Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

I thank Senator Duniam for that supplementary question. Changing direction and going back to Labor's discredited economic and fiscal policies of the past would make Australia weaker and would make Australians poorer; $200 billion in higher taxes, which is what Labor has announced so far, would lead to less investment, lower growth, fewer jobs and higher unemployment and, as a result of higher unemployment, lower wages and ultimately less government revenue to fund the important services provided by government: the social safety net, access to quality health care, funding for schools—you name it. Under Labor's discredited approach of the past, we inherited a weakening economy, rising unemployment and a rapidly deteriorating budget position. That was when Mr Shorten was a senior cabinet minister in that government and Mr Bowen was the shadow Treasurer. Not even Paul Keating has confidence in Labor's approach these days, and I'll get to that in the next supplementary. (Time expired)