Louise Markus (Macquarie, Liberal Party) Share this | Hansard source

What the members opposite have failed to reflect on today are the facts. What legacy was left by the former Howard government to them and to the Australian people? What did they do with that legacy? And what legacy have they left for the Australian people, and for the coalition government? The question that we are attempting to address in the budget is: what legacy do we want to leave and invest in for the future of every Australian?

Let us just mention for a moment the former government: they left Australians with $123 billion of deficit and no path back to surplus. I have not heard one member opposite talk about how they would do that, although they made that promise too many times in the last term never to have met it.

Our budget repair efforts mean that deficits in our first four years are now projected to be $60 billion, with a surplus of well over one per cent of GDP projected by 2024-25. Gross government debt is now forecast to be $389 billion in 2023-24, compared with the $667 billion left behind by the former government. This reduction in projected debt of nearly $300 billion also assumes that we provide future tax relief to address bracket creep—I do not hear the members opposite mentioning that.

Let us reflect on the mess that Labor have left us. Let us remind both members opposite and the Australian people—I am sure many understand this—that every time Labor step in they create a mess, not just in terms of the budget and government debt but also for Australians and their opportunities. But what we on this side of politics do is get the budget back under control and, again, set a framework where Australians can prosper, and where people who are the most disadvantaged have greater opportunities.

That is something members opposite do not understand. We want to create an environment where our young people and people with disabilities have opportunities to reach their fullest potential. You sell them short when you relegate them to a life of dependency. That is not what we espouse or want for them. We believe they can achieve their best.

When Labor came to office it inherited a surplus of $20 billion, with no debt, and $45 billion in the bank. Over six budgets, Labor increased spending by over 50 per cent. In fact, the International Monetary Fund recently found that if Australia's spending were to continue in the same way it would grow faster than any of the 17 advanced economies profiled.

What are we contributing towards, for the future? This is about all Australians contributing towards building a future where young people and single mothers have opportunities to gain employment and to provide a future for their families. Contributions from the budget will enable delivery of a critical infrastructure growth package, the world's biggest medical research endowment fund and a competitive deregulated higher education system. Our future standard of living is at risk if we do nothing. But we have a plan. The days of borrowing and spending must come to an end.

It is time for all of us—every one of us in this place, including members opposite—to contribute to our future. Our future depends on what decisions we make today, whether it be our turn to contribute or our turn to build. This challenge is not of our making, but we are willing to take the responsibility and make the tough decisions for our future. Let me remind the members opposite: we did promise to get the budget back under control. We did promise to scrap the carbon tax, to end the waste, to stop the boats and to build the roads of the 21st century. That is what this budget is doing.

We are paying $1 billion of interest every month. That is $1 billion of wasted money because of the decisions of the former government. It is money that could be well spent in the electorate of Macquarie—and in many other electorates, including the electorates of those on the opposite side. We are all having to bear the brunt of this legacy. Labor got into the habit of promising and then changing its mind. The first example that springs to mind is the world's biggest carbon tax, where families are forced to pay higher electricity bills. We the coalition are setting up for the future. The commitments we have made and delivered are—(Time expired)

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