Philip Ruddock (Berowra, Liberal Party) Share this | Link to this | Hansard source

I have a question for the Treasurer. Treasurer, will you outline the ramifications of failing to fix the budget debt and deficit burden left by the previous government? How will the decisions that the government is taking now create jobs and encourage economic growth?

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

I thank the honourable member for Berowra for his question. I note the very significant contribution he has made to this parliament over a long period of time. In fact, we are just a few weeks away from the member for Berowra becoming the second longest-serving member of the House of Representatives—

Dr Chalmers interjecting—

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

The member for Rankin.

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

Gee, you guys gab on; just be quiet and listen—passing Earl Page in the next few weeks as the second longest-serving member and, potentially, one day, passing my predecessor Billy Hughes if he goes another 10 years in this place. The member for Berowra, being so very wise, is right to ask about the impact on the Australian people if we do not get on with fixing the budget mess that was left by the Labor Party. If we do not get on and fix the budget mess then in 10 years time every single Australian born would begin life with a $25,000 debt. Every single Australian would have a $25,000 debt as a result of what Labor have done in just six years. Their work of course is not finished. They are obstructing $28 billion of savings. Most alarmingly, the Labor Party is opposing and blocking in this parliament savings measures that they announced—

Dr Chalmers interjecting—

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

The member for Rankin is warned.

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

including an R&D tax concession to the 20 biggest companies in Australia worth $1.1 billion. Let's get this right. Labor are concerned about 40c a week extra on fuel, but at the same time they are defending a tax concession of $1.1 billion to the 20 largest companies in Australia that they announced was unfair when they were last in government. This is the hypocrisy of the modern Labor Party. This is the true hypocrisy of the modern Labor Party.

They would rather give a tax concession to the 20 largest companies in Australia than get on with the job of fixing a budget mess that they created. I say to the Labor Party: we are getting on with the job of fixing the economy and fixing the budget. That is one of the reasons why we have job creation at the moment three times the speed of the last year of the Labor Party. That is one of the reasons why today we had record numbers in infrastructure coming through in Deloitte Access Economics' assessments. That is one of the reasons why we know what to do to make Australia more prosperous.