Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. The Prime Minister has today promised that the budget will be in broad balance within five years. The last budget cut the rate of pension increase, it imposed a new GP tax and hit students with $100,000 degrees. Will the Prime Minister confirm that the same cuts and chaos of the last budget will be front and centre in the next budget? Or put simply, Prime Minister, are these ideas in or out?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I might respectfully say to the Leader of the Opposition: what would you do? The last time the Labor Party delivered a surplus—

Opposition Members:

Opposition members interjecting—

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

There will be silence on my left, including the member for Corio!

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Wyatt Roy was not even born! The member for Longman was not even alive the last time the Labor Party delivered a surplus. I know they do not like looking at the expert document, produced by the Treasury. But here it is.

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

We will not have any props on either side.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, I am reading from the 2015 Intergenerational report

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

We will have no props from either side, including from the Prime Minister and the member for Sydney! The Prime Minister has the call.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Labor's policy—

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

I said that we will not have props.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

taking us to Greece—

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

Madam Speaker—

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

The Manager of Opposition Business will resume his seat.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, I am reading from a document.

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

I said that we will not have props from either side.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, my eyesight means that I have got to hold it up. I need long arms, Madam Speaker, in order to be able to see it.

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

Well, I can always lend him a pair of glasses.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Okay, Madam Speaker, is that better? Here we have the Intergenerational report. It shows the Greek levels of debt and deficit to which the old ouzo economics specialists over there were taking us.

Ms Ryan interjecting—

Ms O'Neil interjecting—

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

The member for Lalor will desist, as will the member for Hotham!

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

The ouzo economics specialists were taking us to 120 per cent, with respect to the ratio of debt to GDP. They were taking us to 12 per cent of GDP deficits every year. We have halved Labor's debt and deficit going forward. That is what we have done.

Ms Owens interjecting—

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

The member for Parramatta is warned!

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

The job is not fully done, but the job has been half done and that is not a bad foundation. That is a very, very good foundation on which to build in this budget. At least we are serious. Members opposite talked about delivering a surplus. They never, ever delivered one. Who could forget the immortal words with which the member for Lilley argued in the 2012 budget speech: 'The four years of surplus that I announce tonight'! I tell you what: not even the Greeks would have that kind of hide! We have made a very good start to the job of budget repair. The budget was absolutely out of control under members opposite. It is now in a manageable state. (Time expired)