Ed Husic (Chifley, Australian Labor Party, Shadow Parliamentary Secretary to the Shadow Treasurer) Share this | Hansard source

Ringing a bell, indeed. Thank you, Member for Rankin. And what does the Treasurer propose? An increase from $300 billion to $500 billion, a 67 per cent lift in debt—67 per cent. Weak on entitlement, weak on foreign investment, weak on following through on reform, weak on the issue of debt: thank God he has starch in his shirts, because I do not think he has a spine holding him up! He cannot make a decision, he cannot follow through, on the thought bubble that starts the day and ends on—what? Nothing. He cannot even come through on it.

What we said was quite simple. We said to the government, 'If you want to increase the debt limit, then we'll certainly back the increase to $400 billion, and then you come back and actually fill in the detail if you want to go higher,' which is not unreasonable. Apparently, they will not release the incoming Treasurer's brief. But all we said was, 'Release the MYEFO,' and they will not even do that. And what is their answer on cutting debt? They hand over $9 billion to the RBA, just—bang—like that. They are talking about increasing the debt limit and then they hand over $9 billion to the RBA as a gift. It is no wonder; they are waiting for the dividend stream down the track. That is really why they have done it. Load up the budget deficit now. If they are worried about debt, why are they turning their backs on revenue measures that could have given them $3 billion? They gave a tax cut to the 16,000 wealthiest people in the country. They are worried about debt, and their answer is to come back and suddenly say they need to increase the debt limit. And, when we do not give it to them, what they do? When we will not support them just increasing the limit, what do they do? They go to the economic fringe dwellers, the people that they derided previously, the ones that they hate and they love and they hate and they love. They cannot work out—

Honourable members interjecting—

It is the Greens, not the Nats. That is right; that is the war that keeps on giving in the coalition! (Time expired)

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