Annette Hurley (SA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Finance and Deregulation, Senator Wong. Can the minister advise the Senate on the importance of maintaining sound financial management?

Opposition senators interjecting—

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

You can see how allergic those opposite are these days to the words 'sound financial management'. There is no Peter Costello over there. This is a very different Liberal opposition, one that would be in deficit in every year of the forward estimates were it in government and one that delivered an $11 billion black hole in the last election. The Treasurer will hand down his fourth budget tonight and, as we have said, Mr President—

Opposition Senators:

Opposition senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

If people want to debate issues, the time for that is after question time.

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

As I said, tonight the Treasurer will hand down his fourth budget. This is a budget that will get us back in the black, get more Australians in jobs and spread the opportunities of the mining boom. It will be a budget that is marked by its commitment to sound financial management, a budget that recognises the challenges of the mining boom and leverages its opportunities for the benefit of all Australians. This sound financial management will be evident in the choices that we have made in this budget and in the fastest fiscal consolidation that we have seen since the 1960s. As we know, Mr President—

Opposition senators interjecting—

George Brandis (Queensland, Liberal Party, Shadow Attorney-General) Share this | Link to this | Hansard source

Nine Labor budget deficits in a row!

John Hogg (President) Share this | Link to this | Hansard source

The time for debating this is after question time.

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

Senator Brandis is so concerned about budget deficits he perhaps ought to speak to the economic spokespeople on his side who are presiding over a complete mess when it comes to their fiscal position: an $11 billion black hole in their election policies and a party that would be in deficit in every year of the forward estimates. We are very focused in this budget on our priorities, on the fiscal discipline that is required, on training the Australian workforce and on lifting participation across our economy. (Time expired)

Annette Hurley (SA, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Can the minister outline to the Senate the priorities which the government has worked towards in preparing the budget?

Opposition Senators:

Opposition senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

The time for debating the issue, if people wish to debate it, is after question time. I remind senators of that.

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The government has made its priorities clear. This is about getting us back into the black, getting more Australians into jobs and spreading the opportunities of the mining boom, and we will outline a budget which sets out a clear path to the return to surplus, which we are committed to. But what will be interesting to see this week in this parliament is whether the opposition are prepared to apply the same discipline to themselves that they are asserting the government should adhere to. I think we should be running a bit of a wager as to whether they will front up. I wager they will not front up and do what they say they will do. Those opposite might want to know that your shadow Treasurer, Mr Hockey, has committed to bringing the budget back to surplus on your figures by next year. That is what Mr Hockey has said, but he has not done the numbers to work out how. (Time expired)

Annette Hurley (SA, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Can the minister further outline to the Senate any alternative approaches that are a threat to sound economic management?

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The threat to sound economic manage­ment is those opposite, in particular their so-called economic team. As I said, it is interesting the shadow Treasurer has committed the opposition—I bet this was without a shadow cabinet meeting—to returning a surplus by 2011-12. That is after they have climbed out of their $11 billion black hole. So he beat his chest and said, 'We'll make the hard yards.' When pressed he said, 'I don't know what the numbers are.' Well, he will know tonight—and I will bet those opposite will still not be able to work out how to do it. The problem those on the other side have is that Joe Hockey has led them down the garden path; he has made a promise that they will never be able to live up to. How embarrassing for the party that used to be the party of fiscal discipline—now the party of a budget black hole.