Steven Ciobo (Moncrieff, Liberal Party, Parliamentary Secretary to the Treasurer) Share this | Hansard source

It is truly unique to come into this chamber and hear the Labor Party complaining about the level of debt. Talk about a reformist party! I found it fascinating when, a couple of hours ago, as I was flicking through the TV channels, I watched the Treasurer outline the poor state of the nation's economy and of the national accounts as a consequence of what was left behind by the Australian Labor Party. At the conclusion of that press conference, I flicked the channel and I happened to see the shadow Treasurer, the member for McMahon, at the National Press Club. What was extraordinary about his performance was one particular line that really caught my interest. He said, 'Labor needs to be in office for a long time to cement our reforms.' He is nodding in furious agreement. They just needed a little bit more time!

This is the Australian Labor Party who inherited $60 billion of assets six years ago, presided over the five largest budget deficits in our nation's history and who, as a consequence of their policies, saw the most rapid deterioration of debt in our nation's history. Then they come into the chamber and say: 'Oh no, you should trust us on debt. We know the best way forward. Don't trust the coalition on debt.' Look at the track record. It was only the coalition that paid off $96 billion worth of debt last time. Why would you trust us? The Labor Party are the people you should trust, according to the member for McMahon. After all, the Labor Party took $60 billion and turned it into over $400 billion worth of debt!

What is also extraordinary is that the shadow Treasurer, the member for McMahon, likes to say repeatedly—and he did just moments ago—how the coalition could have had the $500 billion debt ceiling, if only the coalition had been willing to release MYEFO, as if in some way insinuating that, once again, the coalition could not be trusted. What is fascinating about that is that this is on Labor's own numbers, not coalition numbers. Do not rely on the figures that we put forward if you do not want to. I say to the Australian Labor Party: use your own numbers. Let me educate the shadow Assistant Treasurer as to which numbers. I am talking about the Pre-Election Economic and Fiscal Outlook forecasts that made it clear that you were going to reach $370 billion worth of debt. And let us not forget the tabled minute from the Australian Office of Financial Management which said that you need a $40 billion to $60 billion buffer. Let me make this easier. I wish I had a big calculator, but I will add it up: $370 billion plus $60 billion is—

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