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

When Labor came into government, yes. ‘It used to,’ says my colleague; that is quite right. In just over 12 months, since they came into government, the zero debt—the jewel that we left them that would have greatly helped them ride through this crisis—is gone. No other country that I can name had zero debt. It took 10 years to pay off the former Labor government’s debt, their legacy of $96 billion of debt. I note the previous speaker quoted Paul Keating recently coming out and congratulating this government on their $42 billion racking-up of debt just with this one stimulus package. Of course he did, because this is classic Labor. The Treasurer of the previous Labor government congratulates the Treasurer of the existing Labor government for ratcheting up debt. We do not believe in the reduction or the minimising of debt for the sake of it; there is a reason behind it. That reason is the interest payments. A country makes itself vulnerable to the world circumstances and financial markets and has to pay it all out in interest rates, when that money could be better spent elsewhere.

I support my colleagues’ comments in condemning this ‘significant’, ‘important’ legislation. I condemn the other side not just for introducing the bill but for their sheer cowardice in not coming in to debate and defend it and put it up to the Australian people, to the tens of thousands that listen to this broadcast—and there are tens of thousands who listen to the broadcast. Sheer cowardice, that is what it is. We are going to continue to debate this all next week and we are going to take it into the committee stage. Maybe someone on that side will have the courage to stand up and speak. This bill ought to be rejected.

Debate (on motion by Senator Stephens) adjourned.