Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

We on this side understand that fiscal strategy and getting your costings right is critical to good economic management. We understand that strong fiscal rules that keep spending focused and outline a clear plan to repay debt are important. I just remind those opposite and the Senate that we in this government have put in place far more stringent fiscal rules than were put in place under those opposite. We have said that not only will we bring the budget back to surplus three years early, faster than most other major advanced economies, but we will hold real spending growth to two per cent until the surplus reaches one per cent. Can I remind those opposite that under Peter Costello and Senator Minchin the average spending growth for your last five budgets was some 3.6 per cent, almost double what we have committed to. So let us remember. We on this side in our last two budgets have found some $80 billion worth— (Time expired)