Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Hansard source

The Leader of the Opposition claimed back in 2012 that the budget was back in surplus, on time and as promised. I know why he is turning his back; he is embarrassed by this. He said, 'in these uncertain global times, there is no clearer sign of a strong economy than a surplus'—the surplus he never, ever delivered, the surplus Labor never delivered and was incapable of delivering.

What did we get from members opposite? We got the six biggest deficits in Australia's history. We got 200,000 more unemployed at the end of their six years than at the beginning. We got $123 billion of cumulative prospective deficits, $667 billion of projected debt and $1 billion a month in interest payments—every single month—just to pay the interest on the borrowings. They were paying the nation's mortgage on the credit card. It just could not go on; and it will not go on, thanks to this government.

We are taking the tough decisions now to avoid even tougher decisions in four or five years time. We are taking the tough decisions now to set up the prosperity of the future. This is the first honest budget in six years. This is the budget our country needs.

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