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

I thank the senator for his question. We on this side understand the importance of strong credible fiscal strategies. We understand the importance of acting as the government did during the global financial crisis—putting stimulus into the economy saving 200,000 jobs. That is still opposed by the opposition, but 200,000 Australians and their families are kept in work by the actions of this government, a government that since 2007 has seen the creation of over 750,000 more jobs. But we also know that the global financial crisis ripped a hole in government revenue—some $130 billion worth of revenue losses over five years, something papered over by the opposition, something they want to ignore and pretend did not happen.

This government put in place a clear strategy to return the budget to surplus. We said that we would exercise restraint in spending and we did. We said that we would keep taxes below what we inherited from those on the other side and we are. We have been making the hard decisions to reprioritise expenditure, delivering net savings to the budget. We have one of the strongest fiscal positions in the developed world. But what do the other side have to offer the Australian people? Negativity and a $70 billion black hole, just to get back to the starting line. On this side we offer jobs and a clear fiscal strategy; on that side a $70 billion black hole.