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

The Labor Party left a mess. We put the country on a stronger fiscal foundation trajectory for the future.

Senator Watt interjecting—

Senator Watt talks about spending. Spending as a share of GDP was heading way beyond. We brought spending as a share of GDP down below the long-term average. Labor were running it past 30 per cent of the share of the economy, according to the Intergenerational report. The Labor Party position is completely inconsistent. They are arguing for more spending and fewer cuts but somehow think that that is going to lead to less debt. Their position of fewer cuts and higher spending would lead to higher debt. That is basic mathematics. I know that that is not something that the Labor Party understood in government, which is why when we came into government we inherited a seriously rapidly deteriorating budget position. Their revenue forecasts were based on absolute—I was going to say something rude— (Time expired)