Ursula Stephens (NSW, Australian Labor Party) Share this | Link to this | Hansard source

My question today is to the Minister for Finance and Deregulation, Senator Wong. Has the minister seen any recent international reports on the performance of the Australian economy, and how does this compare with the performance of other major advanced economies?

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

I thank Senator Stephens for her question. Like other senators on this side, she takes a strong interest in economic management and jobs growths, which puts those on this side, if I may say, Mr President, in a very different position from the carping negativity from those opposite. Earlier this week, Standard and Poor's confirmed Australia's AAA credit rating. The strong economic management of this Labor government has seen Australia awarded the coveted gold-plated AAA rating from all three global ratings agencies for the first time in our nation's history.

Senator Brandis interjecting—

I know the truth hurts, Senator Brandis, but the reality is that we are one of only eight countries across the world holding a AAA—

Opposition senators interjecting—

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

Senator Wong, you are entitled to be heard in silence. If people wish to continue to talk, all they will do is disrupt question time when people want to hear the answers that are being given.

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

We are one of only eight countries across the world holding a AAA rating with a stable outlook—something no Liberal government has ever achieved. In fact, the International Monetary Fund has confirmed that the Howard government presided over a period of wasteful fiscal profligacy. I would invite those opposite to consider the report of the International Monetary Fund. We on this side do understand, notwithstanding our strong fundamentals, that not everyone is doing it easy. We understand that. That is why we have been focused on ensuring the economy is continuing to grow. We are focused on ensuring that we continue to grow jobs and maintain economic strength at a time of global volatility. Our responsible budget decisions have given the Reserve Bank room to move—and lower rates, of course, mean that modern families with a $300,000 mortgage are paying around $5,000 a year less in repayments than they were when the Liberals left office. This shows the government's continued sound economic management. (Time expired)

Ursula Stephens (NSW, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. I thank the minister for her answer. Can she outline to the Senate any recent developments to support the kind of prudential economic management recognised by the Standard and Poor's report and, in particular, is the government considering any steps to assist in ensuring post-election transparency in the cost of election promises?

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

We do believe that transparency around policy costings is important, and that is why last week the Deputy Prime Minister announced the government's intention to enhance the Parliamentary Budget Office's capacity to ensure budget transparency from all sides of politics with additional resourcing of the Parliamentary Budget Office to support this role. This will enhance the office's capacity for costings to be prepared in the lead-up to the election and remove the excuse which we have previously heard from those opposite for policies to be released as thought balloons rather than to be properly costed. We will also introduce legislation that would require the PBO to prepare a post-election audit of all parties' commitments. This is an accountability safeguard, a transparency safeguard, which we know the Australian people need because of the form of those opposite who hid an $11 billion black hole through the last election only to be found out. (Time expired)

Ursula Stephens (NSW, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Can the minister explain any other steps that the government is taking to promote transparency around costings before the election?

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

Last week the Treasurer and Deputy Prime Minister also committed to releasing the 2012-13 preliminary underlying cash balance outcome when the secretaries of both Treasury and Finance inform the government that they have a reliable figure. We have made clear in that announcement that we are willing to make sure that the cash balance is released at the time we have a reliable figure. The officials have indicated that a reliable estimate could be made well before the election, and we commit to releasing it. This really flies in the face of Senator Cormann's scare campaign where he suggests the government does not want this information released. Well, on this side, we are saying we commit to releasing it; and, at that point, those opposite will run out of excuses. They will run out of excuses. They will no longer be able to say, 'Dodge and weave and duck and say, "We can't release our costings, we can't tell you our plans for cuts, because we don't know what the numbers are".' We will make sure you have them, and you will have no more excuses. (Time expired)

Honourable Senators:

Honourable senators interjecting—

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

I am waiting to call someone on my left for a question. If people have further questions there are other opportunities in question time.