Rowan Ramsey (Grey, Liberal Party) Share this | Link to this | Hansard source

We had a budget last night, and I am reminded of Maggie Thatcher's famous words:

The trouble with Socialism is that eventually you run out of other people's money.

It's quite clear that this government has run out of other people's money, otherwise why would we be having a $27 billion deficit this year?

A division having been called in the House of Representatives—

Sitting suspended from 09:36 to 09:46

There is $42 billion next year, $35 billion the year after, then $37 billion and $36 billion—in fact, by 2029, the Australian government will owe $1,233,000,000,000. I didn't have a stutter then; it's a thousand, thousand million dollars. In this budget, they're throwing money around like drunken sailors, buying votes from every squeaky wheel in the pack. There's an extension to the electricity rebate. The Treasurer himself said that electricity prices are coming down. Well, if they're coming down, why on earth do we have to subsidise them?

A $5 tax cut in 15 months time will go a long way! This is in a time when, over the last three years, we've had an eight per cent fall in living standards in Australia, which is by far the greatest fall in the OECD. I saw a graph the other day, and the next country down that line has had just over a two per cent fall in living standards. Australia has had a 10 per cent fall. Instructively, Greece tops the bill with an almost 10 per cent increase in living standards, because they were forced to take tough measures with their budget some years ago during the financial crisis. They're reaping the dividends today.

It will be good for students to have their HECS debts lowered, but that's $16 billion and it's off budget. The principle of an off-budget expenditure is that a government has an asset to sell. What are they going to sell—their students?

I'm pleased to see money in the budget for the Whyalla steelmaking works, but it's off budget. The government are giving a company money, but the government has nothing to sell. It should not be off budget. This is smoke and mirrors. I'll remind you of the housing future fund. The government borrowed $10 billion and put it in the bank. It reaps the interest and somehow thinks that's creating wealth.

Across Australia, we've lost businesses which are struggling. We've lost the $20,000 instant tax write-off. When I look at country areas, there is nothing for the childcare deserts. There are three days of subsidised child care for all Australians except for where you don't have a childcare centre, which is around 40 per cent of my electorate. There is nothing for the Local Roads and Community Infrastructure Program or the Stronger Regions Fund. But there is something: I was wrong last week when I said there are 37,000 new public servants in Canberra; there are 41,000.