Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I am going to get to super funds in a moment, Senator Coonan. However, the Australian economy is not immune from these impacts. It is fair to say, however, that we are in a stronger position than most other countries to weather the storm. The share markets have fallen significantly in almost every advanced economy around the world as a consequence, and consumer confidence in advanced economies has fallen. But I will emphasise that we have a well-regulated financial sector, with the prices of commodity exports remaining high and businesses investing in the future with confidence.

There is one major area, however, where we can have control of our own destiny, and that is the budget surplus. It was very disappointing to see yesterday that the new leader, Mr Turnbull, is determined to carry on the budget-wrecking approach of the former leader by reducing the budget surplus by some $20 billion. We need a strong buffer in these uncertain turbulent times. A significant budget surplus is required and all the Liberal Party opposite can do in the face of these financial disasters in the United States is to tinker with, reduce and wreck the budget surplus by $20 billion. (Time expired)