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

I will answer broadly. I tell you what, whatever is planned for the third budget is a hell of a lot better than Labor's last budget. Labor's last budget cost Australians jobs. It cost Australians excessive taxes. Labor was a fiscal disaster and an economic disaster for Australia.

Mr Conroy interjecting—

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

Everything the Labor Party touched in government was disastrous—from the pink batts they put into people's homes to the $900 cheques that they sent out to dead people. Remember that, Swannie? How proud they must be of that—or the mining tax.

Opposition members interjecting—

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

I know, Mr Speaker, it is outrageous to call him by his name. Given that he has given me this opportunity and, as the Speaker said, it was a broad question, I can inform the House—I was going to do it in a statement after question time—that I have been informed by the Treasury of the final budget outcome for our first budget. That is that the budget bottom line is $3 billion better than we expected at budget time. The government is spending nearly $3 billion less than forecast, and net government debt is reduced by $11½ billion more than we expected.

I would say to you that, after Labor left a deficit of $49.5 billion, we are doing better. We are creating more jobs, we are opening up more opportunities and we are building greater prosperity.