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

a previous coalition government inherited a budget in a mess from a previous Labor government. The previous Howard government inherited $96 billion of government net debt and a $10 billion deficit; and, of course, the Howard government, Mr Howard and Peter Costello, fixed the budget. They repaid the net debt left behind by the Labor Party which meant that we had to pay less public debt interest, we were able to deliver income tax cut after income tax cut and we were able to lift benefits and services for low- and middle-income families. These are all the things that you can do when you have sound financial management. The reason we have to fix the budget is because of where it leads. It leads to a better future. It leads to a situation where we can protect living standards for families, pensioners and everyone across Australia. It leads to a situation where we can lift—

Senator Polley interjecting—

Senator O'Neill interjecting—