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

I thank the member for Pearce for his question and I congratulate him on his outstanding maiden speech. He is absolutely right: there are obstacles. The biggest obstacle is the Australian Labor Party. The Australian Labor Party is now blocking $20 billion of savings that would improve the budget bottom line and reduce Labor's legacy of debt.

What is surprising—and it would be surprising to most—is that Labor are now opposing their own savings. The latest one came just last night—a $1.1 billion change to research and development tax changes. On 17 February this year Julia Gillard announced that she was changing research and development tax changes to save $1.1 billion to pay for a plan for Australian jobs. She went on to say: 'This is going to actually be a benefit to the Australian economy and obviously the budget.' Last night in the House the shadow assistant Treasurer stood up and said they would not support those cuts they announced in February.

Then the Labor Party announced on 13 April this year—only a little bit after April Fool's Day—$2.3 billion in savings from cuts in higher education to pay for their Gonski education reforms. And then Senator Kim Carr—Kim il Carr—said that they will not—

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