Richard Colbeck (Tasmania, Liberal Party, Parliamentary Secretary to the Minister for Finance and Administration) Share this | Hansard source

I thank senators for their contribution to the debate and for facilitating the progress of the debate. I am pleased to bring the second reading debate on Appropriation Bill (No. 1) 2007-2008 and cognate bills to a close. The people of Australia continue to enjoy unprecedented economic prosperity, thanks largely to the government’s impressive macroeconomic management. Through its commitment to sound financial management, the government has put the budget in surplus, achieved a positive net asset position and commenced saving for its future obligations. This will free the next generation of Australians to meet their own challenges, unencumbered by the legacy of past Labor governments that spent beyond their means. This budget, which continues the government’s sound management of the economy, contains a program of investment in education, skill training and transport infrastructure; income tax relief for people on low to moderate incomes for the fourth year in a row; a doubling of the superannuation co-contribution to help secure retirement incomes; new funding for enhanced housing and education opportunities for Indigenous Australians; a range of initiatives to meet the challenge of climate change; measures to secure and defend our country; and a package of reforms to improve quality and choice in aged care.

There is a substantial breadth of initiatives in this budget that will help strengthen the Australian economy and community for the future. The budget bills and the supplementary additional estimates bills provide us with the means to address the significant changes being faced by Australia. The initiatives contained in the budget will help to ensure that Australia continues to prosper, will enable responses to important issues we face now and will position us to meet future challenges. They are important pieces of legislation that underpin the government’s activities and initiatives over the next 12 months. I commend the bills to the Senate.