Carol Brown (Tasmania, Australian Labor Party) Share this | Hansard source

It gives me great pleasure to rise in today's general business debate on the Labor government's fiscal strategy. Let us be clear right from the start: no-one has a better story to tell on the economy. The Labor government has implemented strong fiscally responsible policies and has a solid record of economic management. We compare the solid economic management of the Labor government to the economic performance of those opposite. I am really at a stretch to understand where Senator Fifield gets the audacity to propose such a preposterous general business motion.

Let us just focus on the sort of behaviour those opposite like to partake in when it comes to the Australian economy. Those opposite are involved in conjecture and talking down the Australian economy, which is unfounded and not helpful. Whilst those opposite continue to engage in negative discussion about the Australian economy, they also have a track record of not being able to add up their own costings. Who could forget the humiliation of the $11 billion black hole found in their election commitments? You would think after an embarrassment of being $11 billion in the red with their election costings, those opposite would take extra care in any future costings that they may make. But, no, not those opposite—yet again they have been found out, except this time things have got a whole lot worse.

We have recently found that the opposition costings are a whopping $70 billion out. What does this mean? It means that those opposite are now faced with the prospect of trying to find $70 billion of savings. Whilst the opposition shadow Treasurer, Mr Joe Hockey, yesterday made it clear that those opposite will not submit—

Senator Farrell interjecting—

I know it is surprising and many people here will be surprised about this because we all know there was a Joint Select committee on the Parliamentary Budget Office and my under­standing is that all the recom­mendations were supported by none other than Senator Barnaby Joyce and Mr Christopher Pyne, senior members of the coalition. But now we find out that those opposite will not submit their policy costings to either the Treasury or the Parliamentary Budget Office prior to the election. We do not really have to wonder why—we know. It is because they cannot add up and they are now faced with the task of trying to find $70 billion of savings. What does $70 billion exactly equate to? Other senators who have contributed to the debate here today have illustrated what $70 billion could well add up to. To find $70 billion of savings we would have to perhaps stop Medicare payments for four years, stop the age pension for two years—