Sean Edwards (SA, Liberal Party) Share this | Link to this | Hansard source

My question is also to the Minister for Finance and the Minister representing the Treasurer, Senator Cormann. Can the minister advise the Senate of support by prominent Australians for the need to repair the budget?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

Two months ago the government delivered a budget to build a stronger economy, to create more jobs and to deal with the debt and deficit legacy that we inherited from the Labor Party. The budget that we delivered was designed to protect living standards on a sustainable basis into the future and it was designed to build opportunity and prosperity in the future.

Last week I was able to share with the Senate some relevant quotes from former UK Prime Minister Margaret Thatcher, who is held in very high regard by a whole number of us in this chamber. But today I thought I would choose some quotes that are a bit closer to the heart of people on the opposite side. On the weekend I came across this particular quote, and those opposite should listen:

So coming back to surplus is about making sure we help those people sitting around the kitchen table when they're figuring out how they will make ends meet.

Opposition Senators:

Opposition senators interjecting—

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

And then there is this one. You should listen very carefully:

Returning to surplus also ensures we're not generating price pressures in the economy.

Who do you think said this? It was none other than former Treasurer Wayne Swan. Wayne Swan might never have been able to get to a surplus—he might never have been able to reach the destination—but at least he was a believer. I believe that Mr Swan believed that a surplus was important. At least he understood that it was in the national interest for us to balance our books. He might not have been able to get there but Mr Shorten and Mr Bowen do not even believe that we should get to a surplus. They are just making a complete mess of it. The Rudd was badly managing money. The Gillard government was badly managing money. The Shorten opposition is more reckless than either of them.

Sean Edwards (SA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I have a supplementary question to the minister. Will the minister advise the Senate why it is so important for the parliament to support the government's efforts to repair the budget?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I thank Senator Edwards for that question. If we want to improve opportunities for our children and grandchildren we need to pass the budget the government delivered two months ago. If we want to stop borrowing from our children and grandchildren, we need to pass the budget that we delivered two months ago. Right now what is happening in Australia is that we continue to borrow from our children and grandchildren in order to fund our consumption. That means that we are forcing our children and grandchildren to pay higher taxes or accept lower services, low benefits, in order to pay for our consumption today. Those on this side of the parliament do not agree with that proposition. Those on this side of the parliament want to build opportunity for people to get ahead; we want to build opportunity for our children and grandchildren. We do not want to put our hands into their pockets to fund our lifestyle today; we want to make sure that we can live within our means and that is why we need the budget that we delivered.

Sean Edwards (SA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I rise to ask a further supplementary question. Is the minister aware of any alternative plans to repair the budget?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

No, I am not. There is no alternative plan. The Labor Party are playing politics. The Labor Party are jumping up and down. They are opposing $40 billion in savings measures including $5 billion in savings that Senator Wong initiated and banked in her last budget. If you want any evidence that the Labor Party is playing politics with our nation's future, look no further than to the Labor Party which is opposing Senator Wong's own savings measures. How reckless and how irresponsible can you get?

I say again to the Senate, you might think that the budget we delivered is tough but, if we do not make those decisions today, those decisions required in the future will only get tougher. If we continue to borrow from our children and grandchildren today, if we keep our hand in our children's pockets, we will have to make more difficult decisions down the track and that is why there is no alternative to the budget that we have delivered. Indeed, Mr Shorten and Mr Bowen have not put forward any alternative. They are just playing politics. They do not care about the national— (Time expired)