Wyatt Roy (Longman, Liberal Party) Share this | Link to this | Hansard source

As we head to the next stage of the budget process and the budget bills head towards the Senate for consideration, I would like to take this opportunity to present a challenge to those members opposite, members of the Labor Party and the cross-bench. The reality of what we inherited was debt heading towards $667 billion, interest repayments of a billion dollars a month on the debt, and, if we did nothing, a debt burden over $24,000for every single person. So that is a significant challenge for our nation. I would say to members of the Labor Party: use the opportunity to be constructive instead of obstructionist. For every dollar that you propose we do not use as a saving in the bills that go before the Senate, propose another dollar of savings. If you do not, it is the next generation of Australians that will pick up that bill. If you cannot bring yourselves to find another dollar in savings, be honest with the next generation and say they will pick up the bill. Say to the next generation of Australians that they will inherit a country where there is less money—$18 billion a year less—to spend on roads, skills and hospitals. Say to the next generation of Australians that they have to pay higher taxes.

We know with the Productivity Commission's recommendations that taxes would have to increase by 21 per cent to fund the ageing of the population. So if we do not take measures in the budget it is likely the next generation will paying at least 21 per cent higher taxes.