Claire Moore (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

My question is to Senator Wong, the

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

Thank you, Senator Moore, for the question. Certainly we have seen a lot of volatility in international markets in recent times. We have seen a concern, as people know, about those markets for a range of reasons, including what has occurred in the United States and in relation to Europe. The fact remains that Australia is better placed than just about any other nation to ride out the current global turbulence. Despite some difficult circumstances, Australians have good reasons to be confident. We have strong fundamentals and we are located in the fastest growing part of the global economy. One of the strengths to which we can point is an enviable fiscal position—one of the best in the developed world—and our highly credible fiscal strategy.

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

No debt left by the coalition, by John Howard!

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

Those on this side have put forward a budget which has restricted real spending growth to just one per cent on average over the forward estimates.

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

Who paid off the debt?

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

The time for arguing this issue is post question time.

Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

Who left you with no government debt and a surplus?

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

Senator Cormann, post question time!

Senator Sherry interjecting—

Senator Sherry. When we have silence on both sides, we will proceed.

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

In times like these, it is crucial to have a clear, achievable and disciplined plan for fiscal consolidation and the government does. That is why our fiscal strategy has received such a resounding endorsement by ratings agencies, by the international community and by the International Monetary Fund. We know what the opposition want to do. On the back of their $11 billion black hole from the election we now find another 70 billion reasons to worry about Mr Abbott. The opposition has finally started to understand that their decisions not to get their costings right during the election campaign, to continue to oppose savings measures, to continue to support spending measures have left us with an even bigger black hole. Mr Hockey's black hole has gone from $11 billion to $70 billion. What an achievement! (Time expired)

Claire Moore (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Can the minister advise the Senate on any risk to delivering on the government's fiscal strategy?

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

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Claire Moore (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Can the minister advise why it is important for the Australian economy that our government maintains a credible fiscal policy?

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

Unlike those opposite, we are serious about fiscal responsibility. That is why the IMF have given us a tick. Instead, what we have from those opposite is an economic team that is simply a joke. Mr Abbott has described economics as boring. He said he does not care about the opinion of economists. The reality is actually worse. He does not care what he damages as long as he lands a punch. Mr Abbott is a risk to the Australian budget. Mr Abbott is a risk to the Australian economy. That is demonstrated by the fact that his shadow Treasurer has done nothing except dig a big black hole.

Now the opposition, because of all their decisions, just to get to the starting line have to find the equivalent of stopping Medicare payments for four years. (Time expired)