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

My question is to the Prime Minister. This week the Prime Minister said:

… the bank levy is designed, its purpose is to raise the revenue we need to bring the budget back into balance and maintain our AAA rating …

Given there is a $2 billion black hole in the budget because of the bank tax, why is the Prime Minister placing the AAA rating at further risk with his government's incompetence?

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

I am concerned that this parallel universe virus is creeping across the opposition frontbench. The member for Sydney thinks that needs based funding does not mean that students with the same needs get the same funding, and now the member for McMahon thinks that whatever assertions he makes about the budget are right and the Treasury is wrong. The estimates, the forecast as set out in the budget papers, and the revenue that will be raised by the major bank levy will ensure that we bring the budget back into surplus in 2020-21, and will ensure that it stays there and that we retain our AAA rating, as has been confirmed by all the rating agencies.

The member for McMahon could not handle these figures. He could not deliver—he and his colleague, the member for Swanee? The member for Lilley! He has moved—he has vanished! He has disappeared!

Josh Frydenberg (Kooyong, Liberal Party, Minister for the Environment and Energy) Share this | Link to this | Hansard source

He's lost his seat!

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

Members on my right!

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

That is right! He has temporarily lost his seat! The fact is that Labor's team cannot manage these figures. We have, we are bringing the budget back into balance and we are doing so while maintaining that all-important rating.

Ms Plibersek interjecting—

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

No, I give the call to the member for Swan.