Lucy Wicks (Robertson, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. What does the 2013-14 final budget outcome tell us about the state of the budget inherited by the current government? How will fixing the budget help my constituents in Robertson?

Mr Albanese interjecting—

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

The member for Grayndler will desist. Don't push it.

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

I thank the honourable member for Robertson for the question and recognise that in Labor's last budget they promised an $18 billion deficit. In fact—they were so close—it turned out to be a $48.5 billion deficit. They were only $30 billion out. They were close this time. They missed it by 'this' much. It was quite a considerable effort given that there were no shock events in the last financial year—certainly there was no shock event at the last election. The fact of the matter is that that left Labor having delivered six consecutive budget deficits, totalling $230 billion. No wonder Mr Swan was made Treasurer of the Year by the rest of the world, because no-one else could meet that benchmark. No-one could get there. In the last year alone the deficit left by Labor was the equivalent of $2,000 for every man woman and child. It confirms that last year the Australian government had to pay $1.2 billion in interest every month just on the debt that Labor left. Seventy per cent of that is heading overseas because the Labor Party when in government had to borrow from people overseas. The net result is that about $800 million was going overseas. Without corrective action what we inherited from Labor would in 10 years time be $667 billion of government debt—

Mr Conroy interjecting—

Mr Dutton interjecting—

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

The member for Charlton and the health minister will desist.

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

the equivalent of $25,000 of government debt for every man, every woman and every child in Australia. As a result of Labor's actions, a child born in 10 years time would start life with a $25,000 debt up-front. That is why we are getting on with the job of fixing the mess that the Labor Party left, getting the budget back to a credible surplus, ensuring that the government lives within its means and ensuring that business can have the confidence to get out there and employ more Australians. That is one of the reasons why this year under the coalition job creation in Australia has been running at five times the rate it was under Labor in their last year of government. We are about jobs. We are about prosperity. We are about fixing up Labor's mess.

Opposition members interjecting—

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

There will be silence on my left.