Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

Mr President, the Liberal senators opposite will not be laughing when they come out of the ERC after looking for $70 billion in savings, I can assure you of that. We have seen in recent times a great deal of volatility in world financial markets. In large part, that has arisen as a consequence of concerns about Europe and the United States having very significant debt levels and high levels of unemployment. There is no better place in the advanced economic world to be than Australia in current circumstances. We have solid economic growth, low unemployment, well-regulated and well-capitalised banks, and this government has a proven track record throughout the global financial crisis of implementing policies to ensure that we did not enter recession and to ensure stability in our economy.

I have referred to the debt crisis. There is no doubt that many advanced economies have government debt levels that in many cases exceed 100 per cent of the total value of their economy, but Australia has lower debt than most major advanced economies. We are among only 14 major countries with a AAA credit rating and we have a clear plan to bring the budget back into surplus. So I was somewhat taken aback last week when I saw the press headlines, 'A $70 billion black hole'. I thought to myself, 'Where has this occurred in Australia?' The Liberal-National Party opposition have worked up a $70 billion black hole. At the last election it was $11 billion—