Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

That question again demonstrates how out of touch those on the other side are from the struggling families who are the victims of higher interest rates due to the irresponsible spending that ‘Doctor Yes’ over there, former Minister for Finance and Administration Senator Minchin, was incapable of dealing with. He could not stand up to the former Prime Minister. He could not say, ‘Look, Mr Prime Minister, do you think that when you took all of those suggested election promises, it was just to pick one, not to pick ten?’ Do you think that former minister for finance Senator Minchin was able to actually do a competent job?

The opposition can opportunistically pull apart the budget any way that they like. But the fact will always remain that the Rudd government is lowering taxes as a share of the economy. We are delivering $47 billion in personal income tax cuts. We are lowering the tax burden on the economy from the 24.7 per cent of GDP that we inherited to 23.8 per cent of GDP. Those figures are unarguable. That is lower than for any of the last six budgets. You can sit there and try to pretend that that is not the case, but the statistics are law. There is no arguing these issues.

When it comes to high-taxing governments, the Liberals take the crown, the cake and every other award you want to give them. Sitting over there are the members of the highest taxing governments. The former Minister for Finance in the highest taxing, highest spending government is sitting there right now asking questions and crying crocodile tears about the economy. The Liberals were the highest taxing government in our history. As I said, taxes as a share of GDP were 24.7 per cent. They imposed a higher tax burden on Australian families than any government in Australian history. Of course, that is in addition to the record inflation they gave Australian families—12 interest rate rises—and the Work Choices regime.

Now, the opposition’s irresponsible and reckless approach in the Senate is putting at risk the responsible economic policies introduced by the Rudd government. They are putting at risk the surplus that will buffer our economy from international forces and improve our ability to effectively fight inflation. It is something they gave up on and ran up the white flag over. Now they want to continue to undermine responsible economic management. They are putting at risk our ability to invest in the future productive capacity of the Australian economy for the benefit of all Australians. (Time expired)