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

I thank the honourable senator for his question and for his interest in matters of economics and finance, not just those with an agricultural event. When we talk about an unsustainable budgetary position we mean that, if the budgetary position is allowed to remain as it is, it will mean that debt and deficits continue to grow. The Mid-Year Economic and Fiscal Outlook delivered in December last year showed the extent of the legacy left by the previous government, with a deficit of $47 billion in 2014, $123 billion in budget deficits over the forward estimates period, a deterioration of $68 billion since the Pre-election Economic and Fiscal Outlook. What is more, in the absence of significant policy changes, the budget will not return to surplus for more than a decade, and debt will reach $667 billion in 2023-24. The fact is that Labor presided over the fastest deterioration in debt, in dollar terms and as a share of GDP, in modern Australian history. In the recent IMF report it was projected, on present policy, that over the next five years, from 2012 or 2013, we would have the fastest growth in public spending for Western countries.

So getting the budget under control will be challenging, but the coalition is up to the task and we will bring spending under control. But in doing that we are determined to deliver on important initiatives like the National Disability Insurance Scheme, which will benefit hundreds of thousands of people with disability. And we are committed to delivering a surplus of one per cent of GDP within a decade.

Senator Conroy interjecting—

Thank you for that interjection, because it gives me an opportunity to say that we will also deliver on a fair dinkum paid parental leave plan, championed by our leader, the Prime Minister. (Time expired)

Opposition senators interjecting—