Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

It's anger overload over there today! In that budget, they predicted—bear in mind that this was the March 2022 budget—that in 2023-24 there would be spending of 27.1 per cent of GDP and, going forward, in 2024-25, 26.6 per cent. On all three years, our spending in the 2023-24 budget shows 24.5 per cent compared with 27.2 per cent, 25.4 per cent under Labor compared with their projections of 27.1 per cent, and 26.4 per cent compared with 26.6 per cent under the coalition. The biggest ever tax take by a federal government in a single year was in 2005-2006 at 24.2 per cent of GDP. And guess who the minister for revenue was? This bloke here. In their last budget, they had not a single saving. Not one. Nothing whatsoever. Our budgets have delivered $77 billion in total savings, including $27.9 billion in the budget that was handed down last night.

Last night, in terms of revenue, we banked almost all of the revenue upgrades in 2023-24. The former government averaged just 40 per cent of revenue upgrades. Those opposites promised to deliver a surplus in their first year and every year and delivered a big duck egg—nothing; zero out of nine. We've been in government for two years, and last night the Treasurer announced a projected surplus of $9.3 billion.

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