Sean Edwards (SA, Liberal Party) Share this | Hansard source

It gives me great pleasure to rise and talk about this matter of public importance that Senator Moore and her Labor Party colleagues have brought to this chamber. In fact, it is 1,563 days since the then Labor government first promised a budget surplus—and they went on to deliver none. So 1,563 days ago was the first time a Labor Treasurer uttered the words: 'We will deliver a surplus.' At that time, in 2007, the Labor government inherited a set of books that were in the best condition of any inherited books of a change of government in this nation's history. And then tragically, in 2013, just six years later, we inherited the worst set of books delivered to a changing, incoming government. So how can you sit there, as shrill as ever, admonishing this government for trying to get the economic train back on its tracks.

I thank Senator Moore for the opportunity to speak on the coalition's economic action plan—a strategy that is now repairing the damage that I have just spoken about, that reckless economic management. We are now putting in place the settings for a strong and prosperous economy. The Australian people get that. They know that we are better managers of finances and they understand. You on the other side are of course more intent on whipping up little sections of the community by not representing truthfully the actual budget position.

The damage that was going to be inflicted with the budget that was handed down by you in May 2013, prior to the election—reading the polls, reading the tea leaves, you laid a series of landmines—included a projected hit to the budget of $166 billion worth of gross debt. That damage in May 2013, as projected by the Labor government in their budget back then, included accumulated deficits of $123 billion. That damage included an interest bill that is now $1 billion per month, $1,000 million a month. We have heard a lot about that. Even in taking note of questions today, we heard about what could be built for $1,000 million a month. We could build a teaching hospital in Hobart. We could build half of the Adelaide Hospital and pay cash for it within two months. That is the effect of debt on this country. Sadly, Labor's damage also included 200,000 more unemployed Australians. All of this was under Labor's watch.

The coalition government is giving the budget back under control. It was elected to do this. The government has already created around $15 billion worth of savings over the forward estimates through measures implemented without the need for legislation. We continue to prosecute structural reforms which will have the biggest impact on the budget over the medium to long term. The structural reforms include the reintroduction of the fuel indexation changes, to welfare and a modest GP co-payment. In my seat of Wakefield in South Australia we know very well the legacy of Labor's economic mismanagement. Under Labor, teen unemployment rose from 19.6 per cent to 27.3 per cent. There were 55,000 more Australians unemployed after six years of Labor. The government is adjusting the relationship between government revenue and government spending, so that it is sustainable. In other words, as businesses large and small know, as do families across this nation, we are ensuring Australian lives within its means.

Whether they run businesses or manage family budgets, Australians know that money coming in must not be exceeded by money going out. This is a concept which completely escapes those opposite. Instead, we are engaged in this cheap, political exchange with the most serious of issues. This is about the right of future Australians, indeed our own children, to enjoy a standard of living which is not inhibited by having to service their parents' debt. We cannot lay down on mismanagement of our nation's economic finances.

On the basis of Senator Moore's question, it would appear Senator Moore and her party must hold a very loose group on the concept of fairness. While it is hardly fair to knowingly saddle our children with our debt, the debt of living beyond our means, it is hardly fair for their children to inherit the interest bill. It just would not be fair for the government to maintain Labor's status quo, which is why we are moving and why Australians are growing to understand the reason we are going to fix this nation's structural economic woes.