Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I'm pleased to be speaking on this important area of portfolio expenditure, which is part of our budget, as we have emphasised many times, that is about cleaning up the mess that we inherited. To put that in context, the $4.2 billion surplus that we are projecting for this budget is a significant turnaround. This time last year the former government was projecting an $80 billion deficit, so we have gone from an $80 billion deficit to a $4.2 billion surplus because we have taken the tough decisions that our predecessors were unwilling or unable to take. It's because, for example, we're banking 87 per cent of the new revenue. It is important to pay down the debt immediately because it frees up cash in the out years to ensure that that money can then be invested in new priorities. We'll have $80 billion in interest payment savings. To put that in context, that is close to twice what we're spending on an annual basis on the Defence budget, so it is real money that makes a big difference to what the government's capacity will be in out years if we take these tough decisions now.

Within the Treasury portfolio there are a few items that I want to bring to the attention of members. Members will know that the government is particularly passionate about fighting scams and consumer fraud. About $3 billion a year is being lost to scams, and Australian households and small businesses are being ripped off by criminals and fraudsters who are stealing their hard-earned cash. Until now they have been left to fight this on their own. Our predecessors had no regard and certainly no strategy or policy to deal with the scourge of scams. We are turning that around—

through this $86 million package investing in a new antiscam centre through the ACCC. The very noisy member for Bradfield has more members working in his electorate office than the funds and staff that they provided on their watch to the ACCC to fight scams. I will say that again: he had more members working in his electorate office than he provided to the ACCC to fight scams, and that is an indication of his priorities.

It is the empty drum that makes the most noise, and there are no emptier drums on the government's front bench. The $86 million investment will enable us to establish a national antiscam centre to ensure that consumers and small businesses will no longer be left to fight on their own as they were under the former government because it wasn't a priority for them. We will also be putting in place new codes of practice to ensure that banks, telecommunications companies and social media platforms will have a high bar to ensure that they are providing—

I understand the member for Bradfield has got time allocated too.

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