Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer confirm his omnibus bill had a $107 billion black hole? Given the Treasurer cannot add up, got rolled on negative gearing changes and has delayed his superannuation changes to the never-never because he cannot get some through his party room, Treasurer, how does it feel to be worse at your job than Joe Hockey?

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

I thank the member for his question and I refer him again to the statement I made on the omnibus bill savings yesterday. What those opposite seem to fail to grasp is that they took to the Australian people at the last election—

Honourable Member:

An honourable member interjecting—

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

I welcome questions on debt and deficit. They took to the Australian people at the last election a plan to increase the debt and deficit of this country by $60.6 billion. That is what they took to the Australian people. They said to the Australian people, as our economy is going through transition from the investment phase of the mining boom into a broader based economy, that they thought the best thing they could do to turn around investment in this country, boost small business, get people employed and earning more was to tax them more and increase the debt and the deficit. That is what they thought was the right plan and the way forward for this country.

The Australian people rejected that and they rejected those opposite because they have no economic plan for the future. What this government is doing in this budget is taking the decisions to ensure that we can bring the budget back to balance. We have put measures in the House to ensure that that can be achieved. Those measures include important reforms. Whether they are the changes we are making to make superannuation fairer and more flexible and to be there in the future, whether they are the changes we are making to get young people into work through our youth path program, whether they are the changes we are making to income tax to ensure that those on average ordinary time earnings do not going into the second-highest tax bracket, whether it is that small businesses with turnover of between $2 million and $10 million do not pay higher rates of tax but pay lower rates of tax and get access to more concessions, they are the things that this government is doing and is bringing through the House.

What we see opposite are those who like to have a good whinge about these issues but have no plans to address them. What they like to do is whip up populism and give the impression of doing things but, they actually do none of the above. I suggest those opposite take a closer look at the inadequacy of their own economic policies and support the policies of this government, which are putting us back on the road. If that is not achieved, if we go forward and our debt is not arrested, those who will come after us in this place will have to put higher taxes on people who are growing up in this country. They will not be able to depend on service, because this parliament did not step up to the plate and support the measures that are necessary to arrest the debt and provide for the future generations who rely on this parliament to do its job now. The challenge is on those opposite to support the government's path and plan for economic recovery and fiscal reform.