, cited by the rating agencies for their reaffirmation of our gold-plated AAA rating. Those opposite do not even understand that most basic fact. When we moved to support our economy during the global financial crisis, to support jobs and small business, we put in place fiscal rules to bring our budget back to surplus when growth returned to trend. And that is what the government has been doing.

During that time, based on our Labor values, we have found room for Labor priorities, such as paid parental leave and a big increase in the pension, by making savings. We have done all of that in the face of very large revenue write-downs, to the tune of $150 billion. We have done all of that and we will continue to adhere to our fiscal rules as we make room for Labor priorities. We have done the hard work to find the savings. But there we saw again this morning, once again on breakfast television—but this time he was on his own—

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