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

I think the chamber needs the wisdom of Margaret Thatcher so I will just share some of her great pearls of wisdom with you:

… what millions like me were brought up with: an honest day's work for an honest day's pay; live within your means; put by a nest egg for a rainy day; pay your bills on time …

And this one:

Like all western governments, ours has taken onto itself more and more activities, more and more responsibilities … none of us relish the prospect of cutting public expenditure. It is an unpleasant and difficult task.

The simple fact is that we cannot afford to promise more than we can deliver. We cannot continue borrowing tomorrow's money in order to pay for today's bread and butter. The jam has already gone.

And now a favourite of mine—a real favourite of mine:

Pennies don't fall from heaven, they have to be earned here on earth.

And:

… Socialist governments traditionally make a financial mess. They always run out of other people's money.

What I would say to Australia is reflect on what Margaret Thatcher had to say— (Time expired)