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

It is $42 billion, not $200 billion. The budget would go into deficit without this package. Why? Because of the $115 billion loss in revenue. Over the forward estimates $115 billion will be lost in revenue. We outlined that prior to the announcement of this package. There will be a $115 billion loss in revenue because of the downturn in the world economy. The Liberal opposition are in total denial about the fact that the world financial and economic crisis is having a serious impact on other comparable world economies and is having a serious impact on the economy of this country. It is a having a serious impact on revenue—an impact of approximately $115 billion. It is somewhat misleading to allege that this package is leading to a $200 billion debt. It is not.