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

The projected return to surplus in this budget is consistent with what was previously estimated, in particular in the Mid-Year Economic and Fiscal Outlook before Christmas. The deficit is projected to reduce every year over the forward estimates both in dollar terms and as a share of GDP. We are on a responsible path back to surplus, we are on a believable path back to surplus, and we are doing it in the context of implementing our plan for jobs and growth.

We understand that the Labor Party wants to tax more, spend more and borrow more. We know that the Labor Party has a $50 billion black hole because of unfunded spending promises. We know that the Labor Party also has a $20 billion hole in their tobacco excise costings. Right now, our budgetary position is $70 billion better off than it would be under Labor. (Time expired)