Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The Labor Party are even more reckless, if that were possible, in opposition than they were in government. I refer the minister to their own economic statement released before the election, which showed that gross debt as a result of Labor's budget, Labor's mismanagement, was heading for $370 billion. I also refer the minister to advice read out by the former Treasurer Mr Swan in the House of Representatives that as a matter of prudent financial management there should be a buffer of $40 billion to $60 billion above the expected peak debt. In 2012 the former Treasurer read that advice into the House of Representatives Hansard, and she might care to have a look at it. So when the Labor Party irresponsibly and recklessly comes in here and says that they would only approve an increase in the debt limit to $400 billion, when we are cleaning up your mess, Senator Wong, is irresponsible. (Time expired)