Steve Hutchins (NSW, Australian Labor Party) Share this | Hansard source

I rise this afternoon to take note of answers that Senator Minchin gave earlier today in question time. You probably would agree with me, Mr Deputy President—I know some of my colleagues over here do—that one of the things Senator Minchin is noted for is that he will actually answer a question. The direct question asked of Senator Minchin this afternoon by Senator George Campbell was about a statement made by Dick Warburton in relation to the superannuation guarantee levy. In that question, Senator Campbell specifically asked Senator Minchin what his views were on the comments made by Dick Warburton. Senator Minchin answered that he thought the statement made by Mr Warburton was ‘rather surprising’. I do not see why the government thinks that that is rather surprising.

Mr Warburton is the Chairman of Caltex. He works for a company that is probably one of the wealthiest in this country. He works in an industry that is one of the wealthiest in the world and is probably making some of the most significant money in modern capitalism. So why would we be at all surprised that someone like Mr Warburton would have no clue about what ordinary men and women in this country are feeling in relation to tax? It is the same with Mr Hendy, who was one of Peter Reith’s henchmen when he worked here. Now he is on the teat of the Chamber of Commerce and Industry. He is probably someone who has never worked outside a protected environment in his life. He has always been on some organisational or parliamentary payroll. He, equally, is going to give the Treasurer some advice about taxation. Why, again, would we be at all surprised that they come out with some stupid or nonsensical comments in relation to the taxation system?

I want to get back to the questions that Senator Campbell and Senator Sherry asked of Senator Minchin. As I said, in my opinion and in the opinion of a number of my colleagues, Senator Minchin does attempt to answer a question. He does not obfuscate or dance around corners or get advice from Senator Ferris or Senator Heffernan, like Senator Coonan does when she does not know the answer. He will give it to us. You should have seen his face when we asked him about the level of household debt and foreign debt in this country. Senator Minchin looked worried—and why wouldn’t he look worried? The level of household debt in this country is increasing. Where I come from in Western Sydney, people are spending $126 a week but they are only earning $100. That is what is happening now. The level of household debt is in the negative, as Senator Sherry said. I will go back and quote you figures on that. People saved 11 per cent of their income in the 1960s. In the mid-seventies they saved 18½ per cent of their income. In the 1980s they saved 13 per cent of their income. In the 1990s it was three per cent. We have been told this afternoon by Senator Sherry that the level of household debt is now minus 3½ per cent. How long can this go on?

You would not have seen it, Senator McGauran, but Senator Minchin looked worried because he is someone who will give us the answers. He is someone who will at least try to be honest in his approach to the opposition in saying what is going on. I tell you what: we know what is going on. We know that there is a crisis looming. No matter what Senator Brandis or Senator McGauran say, we on this side know that the crisis is looming and is going to occur at some point in the near future because we cannot maintain this level of household debt or the foreign debt that we have in this country and still try to maintain our standard of living. It will break at some point. We are asking the government to do something about it and to give us some indication of what their policies are, rather than let the households of this country continue in this false nirvana that will inevitably stop. When that occurs, there will be a lot of dislocation and heartache in this country. I ask you, Mr Deputy President, to make sure that that is rammed home in this country. (Time expired)

Question agreed to.