Nickolas Varvaris (Barton, Liberal Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Will the Assistant Treasurer update the House on the government's commitment in the budget to reduce Labor's debt, and is the Assistant Treasurer aware of any alternative approaches?

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Barton for his question and acknowledge his strong commitment to sustainable budgets and to small business. The Treasurer has delivered a great budget. It cuts taxes, it cuts the deficit and it slows spending. We inherited a deficit of $48 billion.

Mark Dreyfus (Isaacs, Australian Labor Party, Shadow Attorney General) Share this | Link to this | Hansard source

No, you didn't.

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

The member for Isaacs will desist or leave. The choice is his.

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

Next year it will be $35 billion and in three years' time it will be just $7 billion. We have slowed the rate of real spending growth from the 3½ per cent that we inherited to just over one per cent today. And gross debt under the coalition will be $110 billion lower than it would be under the Labor Party.

I am asked whether I am aware of any alternatives. Well, the Leader of the Opposition has been perfecting the 'Shorten short cut'—how to deliver surpluses without any savings. What about the immortal words in this community newsletter from the Leader of the Opposition: 'We have brought the budget back to surplus on time and as promised.' The Leader of the Opposition backed that up within an opinion piece in the Daily Telegraph when he said: 'This budget surplus meant taking some tough calls.' There was no tougher call than that mining tax! In another fantastic interview, Fran Kelly said to the Leader of the Opposition: 'But you also factored in $2 billion from the mining tax.' And the Leader of the Opposition said: 'Fran, you can take that money to the bank.'

This is the Leader of the Opposition who has said, 'If you don't know where you are going, any road will get you there.' This is the Leader of the Opposition who has a $52 billion black hole. This is the Leader of the Opposition who wants to increase your taxes on super and who insulted 14 million Australians with superannuation accounts, calling it a 'legalised tax haven'. This is the Leader of the Opposition who just yesterday was asked 13 times to take responsibility for the debt and deficit that he left behind for the Australian people. Tonight the Leader of the Opposition has to put aside the 'Shorten short cut' and he has to answer one simple question: How is the Leader of the Opposition going to fix the mess that he left behind?