Helen Kroger (Victoria, Liberal Party) Share this | Hansard source

Thank you, Mr Acting Deputy President. I quote from the Australian:

Mr Swan can claim credit for recognising the threat of the global financial crisis and responding quickly, particularly through cash injections, to stave off recession. However, much of the later rounds of stimulus spending was ill-targeted, poorly administered and unproductive. The resources boom, fuelled by continued Chinese demand, the rapid depreciation of the dollar via our floating currency and the aggressive easing of monetary policy by the Reserve Bank, as well as the stability of our financial sector, insulated us from the worst of the crisis.

I do not read too much in that about the contribution that the Treasurer has given to this whole situation. While we know that this government will take the credit for anything, and if I was them I probably would too, given their appalling track record on the governance of so much since they have been in office, recognition must be directed to the former government's handling of the economy and to former Treasurer Peter Costello for the way in which he set up this country so that it ensured us some protection against any vulnerabilities or unstable global economic challenges. The Treasurer, Wayne Swan, has presented us with fudgy budgets. He has promised to return the budget to surplus while borrowing $135 million a day to service the current debt. That is $135 million a day that every taxpayer will have to pay back before a single cent is saved for the government in the future.

After the categorical ruling out of 'There will be no carbon tax under a government I lead' by Prime Minister Gillard, we know how committed the Labor government is to its election promises. We know what it does with its pledges: it bins them. It has no credit and integrity in this regard whatsoever. The answer to this government's financial irresponsibility, and its total spending spree, is to raise more money by introducing more taxes. We see this again now and we will see it with the mining tax, which is the next thing the government wants to bring on the agenda.