Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer the Treasurer to his own newsletter out today which seeks to justify over $300 billion of debt by comparing the economic performance of Australia with Malaysia, Thailand and the Philippines. Treasurer, if the debt blows out beyond $300 billion, will you start comparing our economy favourably with Papua New Guinea, Burma and Armenia?

Christopher Pyne (Sturt, Liberal Party, Shadow Minister for Education, Apprenticeships and Training) Share this | Link to this | Hansard source

And what about Burundi?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

It is very clear that we have a medium-term fiscal policy. We have put in place a framework of responsible economic management, and those opposite have none—absolutely none; no alternative fiscal policy. They are unable to admit that the global recession has had a dramatic impact on this economy and other economies around the world. They are unable to admit that we are doing far better than just about every other advanced economy in the world. They are unable to admit that we have been impacted upon dramatically by the contraction, particularly in this region. And, when it comes to debt, they are unable to admit that ours is amongst the lowest in the advanced world. So what we have got over there is nothing more than an old-fashioned scare campaign from a group of people who do not have an alternative policy framework, who want to talk the country down—who want to spend thousands of dollars on television talking the country down—and who want to skate through to the next election, thinking they can do it without an alternative fiscal policy. Well, they cannot, and they will be condemned for it.