Andrew Wallace (Fisher, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister outline to the House why a responsible and disciplined approach to managing the nation's budget is vital to the economic security of Australians now and into the future?

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

I thank the honourable member for his question. Like all of our members, he understands—and all members should understand this—that right at the heart of social justice is intergenerational equity. How can we say we are a fair nation if we are going to keep on living on the credit card of our children and grandchildren? How can we say that our nation is just if we keep on living beyond our means, lading our children and grandchildren with more and more debt, the only consequence of which will be, as we all know, that they will either have to pay vastly higher taxes or endure vastly diminished government services?

Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Link to this | Hansard source

You're big on equity! You just put $50 billion on the credit card for big business. A $50 billion tax cut will fix it!

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

The member for Rankin!

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

The task of budget repair, therefore, is a fundamental moral challenge. Our economy has proved strong and resilient. It has weathered many global shocks. But there are serious economic and global challenges ahead of us. The three ratings agencies have warned that walking away from budget repair will put serious pressure on our AAA credit rating, which will make the cost of every loan in Australia higher. Those ratings agencies have made that concern very clear: an obstructionist parliament will risk a further deterioration in the budget position and a slower return to balance.

Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Link to this | Hansard source

What will the $50 billion do?

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

Like John Howard and Peter Costello before us, we must maintain a disciplined approach to budget repair.

Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Link to this | Hansard source

They destroyed the budget.

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

Only then will we be able to say we can respond to significant global shocks. And so the challenge for all of us is very clear: like the household budget, we have to balance our books by ensuring we do not spend more than we earn. Only then can we afford the standard of living that Australians expect.

Our agenda to address this challenge begins with our omnibus savings bill.

Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Link to this | Hansard source

Which one? There've been two already.

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

It includes 24 measures worth just under $6 billion, supported by those opposite during the election. If Labor's word means anything, they will support the bill.

Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Link to this | Hansard source

Which bills? There've been two in a day.

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

All we ask of the Labor Party is that they support the budget measures, the savings measures of ours that they appropriated for the purposes of their own campaign. If they do not, they will be walking away from the commitments they made to the Australian people. Only a strong economy, only a strong budget position, can ensure that Medicare, schools, pensions and all the other services that Australians expect from their government can be provided for, guaranteed and paid for.

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

The member for Rankin will cease interjecting. I asked him to cease interjecting right at the start of the answer. He continued to interject right through the answer. He is now warned. If he interjects again, he will be out of question time.