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

My question is to the Prime Minister. Can the Prime Minister confirm that the final budget outcome figures provided by the Treasurer earlier in question time mean that, compared to when the government came to office, the deficit had blown out by $14 billion and net debt by $26 billion? Why do the government not acknowledge that from budget to budget they have doubled the deficit and that net debt has continued to rise?

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

The shamelessness of the opposition, complaining about the budgetary state our nation is in—

Dr Chalmers interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Rankin is warned!

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

When we left office in 2007, we left this country with no net debt at all and with cash at the bank—billions in cash at the bank. We left this nation with a budget in surplus, and then one reckless, uninformed decision after another, one panicked move after another—which many of us remember because we debated those decisions here in this House, when I sat in the chair of the Leader of the Opposition—

Mr Thistlethwaite interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Kingsford Smith is now warned!

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

The Labor Party panicked and spent and spent and built up, as we predicted, a towering mountain of debt and structural deficit, which will take us years to undo, but undo it we will. It will require time.

Ms Owens interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Parramatta will cease interjecting.

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

What we see with the opposition is an extraordinary exercise in economic denialism. They feel as though the budget has just emerged from a bubble last year and they would like to forget six years of Labor government. Well, we understand that. They are, after all, only human. Everyone would like to forget it, but sadly we cannot. Australians cannot forget it, because they created the debt and deficit which we are now seeking to address, and we are reducing, as the Treasurer just said, that debt. We are bringing down that deficit, but it is a slow process.

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

Mr Speaker, I raise a point of order on direct relevance. The question went to the deficit figure increasing since they came to office. The Prime Minister is now coming up with new facts that are completely untrue. Not only irrelevant—untrue!

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Manager of Opposition Business will resume his seat. There is no point of order. The Prime Minister has the call.

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

The bottom line about the budget is simply this: Labor spent and spent; they borrowed and borrowed. They spent far too much during the GFC. We warned them. I remember saying to the then Prime Minister, Mr Rudd: 'You don't need to spend so much money. You don't need to make these commitments. Have some restraint, and if we need to spend more money, parliament is not closing down—we can do it again.'

Dr Chalmers interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Rankin has been warned.

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

But, oh no, with the recklessness of people utterly unused to economic management, the Labor government fired all of their shots off, borrowed wildly, spent wildly, and as usual it is the coalition, the Liberal Party and the National Party, that has the job of cleaning up their mess.

Ms Kate Ellis interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Adelaide, that is your final warning!