John Cobb (Calare, National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline the importance of putting the budget on a sustainable path back to surplus?

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

I thank the honourable member for Calare for that question. The member for Calare knows, as we know, as the Australian people know—

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

The Treasurer will resume his seat. I heard a chorus coming from the second back row up there, using unparliamentary language—whoever used it. We will have silence. We are not putting up with a wall of noise again.

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

If we are to deliver an economic action strategy that strengthens the Australian economy and helps us to be more robust in the face of external shocks, it is vitally important that we start to repair the mess left by the previous Labor government, and nothing illustrates that more than the state of the budget. The member for Lilley stood at this dispatch box and pledged to the Australian people that he was delivering four years of surpluses. Labor never delivered a surplus. Labor actually would never have delivered a surplus. That is because they locked in expenditure that kept growing and growing against a revenue base that was never going to meet the target. As a result, we have had to make difficult decisions. We know they are difficult. But they are so vitally important in the medium and long term to ensure that, as a nation, we live within our means.

Labor's legacy, after 10 years, would have been $667 billion of government debt. Seventy per cent of that is owed by the Australian people to people overseas. That is what it means. We have to repay that money with interest, and in 10 years time every Australian born—every child born—would start life with $25,000 of debt as a result of what Labor did in just six years. So now the burden has fallen on us, and we are up to the task. We are determined to fix the budget mess Labor left behind. Whatever the budget numbers, as of today, they would be $43 billion worse as a result of what this Leader of the Opposition has done and said. They are opposing $28 billion of savings. Five billion dollars of those savings are, in fact, what they promised the Australian people at the last election. They lied to the Australian people because they actually said they were going to have $5 billion of savings and now they are opposing their own savings. Then, on top of that, he has got $15 billion of new promises. Bankcard Bill. There is no limit on that bankcard right there.

Opposition members interjecting—

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

There will be silence!

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

There is no limit on your bankcard, mate.

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

The Treasurer will resume his seat.

Julie Owens (Parramatta, Australian Labor Party, Shadow Parliamentary Secretary for Small Business) Share this | Link to this | Hansard source

I rise on a point of order. Madam Speaker, I would ask you to remind the Treasurer to refer to members by their title.

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

The Treasurer will kindly refer to members by their correct titles.

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

So we have got Bankcard Bill here who thinks it is absolutely—

Opposition members interjecting—

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

I rise on a point of order.

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

Resume your seat. This is allegedly the last day that we are sitting in this 2014 year, and the behaviour is reflecting that fact. But we are not going to have a wall of noise and total disorder in this place, and if it means being removed, so be it.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

I cannot think of a time where a ruling has been—

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

What is the point of order?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Your all ruling was just directly abused by the Treasurer. You ordered him to address people by their correct parliamentary titles. In his first sentence, he ignored your ruling.

Honourable members interjecting—

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

The member will resume his seat. The Treasurer will refer to people by their correct titles, and there will be silence.

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

As a result of the actions of the Labor Party, we have ended up with a bankcard bill that we have to pay down. We have ended up with the mess that we have to pay down. The problem is that every time we try to put out the fire of debt, it is the Labor Party that is standing in the way.