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

So we brought down the mid-year budget update nine days ago. In that budget update we forecast coming back to surplus in 2012-13, and we made $16 billion worth of savings. We made those because there were further revenue write-downs which hit our budget. But in an economy which is growing at around trend, in an economy which has contained inflation, in an economy where there is a very substantial investment pipeline, it is entirely appropriate in those economic conditions to come back to surplus.

That is why we put in place savings—tough savings—which are not supported by those opposite. Those opposite come in here and cry crocodile tears about a surplus but are not prepared to support any savings in this House which will bring our budget back to surplus. So the test is for them. A $70 billion crater in their budget bottom line was announced on breakfast TV, sitting beside the minister for the environment—

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