Lin Thorp (Tasmania, Australian Labor Party) Share this | Hansard source

Mr Deputy President, I beg your pardon: Mr Abbott. 'Misterabbit' just runs off the tongue. He comes from a strong tradition of irresponsible economic management. The International Monetary Fund itself—

Senator Fifield interjecting—

Those opposite may find this interesting. The International Monetary Fund itself has run a fine tooth comb through the financial records of 55 countries over 200 years. It has identified only two periods of wasteful spending in Australia in recent years, both in the period of the Howard Liberal government.

In contrast, Nobel Laureate economist Joseph Stiglitz has said: 'The federal Labor government saved the country from the worst of the global financial crisis and only Labor has the proven credentials to maintain economic strength in the face of adversity.'

Although our economy remains resilient, we also know that the impact on taxes caused by global volatility and uncertainty, lower commodity prices and the high dollar means that tax revenue is way down. But this government is responsible and does not believe that cutting harder or filling a hole in tax revenue that jeopardises jobs is the way to go. We believe in a very strong future. As a Tasmanian, my main concern is what would happen should the economic policies of those opposite ever be applied to my dear state of Tasmania, taking over $600 billion per year out of our coffers.