Craig Laundy (Reid, Liberal Party) Share this | Link to this | Hansard source

I rise today to discuss the challenges that the government have inherited, the actions that we are taking to overcome these challenges and the vision that the government hold for Australia's future. When the coalition government were resoundingly elected nine months ago we inherited a budget position that has been appropriately described by my colleagues as 'Labor's legacy of debt and deficit'. When the last coalition government left office in 2007 we had no debt and money in the bank. In the years since, the previous Labor government ran up five record deficits during its time in power and left $123 billion in future deficits. Without policy changes our debt was on track to reach $667 billion.

As a result of this terrible record Australia is currently borrowing $1 billion a month just to pay the interest on that debt. How long would any of us be able to keep our houses if we had to ask the bank to borrow more money to pay the interest on our mortgage? Those that are arguing that there is no budget emergency by comparing our debt levels to those of other countries are deceiving the Australian people and engaging in nothing but political spin. Recent IMF forecasts have projected that, without significant action, Australia would have the fastest spending growth and the third largest increases in net debt between 2012 and 2018. This is the situation that the government inherited from Labor. Thankfully for the people, Australia elected the Abbott government to fix the debt and deficit disaster, and that is what we are doing.

The 2014-15 budget is an important piece of the government's economic action strategy to repair the budget and build a strong and prosperous economy for the sake of our kids and our grandkids. This is the budget that recognises that we must live within our means and outlines savings, while also building for the future with significant investment in infrastructure like the WestConnex in my electorate. Thanks to the policies and savings in this budget Australia's debt in 2023-24 is projected to be nearly $300 billion lower than previously forecast in the 2013-14 MYEFO.

However, the measures outlined in the budget are not the only actions the government are taking to build a strong and prosperous economy for future generations of Australia. We are cutting the red tape that is holding back business in Australia, in particular, small, medium and family business. The government are committed to cut more than $1 billion of red tape every year. We have already cut over 10,000 pieces of unnecessary legislation. This will save businesses over $700 million in compliance costs.

We are repealing the carbon tax, which will save households an average of $550 a year. The government have finalised free trade agreements with Korea and Japan, tasks that the former government struggled to achieve during their entire term. The Prime Minister has been busy promoting Australia as a business and trade destination with one of the largest and most senior business delegations being taken to Asia recently, with a similar delegation accompanying the Prime Minister on his current trip to Canada and the United States. The trade and investment that these missions promote will bring jobs and prosperity to Australia.

The coalition government is not only taking the necessary steps to fix Labor's debt and deficit disaster; we are also introducing policies to build a sustainable and prosperous future. I have said before in this parliament that I am not a career politician—I come from a business background—and have only recently stepped into public life. I decided to pursue the honour of representing the people of Reid with one key goal in mind: to make this country a better place for my kids, their kids and future generations of Australians that follow them. This is why I am proud of the policies outlined in the budget, because they put Australia on a path for a better and stronger future. Most importantly, under the management of this government, the budget is back under control. The unsustainable levels of borrowing and spending under the previous government have ended. Australia's health care system is back on a more sustainable funding part of and will remain accessible to all Australians. A tertiary education is now accessible to more Australians than ever before. Young Australians choosing to pursue apprenticeships in trades have more support than ever before. Social service policies are being refocused to provide a hand up not a hand out, while keeping vital safety nets in place for those who need support.

This week's ABS figures show promising signs for the Australian economy, with GDP, exports and productivity all improving. It demonstrates that the government's economic action strategy for a strong and prosperous economy is working. I congratulate the Prime Minister, the Treasurer and the Assistant Treasurer, and the Minister for Finance for their excellent work outlined in this budget and their strong vision for a better, stronger, more prosperous Australia. The ultimate winners will be our children, our grandchildren and future generations of Australia.