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

As a result of the decisions that this government has made in relation to expenditure in government, net spending over the medium term has reduced by about $300 billion. That is $300 billion that either we don't have to borrow or will be available to reduce debt once we have returned to surplus, which on current indications is expected to happen by 2021.

I say again: on the coalition side, on the Liberal-National Party side, our commitment is to keep taxes as low as possible but as high as necessary in order to fund the necessary services of government that Australians expect to be delivered by their government—as high as necessary but as low as possible because we are mindful that leaving people with more of their own money helps them to strengthen the economy, strengthen growth and strengthen opportunity across Australia, because people across Australia are better at spending their own money than the government.