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 outline to the Senate the importance of maintaining a sound fiscal strategy, and how does this compare with other strategies?

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

This is a government that takes fiscal responsibility very seriously. Last month we handed down a budget that sets out a plan to bring the budget back to surplus and to build capacity needed to respond to the changes occurring in the Australian economy. It is a budget focused on building Australia's future workforce, on aligning training with industry needs and making significant investments in skills. The contrast between our government and those opposite could not be starker. On this side we have a disciplined approach to the budget and a commitment to bring the budget back to surplus, which we understand requires us to make savings. On the other side we have the Tony Abbott debt truck—

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

Order! Senator Wong.

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

I withdraw. The Mr Abbott debt truck—a $10.6 billion election black hole; a climate change policy that cost $20 billion more than they have costed and that they told the Australian people; and locked savings measures of $5 billion. How embarrassing. But it has been added to by the Mr Abbott spendathon, which in part has been led by those in this chamber seeking to impose greater expenditure on the Commonwealth budget without any savings measures. And now there is this fabulous idea that they have concocted over the weekend of an $80 million plebiscite!

Opposition senators interjecting—

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

If people want to debate the issue you know that the time for that is after question time. All you are doing is wasting valuable time in question time. Senator Wong.

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

What is occurring is that the opposition comes into this chamber and proposes additional spending without any savings measures—and now they tell the Australian people that they want an $80 million opinion poll that Mr Abbott, out of his own mouth, has said he will ignore. It is an $80 million opinion poll that Mr Abbott himself has said he will ignore. (Time expired)

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

Mr President, I ask a supplementary question. Has the minister seen any reports of support for the principle of taking a fiscally responsible approach, and does this position have wider support?

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

Yes, I was very glad to see in recent times some very responsible comments attributed to my predecessor, Senator Nick Minchin, whose time in this place, obviously, is coming to a close. According to these reports, Senator Minchin laid out a test for the Leader of the Opposition when he wisely advised the shadow cabinet, 'When we take decisions to cut revenue in government we have to find ways to replace the revenue.' A similar plea for fiscal responsibility was made by an anonymous coalition member of parliament, who told the Adelaide Advertiser last month:

We can't keep agreeing with government spending measures and opposing savings and revenue measures and keep our financial credibility intact.

Well, out of the horse's mouth. It is absolutely true. Those on that side who should know better—and Senator Minchin is amongst them—should be counselling some of the opportunists— (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 advise the Senate of the implications of taking a less rigorous fiscal approach?

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

A less rigorous fiscal approach is that advocated by the opposition and by my counterpart, Mr Robb, who seems to be very good at blogging wildly about debt and meanwhile allowing votes in the parliament which would simply ensure that the government is not able to bring the budget back to surplus. Fiscal responsibility does come down to making sure you take the savings measures which you have accounted for. It does come down to votes. It is not sufficient for Mr Robb simply to blog about debt whilst he allows the opposition to vote against savings measures and to vote for spending measures without showing how they will fund them. The opposition should take the opportunity to speak to Senator Minchin, a former finance minister, before he leaves this place and get some advice about how to run their fiscal policy.