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

Madam Speaker, I seek the indulgence of the chair to add to an answer.

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

The minister may proceed.

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

I was asked a little bit earlier about the words of John Edwards, a Reserve Bank board member. I quoted the Australian Financial Review from yesterday, in which he said:

I’ve no doubt there is a budget crisis. We’re accumulating debt as a higher share of GDP and of course in absolute terms, [it’s] absolutely astronomical compared to far more serious episodes in Australian history, including recoveries from serious recessions …

I should have added this comment referred to him from the article:

He says even during the Great Depression we didn’t see deficits as a share of GDP of the size we’re now experiencing.

I table this report because the member for Lilley is in denial. He has never been one for the facts. I table it for his edification.