Ian Macdonald (Queensland, Liberal Party) Share this | Hansard source

Australian taxpayers are paying $1.3 billion a month to overseas lenders. They are paying $1.3 billion a month on Labor's debt runner—from $60 billion in credit to approaching $700 billion in deficit and already costing the Australian taxpayers over $1 billion a month in interest on those payments.

The promise the coalition made before the last election was to prepare the budget, and everybody knew that. Everybody was concerned about the unsustainable nature of Labor's borrowings and reckless spending. That is why they voted for the Abbott government and—in spite of continuous opposition by the Labor Party—the Abbott government has already started to turn around that approach to $700 billion in debt that the Labor Party left us.

Our government has not been perfect. I had some concerns about the 2014 budget, which I thought did not quite meet our targets or the aspirations and understanding of the Australian voter. I am pleased to say this is a government that is not too proud to say, 'Perhaps we didn't get it right, then,' and it has done something about fixing it. That never happens with the Labor Party—until today. Today the Labor Party have decided that (a) they will, at least, keep this promise, (b) they will do what they said they would do and understand should be done, and (c) in this small measure, the Labor Party will appreciate that the current government has a huge job to do in repairing the budget balance run up by Labor.

Senator Whish-Wilson: do not be surprised. The Labor Party are not catching you out. They are doing exactly what they said they would do. They have since voted against it, twice, but credit where credit is due. Now they are agreeing with that. In this small way, the coalition will be able to continue on its path of repairing the budget measures that Labor created for this country.