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

My question is to the Minister representing the Prime Minister, Senator Wong. I refer the minister to Mr Rudd's comments last night about strong proven economic leadership. Does Mr Rudd describe $129 billion in accumulated deficit on his first watch as Prime Minister, including the two biggest budget deficits ever, as strong proven national economic leadership? Why should the Australian people trust Mr Rudd when it comes to the economy when he broke his promise to deliver budget surpluses, delivering debt and consecutive deficits instead, despite having benefited from the best terms of trade in 140 years and many new taxes, having introduced Labor's failed mining tax and the job-destroying Carbon Pollution Reduction Scheme, which, of course, eventually morphed into the world's biggest carbon tax?

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

There was a missing fact in that question. There was a substantial missing fact. It was a pretty big fact. It was called the global financial crisis.

Opposition Senators:

Opposition senators interjecting—

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

All the opposition do—

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

Order! When there is silence, we will proceed. The minister is entitled to be heard in silence. When there is silence, we will proceed—it is as simple as that.

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

I was saying that all the opposition demonstrate to all and sundry when they scoff and say, 'Oh, the global financial crisis!' is that the Liberal Party have become the party of economic irrationality. I would expect that from the National Party. I would expect that from Senator Joyce. But this is the party of Peter Costello. This is the party that used to pride itself that it understood matters economic coming into the chamber and asking a question about the last years of our economy's development and trying to completely rub out the impact on our economy and on the global economy of the largest downturn since the Great Depression. Senator Cormann ought to go to the United States, the United Kingdom, Spain or Greece and ask them whether they think they should look at the last five years of their economic history without regard to the global financial crisis. It is the most extraordinarily absurd economic proposition. If the coalition's policy now is that fiscal policy should never respond to the macroeconomic environment, they had better tell Mr Hockey that because it is a ridiculous proposition and contrary to the way in which he has most recently articulated their policy—in fact, it was as recently as this week—in a speech— (Time expired)

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

Mr President, I ask a supplementary question. Given Mr Rudd's criticisms of the Gillard-Swan mining tax, specifically his criticism that it has not raised any meaningful revenue, punching another black hole into Labor's budget, will Mr Rudd now join the coalition in our commitment to scrap the mining tax, along with the expensive promises Labor have attached to it? Or does he intend to attach himself to the extreme cause of the Greens and—

Senator Cameron interjecting—

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

Order, Senator Cameron! Senator Cormann, repeat the last part of the question.

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

Will he attach himself to the extreme cause of the Greens and Senator Cameron and ramp the mining tax up further?

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

It was a somewhat strange question and—

Ian Macdonald (Queensland, Liberal Party, Shadow Parliamentary Secretary for Northern and Remote Australia) Share this | Link to this | Hansard source

Do we have to have a commentary on the question every time?

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

Order! The minister may continue.

Senator Ian Macdonald interjecting—

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

I was just waiting for the constant repetition from Senator Macdonald to subside slightly. As I said, it was a question that I think suggested on the one hand that the government would abolish the mining tax but on the other hand suggested that we would have a mining tax that someone else suggested. There are a couple of propositions to make about the mining tax, which Senator Cormann does not agree with. We have been very clear on the principle that the Australian people own the resources that are the subject of this tax regime.

Senator Cormann interjecting—

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

Order! You have had your question; the minister is answering the question. Desist from interjecting.

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

We have been very clear about the proposition that the Australian people own these resources. That is the rationale for the tax.

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

Mr President, I ask a further supplementary question. The minister clearly was not prepared to rule out a ramp-up of the MRRT.

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

Order! What is your question?

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

Is there any chance that the Prime Minister will join the coalition in a bipartisan way in our efforts to scrap the carbon tax, to return the budget to surplus, to take pressure off families and their costs of living, to reduce the cost of doing business and to help strengthen our economy at a time when the economy needs strengthening?

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

There are times in public debate when bipartisanship would be a good thing, but not when we fundamentally disagree. There is a fundamental disagreement between the Labor Party and the coalition about, for example, the pricing of carbon, which the coalition used to agree with, and the principle that the Australian people should get a fair share of revenue from the resources that they own.

I turn to one of the components of the senator's question: cost of living. I remind the chamber, through you, Mr President, that one of the principle policies of the coalition has always been to oppose compulsory superannuation. Those opposite, led by a man who described superannuation as a con job and led by a man who is on the record as saying that the coalition has never supported increases to superannuation, want to come in here and talk about the cost of living. The reality is that those opposite have never accepted the need for— (Time expired)