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

The risk is that on the back of continuing to borrow to fund our consumption today we will expose our children and grandchildren to lower living standards and we will force them to pay higher taxes and accept lesser services in order to pay for our cost of living today. That is of course entirely inappropriate. I have been reading out a few quotes in recent weeks and I came across this quote from John Edwards, the RBA board member who was appointed by Mr Wayne Swan and who was former Prime Minister Paul Keating's principal economics adviser. This is what he said:

I've no doubt there is a budget crisis. We're accumulating debt as a higher share of GDP and of course in absolute terms, [it's] absolutely astronomical …

This is Paul Keating's economic adviser:

… compared to far more serious episodes in Australian history, including recoveries from serious recessions.

So Paul Keating's economics adviser thinks this is worse than it has ever been. (Time expired)