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

Yes, at 20.2 per cent. And that is what the tables actually show.

What we have here is the fiscal fearmongering of those opposite. What I was reading from, before I was interrupted, was the judgement of the rating agencies. Here we go again; this is Moody's after the budget, 'Australia's relatively low level of government debt has been one of the factors supporting the AAA rating'. So this government has, for the first time in the history of the country, a AAA credit rating, a stable outlook, from the three major global rating agencies—not something ever achieved by the previous coalition government. That is because of the stewardship of this government, the way in which we have managed the economy in recent times. But they want to go around and exaggerate the levels of debt, and the purpose of exaggerating it in the way that they are is so that, if they get to power, they can go out and slash and burn when it comes to health and education. They want to pretend that our debt levels are not low; they want the excuse to rip out the social safety net and they want to follow a policy of austerity for austerity's sake.

But we have also had some commentary from another person over the last week or so. Even former Prime Minister Howard said our debt levels were low. Former Prime Minister Howard said that in the last couple of weeks. So stop the fiscal fearmongering. Give us some detail tonight, and when we do not see it we will know that you intend to hide your real plans from the Australian people.

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