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

He can run as hard down this dry gully as he likes, but it is a dry gully. The government has set out a very clear measure to tax the major banks, which will raise in the first year on a cash basis $1.4 billion—$1.2 billion, I should say—and $1.6 billion on accruals.

Mr Shorten interjecting—

The Leader of the Opposition is so across every figure—as is the shadow Treasurer—that he could not even remember what the tax-free threshold was! Our budget brings the balance back in 2021. That is what our budget does. What we inherited from those opposite was a fiscal mess. We had expenditure growing at more than 3½ per cent a year; under this government we brought it down to below two per cent. From 2018-19, for the first time in a decade, we will no longer as a Commonwealth government be borrowing money to pay for everyday expenditure. Those opposite racked up hundreds of billions of dollars in debt simply to pay for everyday expenditure. Those opposite racked up deficits of $240 billion. We inherited a baked-in surplus on this side of the House. We inherited a baked-in deficit with baked-in spending but we are bringing the budget back to balance. On the issue of budget credibility, on the issue of financial management and on the issue of bringing the budget back to balance, those opposite promised the four surpluses that the member for Lilley said he delivered. No-one ever found them, Swannie; they were not there.

Honourable members interjecting—

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