Russell Trood (Queensland, Liberal Party) Share this | Hansard source

I am very grateful to Senator Feeney because he has reminded us of the global financial crisis. He has tried to make an argument this afternoon that the opposition has failed to appreciate the significance or importance of the global financial crisis. The point is completely otherwise. The reality is that, when the Howard-Costello government was in power, it prudently and carefully managed the nation’s finances. It prudently and carefully managed the nation’s finances to the point where it paid back $96 billion of debt, to the point where on passing over government there was a surplus in the national coffers in the vicinity of $22 billion. That is prudent management of the nation’s finances. We set the new government up. We provided them with the instruments that they needed to properly manage the nation’s financial affairs. What have they done in the short time they have been in office? They have blown it. There was a $10 billion cash splash and they have passed out another $42 billion. All the evidence that we have from economists and others is that this will fail to make any significant impact on the problems we face. As we heard in question time today—from Senator Carr I think it was—it may secure and it may support jobs.