Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

The rating agencies have for the first time contacted us concerned about possibly reaching the debt limit in the next few days. It was the Labor Party—the member for McMahon—that introduced the debt limit of $75 billion, pledging it would never be reached. Then Labor introduced a debt limit of $200 billion, saying it would never be reached. Then they introduced a debt limit of $250 billion, saying it would never be reached. Then they introduced a debt limit of $300 billion, and Labor said it would never be reached. Yet they budgeted a debt limit of $370 billion peak debt and, at the same time, the member for Lilley laid on the table of this parliament advice to say that there has to be an additional $60 billion buffer. So I would say to the members opposite: this is the debt that Labor created. Labor is offering a partial solution of a debt limit of $400 billion when they left us with a debt—

Mr Shorten interjecting—

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