Julian McGauran (Victoria, National Party) Share this | Hansard source

I wish to contribute to this debate relating to household debt. The previous speakers, Senator George Campbell and Senator Sherry, could not have been more shrill in their presentations. Both of them have been here for the full 10 years that this government has been in office. Both of them have seen the creation of a most stable and solid economy—an economy that has been backed by the public at every single election during that time. That is why, as the years go by, each time they stand up and talk about the economy they become more shrill.

We welcome the fact that, for once, the Labor Party—it is quite a momentous occasion—have raised the matter of the economy during question time. They have spent year after year, term after term of this government, avoiding a discussion on the economy. So, unlike my colleague Senator Brandis, I welcome a discussion on the economy.

With respect to this idea that dark clouds are forming over the economy, that it is very feeble and fragile and that it is about to fall over, nothing could be further from the truth. Quite frankly, it can be put down to this: the environment that Australian households are operating in gives them the economic confidence to invest and to go into debt. You only do that if you have confidence in the economy, and Australian households have that confidence.