John Williams (NSW, National Party) Share this | Hansard source

Running on a par with Ireland, 4½ million people. The sad thing about this is that Queensland was debt-free for decades. I remember when former Prime Minister Bob Hawke called the tax summit when he won in 1983 and one Sir Joh Bjelke-Petersen said: 'Why don't you be like Queensland and not run deficits?' They laughed at him—a debt-free state and now it is on the point of bankruptcy. But that is what happens when you have no idea about running business so you simply borrow, spend and waste.

Senator Furner interjecting—

It is late in the week and I will not take your interjection, Senator Furner—only for the reason I did not hear it properly.

The most laughable aspect of all this is what Prime Minister Julia Gillard said. This is a big point and it is what the minerals resource rent tax is all about. The Greens have a bill saying we need a bigger cop, but let me quote the Prime Minister for anyone listening:

You can't run this country if you can't manage its budget.

It is a pretty good statement; the words are good. Let us have a look at the reality of what is happening. I reckon at about $10 billion the penny will drop when we get the actuals in September. When we get the actual debt for this financial year in September, because this minerals resource rent tax has only returned $126 million, two things are going to happen. On 14 September we are going to have an election—you beauty, a lot of people say. Two weeks after that we are going to find out the actuals of this year's financials.

I wonder why they plan the election day two weeks before the Treasurer will give the real budget figures of this financial year? A cynic would say it is because there is going to be another big hole; not a big black hole, but a big red hole, a hole of red ink of more borrowings. If all goes well—