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

As Senator Dio Wang from the Palmer United Party would well know, given his background in the resources industry, the previous government had the benefit of the highest terms of trade in 140 years for most of their period in government. They were able to benefit from record high commodity prices. Even at their lowest, the terms of trade were still 15 per cent higher than at the best time under the previous coalition government. Instead of using that opportunity to build a stronger and more prosperous economy, instead of using that opportunity to put money away for a rainy day, what did the Labor Party do? The Labor Party delivered $191 billion in cumulative deficits in their first five budgets, they left another $123 billion in projected deficits in the last budget, they left us with government debt heading for $667 billion within the decade and rising beyond that, and they left us with a situation where we now have to borrow $1 billion a month just in order to pay the interest on the debt that they accumulated. What is this government doing? This government is making the decisions that need to be made in order to ensure that this generation of Australians lives within its means and leaves the country for future generations in at least as good a shape as, if not better than, we found it. If we are to protect our living standards, if we are to provide opportunities for prosperity in the future, there is no alternative than to pass the budget. (Time expired)