Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

As I have indicated before, I think the best for all this—and my excitement is growing because it is getting closer by the day—is the Mid-Year Economic and Fiscal Outlook, which will lay out the full plan in this regard. It will lay out what we have inherited, what parameter revisions there have been since the Pre-Election Economic and Fiscal Outlook and the initial measures we have taken. It will give people a comprehensive snapshot of where the economy and the budget are at and the challenge that we then face in a budget context. That MYEFO will also have information on portfolio areas, including infrastructure and regional development, to which you allude.

In relation to Queensland I can give you an assurance that there is no better friend of the people of Queensland than this government in terms of the infrastructure and other opportunities that we will be providing in concert with the excellent Campbell Newman government in Queensland.

With regard to speculation about budget cuts and all the rest of it: I cannot respond to that. There is no point responding to specific individual things. I think you would have to see everything together, and that is going to be laid out in the Mid-Year Economic and Fiscal Outlook. What I find interesting is that, on the one hand, we get lambasted for allegedly wanting to increase the debt without limit and, on the other hand, we get accused of all the cuts we are going to be making. I do not think those propositions are mutually consistent or coherent. I think the opposition will have to find a different line of argument.

Here we are putting the debate back onto the quality of the budget decision making and not having this argument about debt limits on the sidelines. It has become a substitute for actually arguing over the substance of economic policy. The Greens have rightly said they want more of the debate to be around the substance of economic policy. They say, for example, it is time Australia had a much more mature debate about how to fund the long-term infrastructure that the nation needs. They mention proposals like high-speed rail and better public transport, which are obviously particular policy priorities that they have. The Commonwealth will now have to be much more upfront and transparent about how projects will be funded. That essentially covers it. They are saying incurring good debt to invest in our future or bad debt to cover up a shortfall in revenue. That is quite a stringent fiscal policy, so I do not think what we are doing here today is some licence for an unlimited increase in the debt.