Linda Reynolds (WA, Liberal Party) Share this | Hansard source

So promising and properly funding are what we do on this side.

Despite all the 'Ministry of Truth's' alternative truths trotted out by those opposite, let us just go back and remind ourselves of the facts. In 1996, when Labor lost government, they left us and the Australian taxpayers with $96 billion worth of debt. That took the Howard-Castello government 10 years to pay off—10 years of prudent financial management to pay off. In fact, 21 April 2006 was actually the first ever debt-free day. We had very high hopes back then that that would then lead to future governments living within the national means and being fiscally responsible. Sadly, we all know what happened. In 2007, those opposite inherited—and Penny Wong was part of that—not only zero debt but money in the bank. We had money in the bank. We could actually set up the Future Fund.