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

I thank Senator Marshall for his question. As we know, the economic devastation caused by the natural disasters we have seen in recent weeks in Queensland with the floods, in Far North Queensland with the cyclone, and also the flooding in Victoria and New South Wales, will obviously have a significant effect on the economy. As the Treasurer has said, the January floods alone are estimated to knock around half a percentage point from growth in this financial year, most of that in the March quarter. This government has made a very sound assessment of what we need to do to ensure we give communities in Queensland, Victoria and New South Wales the certainty they need to rebuild their homes, their lives and their communities after these natural disasters. We have put forward a very sensible, responsible package based on $5.6 billion of rebuild costs for Queensland and other affected states including Victoria.

This is a government that has approached this in a fiscally disciplined manner. It has made hard decisions to pay for the recovery. Two-thirds of the package is funded by spending cuts and one-third by a modest levy. The contrast with those opposite could not be clearer. The government is focused on delivering a responsible and disciplined package; the opposition is focused on fighting its own internal battles over a half-baked and entirely inadequate package. Even worse, we know that in the other place the opposition is focused on playing procedural games to slow down the consideration of the levy legislation. We say to the opposition: it is time to stop playing politics, so focus on supporting the recovery and the rebuild. We should pass this legislation and give Queensland and the other states the certainty they deserve. (Time expired)