Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Hansard source

As a result of our measures, debt will be $170 billion lower under the coalition than it will be under the Labor Party and spending growth has been reduced from 3.6 per cent to just one per cent.

But I am asked: are there any challenges? The biggest challenges are those sitting opposite. Not only are they blocking around $30 billion worth of savings in the Senate, including billions that they took to the last election, but the member for McMahon is kidding himself about the fiscal reality that we face. Just last week the member for McMahon said debt and deficit were just rhetoric. The member for McMahon said it was okay because in Australia we were far better off than they are in Greece. Fortunately, on this side we do not subscribe to the member for McMahon's ouzo economics!

We have to heed the message of the IMF, of the OECD, of the Parliamentary Budget Office, of the Governor of the Reserve Bank. The member for McMahon had a tough week last week.

Mr Perrett interjecting—

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