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

I said we will also review that in the usual way and amend it as required. Face value was never provided by those opposite when they were in government; it was never published. But today face value was provided to Senate estimates. I talked with the Treasury. It was the most open and transparent thing to do and it was provided to the opposition today. So the government has been completely open and transparent in providing the face value figures, which have never been provided by those opposite. The face value in 2012-13 and 2013-14 is below the debt cap. I also made the point that these matters are considered on a budget to budget basis in the usual way and we would review it in the usual way and amend it as required. That is actually what I told the parliament when these matters were raised with me in budget week.

But what is this all about? What this is really all about is that debt is the Trojan Horse that those opposite are trying to use, trying to exaggerate its impact so that they will be able to justify if elected savage cuts to the bone when it comes to health and education and a massive impact on jobs and growth in our community. Debt in this country is low. Our public finances are in great shape, and the problem that those opposite have got is that this is what the rating agencies say about these matters. This demonstrates how those opposite want to talk down our economy day in, day out. This is what Standard & Poor's says about Australia: 'The government continues to demonstrate a commitment to prudent fiscal policy over the medium term given the low level of public debt in Australia.' This is what Moody's says about it: 'Australia's relatively low level of government debt has been one of the factors supporting the AAA rating.' (Time expired)

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