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

My question is to the Prime Minister. Today's Australian Financial Review says that respected business leader, David Murray, said that 'the outlook for government deficits was unclear and poorly communicated' In fact, he went on to say that it leaves our AAA rating vulnerable because 'everyone is left guessing'. Does the chaos and incompetence of this government mean that Australia will lose its AAA credit rating, which was secured under Labor?

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

What fantasy land do members opposite live in? The last time Labor delivered a budget surplus was in 1989. It is more than a quarter century since Labor has delivered a surplus.

Pat Conroy (Charlton, Australian Labor Party) Share this | Link to this | Hansard source

When have you actually delivered a budget?

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

The member for Charlton is warned.

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

This government inherited a mess. There is more to go, but we have made a very good start. I am very happy to refer members opposite to the Intergenerational report, which shows exactly where things were going under Labor—worse than Greece. That is where things were going under Labor—worse than Greece—because members opposite were absolutely and chronically incapable of delivering a surplus. As the Treasurer reminded the House so effectively just a few moments ago, the 'world's greatest Treasurer', the member for Lilley, stood at this dispatch box so proudly in 2012 and said 'the four years of surpluses I announce tonight'. What did he deliver instead? He delivered $200 billion worth of deficits.

This government has halved Labor's debt and deficit going forward. Members opposite went into the 2013 election promising an $18 billion deficit, and in fact the deficit that they knew about and covered up was $48 billion. That is what it was—a $30 billion black hole that members opposite covered up. But, because of the strong economic management of this government, confidence is already returning to our economy. Growth is 25 per cent more in our first year than it was in Labor's last year. Jobs growth is three times higher in our first year than it was in Labor's last year. Export volumes are up seven per cent, housing approvals are up nine per cent and the retail trade is up four per cent. This is what happens when Australia has a government which is open for business and respects the wealth creators of this country.