Tanya Plibersek (Sydney, Australian Labor Party, Deputy Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer take Moody's advice last week and accept the need for both spending and revenue measures or will the Treasurer deliver a budget which puts Australia's prized AAA credit rating at risk?

Mr Pyne interjecting—

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

The Leader of the House will cease interjecting. The Treasurer has the call.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for her question. I find it puzzling that the member for Sydney would seek to be offering fiscal advice to the government, given her role in the previous government, which turned a $20 billion surplus into a $50 billion deficit. If in 2007 you had knocked on doors, as I did and others did—the Leader of the Opposition entered the House in 2007—and said, 'If you vote Labor at this election, if you vote for Kevin Rudd, they will turn a $20 billion surplus into a $50 billion deficit, they will let 50,000 people turn up on boats illegally and they will set fire to your roofs as well,' they would have never believed you. They would have said, 'That is just crazy talk.'

Ms Plibersek interjecting—

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

The member for Sydney has asked her question.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

But it was true, it happened and it is a matter of record, so I find it galling that those opposite who were responsible for that fiscal madness would come into this place and lecture those on this side of the House about how you repair a budget. This is how you repair a budget: you get control of your spending and you reduce your expenditure as a share of the economy. You also focus on growth and on jobs and the thing that supports investment to support growth in jobs, because that is what this revenue is.

Those opposite might want to take a licence and a leave pass to justify why they want to put a $100 billion tax burden on the Australian economy at this sensitive point of our transition. If they think that is a good plan, go and tell the Australian people that, as they have. But do not mislead them and say that you are going to reduce the deficit, because you are not. You are going to increase spending to chase their taxes. Over and above that, because their taxes can never keep pace with their appetite for spending, we will see higher deficits and higher debt under the reckless management of those who sit opposite. The Australian people remember those six years. It was not that long ago. They know there is nothing new about this mob.