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

I thank the good senator for his question. He is one of the senators in this place who have shown an interest in economics. I have to say that, apart from Senator Sinodinos, it appears those on the other side are no longer interested in economics and certainly not interested in sensible fiscal policy.

This government does understand the importance of ensuring that policies are properly costed and fully funded. One would have thought that was an uncontroversial proposition, but apparently with this opposition, this shadow Treasurer and this shadow finance minister it is now a controversial proposition that you would actually have to properly fund and properly cost your policies.

The government, whether it was in the previous budget or the previous mid-year review, have shown that we make the decisions, sometimes difficult decisions, to offset spending and to find savings. We delivered a net improvement to the budget bottom line of $6.8 billion across the forward estimates in MYEFO, when you consider particularly the significant revenue downgrades the government was hit with. This followed some $100 billion of savings across four budgets.

But what do we have from those opposite? The first thing we have is a $70 billion black hole—they are not my figures; they are Mr Hockey and Mr Robb's figures. Take it from them.