Barnaby Joyce (Queensland, National Party) Share this | Hansard source

The $2.3 billion, $1.9 billion, $1.9 billion and going up to $1.8 billion in 2011-12 would seem to suggest from our own figures that you believe the trajectory of returns for the Future Fund is down. That would seem to contradict in some way your expectation of where you see the economy returning to a position where you can start repaying your debt. So that is an issue. Can you also specify exactly what you believe the amount you are going to get from HECS repayments is in interest? I will look to the Hansard to get specific figures because I want to go through them. I am still unclear about what you mean, if the state government is putting on stamp duties and other charges, why the Commonwealth should be paying them. In essence, at the end of the day we are giving them a house and land. I do not think many of the people listening would like the idea that we have to pay you to give you a house and land, and that is what we are doing with the states.

The concept of how you are going to repay this debt is amorphous, and that is the big thing on most Australians’ minds, if anecdotally my emails are a true indication of it. I want to know in your own words something that any banker or accountant could tell you: what do you believe is too much government debt, a level that Australia could not handle? It is extremely important that you give us a number. If you squib the question, it would seem to indicate that you have every intention that the $200 billion is not going to be the end of the show, that we are going to be stitched up with even more credit card debt than this. What do you think should be the top level of debt? Any other business, any banker or accountant would be able to give you an indication. You might have a grey area but they could definitely say, ‘This level of debt is too high.’ I want to see whether there is the capacity for the government to give an answer to that question.