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

I will just conclude with this one fact: the tax to GDP ratio this year is 21.5 per cent. When we were elected, the level we inherited from those opposite was 23.7 per cent. If we had that tax to GDP ratio that we inherited from them, that they had when they were last in government, we would be running a surplus of $6 billion and we would have increased revenue of $24 billion this year. That proves the fact there is a big revenue challenge. That is why we have taken the decisions we had to take: absolutely necessary to support jobs and growth. And God help us what would have happened if they were in government in these circumstances, because they would have slashed and burned, austerity for austerity's sake. They subscribe to the theory that you can cut your way to growth. Well, you cannot. That is what has happened in Europe, it proves that is wrong, but they have been captured by the mad Tea Party elements of the Liberal Party and the IPA.

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