John Williams (NSW, National Party) Share this | Hansard source

Exactly, Senator Boyce. I will take that interjection. They would be productive; they will increase productivity; they will lead to growing more food so that we can actually feed people. But, no, Treasurer Swan and the Labor Party take an axe to research and development in our regional centres and our rural and agricultural products. I find that simply amazing.

Senator Ryan made this point earlier on. So many times we hear this comparison about Australia's debt in relation to many other countries: 'Well, it's not too bad really, there's nothing to worry about.' That is a furphy. Imagine if you were having trouble paying your mortgage, if you owed, say, $300,000 on your home loan. Does it make you feel better if the bloke down the road owes $400,000 or if the lady across the street owes $450,000? That does not help you to pay your debt any easier. The fact is that $18 million to $20 million a day, every day, seven days a week, is what we are going to have to pay in interest for the next four years.

The government talks about the surplus. If there is a four per cent reduction in commodity prices, or a further increase in the exchange rate, there will be no surplus. As I said at the start of this debate, we had 13 years of Labor from 1983 to 1996 and we had three surpluses. We have had another four years of Labor from 2007 to 2011. That makes 17 years of Labor government and we have had just three surpluses. Borrow, borrow, spend, spend, and mortgage our children's futures away, and they call it economic and fiscal responsibility! It is reckless, it is wrong, and that is why the people of Australia are going to turn against this government in a big way. When interest rates rise—and, as sure as I speak, they will—and the exchange rate rises further as a result of that, we will see less income for our nation, more imports and the loss of jobs, and industries like cement, aluminium and steel will be affected. When we get the carbon tax that is when we are going to see it all come to a head. We will see exactly what that tax does to destroy jobs and destroy families' livelihoods.