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

to southern European levels under the ouzo economists sitting opposite. What the restructuring that this government proposed last year would have done would have been to fix the budget for a generation.

I accept that not all of the measures proposed last year have passed through the parliament. I accept that because members opposite, having been wreckers in government, are saboteurs in opposition as well. The good news is that the measures that have passed the parliament will take us close to balance by 2020 and, going forward, they halve Labor's debt and deficit.

What that means is that a solid foundation has been laid. Debt and deficit that was out of control when members opposite were in charge is now well and truly manageable under this government. Last year's budget is a very strong foundation for this year's budget. It will be prudent, frugal and responsible. But, I have to say, there will be good news in this year's budget—good news for families through increased child care and good news for small business through the tax cut that they need and deserve.

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