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

My question is to the Treasurer. Disclosures to the Australian stock exchange, statements by Morgan Stanley and Deutsche Bank, and the Treasurer's refusal to give straight answers to basic questions all lead to one conclusion: there is a $2 billion hole in this budget. When will the Treasurer admit there is this black hole and what cuts will the Treasurer bring back to fill it?

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

He can run as hard down this dry gully as he likes, but it is a dry gully. The government has set out a very clear measure to tax the major banks, which will raise in the first year on a cash basis $1.4 billion—$1.2 billion, I should say—and $1.6 billion on accruals.

Mr Shorten interjecting—

The Leader of the Opposition is so across every figure—as is the shadow Treasurer—that he could not even remember what the tax-free threshold was! Our budget brings the balance back in 2021. That is what our budget does. What we inherited from those opposite was a fiscal mess. We had expenditure growing at more than 3½ per cent a year; under this government we brought it down to below two per cent. From 2018-19, for the first time in a decade, we will no longer as a Commonwealth government be borrowing money to pay for everyday expenditure. Those opposite racked up hundreds of billions of dollars in debt simply to pay for everyday expenditure. Those opposite racked up deficits of $240 billion. We inherited a baked-in surplus on this side of the House. We inherited a baked-in deficit with baked-in spending but we are bringing the budget back to balance. On the issue of budget credibility, on the issue of financial management and on the issue of bringing the budget back to balance, those opposite promised the four surpluses that the member for Lilley said he delivered. No-one ever found them, Swannie; they were not there.

Honourable members interjecting—

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

The Treasurer will refer to members the by their correct titles. And yes, he can.

Sarah Henderson (Corangamite, Liberal Party) Share this | Link to this | Hansard source

What about Albo?

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

The member for Corangamite will leave under 94(a).

The member for Corangamite then left the chamber.