Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

Within one year from now the Commonwealth will no longer be paying for everyday expenditure by raising new debt. Importantly, around $85 billion of the debt that was referred to for the 725 is to ensure that we do not raid the Future Fund. As a result, a century of taxpayers will not have to pay additional tax to meet our unfunded superannuation liabilities.

The other additional debt that is represented there is to pay for important infrastructure projects—infrastructure which is building our nation, infrastructure which is growing our economy and infrastructure which is supporting more and better-paid jobs. The only debt those opposite are interested in is the debt from putting everyday expenses on the credit card. From 2018-19, the Turnbull government will not be doing that. The Turnbull government will be reducing our net debt, just like the Howard-Costello government was doing, and we are doing it by keeping our expenditure under control to less than two per cent of GDP. The rate of growth in gross debt has fallen by two-thirds under this government. This is a government that can be trusted with our nation's finances. The member opposite needs to tell the Australian people how he is going to fund his empty promises. It is another cruel hoax on the Australian people. (Time expired)

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