Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer the Treasurer to comments he made before the election that, 'If debt is the problem, more debt is not the answer.' What concessions has the Treasurer offered the Greens in return for allowing unlimited debt? Is this not another example of the coalition saying one thing before the election and doing the exact opposite after the election?

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

My advice to the member for McMahon is: don't go into battle with a pocket knife! He has come into this chamber and engaged in debate about debt. Labor is the party of debt. Labor created the debt—more than $400 billion of gross debt—and Labor does not want to accept personal responsibility.

Graham Perrett (Moreton, Australian Labor Party) Share this | Link to this | Hansard source

$36 billion since you have been in office.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Moreton is warned!

Scott Morrison (Cook, Liberal Party, Minister for Immigration and Border Protection) Share this | Link to this | Hansard source

Here is a revelation: the member for McMahon introduced the debt limit of $75 billion. That did not go too well. Then they increased it to $200 billion, but that did not go too well. Then $250 billion and that did not go too well. Then $300 billion and that has not gone well. Then Labor left us with a debt legacy that well exceeds $400 billion—

Mark Dreyfus (Isaacs, Australian Labor Party, Shadow Attorney General) Share this | Link to this | Hansard source

When?

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

and that is after we left them in government with a net asset position of $60 billion. We left them $60 billion in net assets and Labor has left us with gross debt of over $400 billion. Prime Minister, I never would have thought I would be standing at the dispatch box saying the Greens are proving to be more reasonable than the Labor Party. I cannot believe it. The Greens were business partners with the Labor Party in the last government. They were so close to each other that we were watching the wedding video. Do remember that? That is how close they were. I sense there is now a bit of separation anxiety.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Madam Speaker, I rise on a point of order as to direct relevance. The Treasurer was asked what concessions he has offered the partners, the Greens, to have unlimited debt.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

There is no point of order.

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

I say to the member for McMahon: there are no concessions because we believe in transparency. Do you know what? Transparency is foreign to the Labor Party. In the last term of government the Labor Party spent so much time knifing each other in the back that they forgot to run the country. So the debt and deficit blew out and now the Greens are saying to us, 'We recognise that someone needs to accept responsibility for this. We are prepared, in good faith, to help you address the problems that Labor left behind.' So, if the Greens are prepared to be reasonable on a budgetary matter, I am prepared to accept that. Everyone is entitled to a cathartic change in attitude. I welcome that. They are fantastic. I say to the member for McMahon: you left us with your problems; do not stop us from fixing them.