Matthew Canavan (Queensland, Liberal National Party) Share this | Link to this | Hansard source

My question is to the Leader of the Government in the Senate, Senator Abetz. Can the minister advise the Senate of the size and scope of Australia's budget problems?

Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source

Can I congratulate Senator Canavan on his question and acknowledge his strong—

Senator Kim Carr interjecting—

Stephen Parry (President) Share this | Link to this | Hansard source

Order! Pause the clock. Senator Carr!

Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source

Let us just cut to the chase. Labor is in deficit and debt denial. They know there is a budget problem. Do you know why they know there is a budget problem? It is because they created it. When they came to office in 2007, the budget was $20 billion in surplus and Australia had $50,000 million in the bank. In just six years Labor destroyed that golden legacy. They did it by spending more than they earned, wasting billions on pink batts and overpriced school halls. The Labor Party seems to have no appreciation of how much $1 billion is. Let me put it this way: a million seconds is about 11 days; a billion seconds is more than 31 years. A billion is a very big number indeed. Labor left behind projected deficits of $123 billion and projected debts of $667 billion. Let me tell you, if you converted that into seconds, it would be more than 21,000 years. The Labor Party might laugh about this but it is no joke. Government debt means higher pressure on the cost of living. Government debt means fewer jobs. Government debt means less money for services that the Australian people need. Debt means every single Australian suffers and that is why we as a government are seeking to reverse the position to ensure that there is a secure and sustainable future for our fellow Australians.

Matthew Canavan (Queensland, Liberal National Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Is the minister aware of any statements by key Labor Party figures that Australia needs to repair its budget?

Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source

As it happens, Senator Canavan, yes, I am aware of some of those statements. For example, 'Wayne Swan told me that the fiscal situation is ruinous.' Those were the words spoken by former Labor Minister Bob Carr, a fellow that used to sit in this chamber until very recently.

Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

That is the best you've got?

Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source

Senator Conroy interjects that that is the best I've got. If 'ruinous' is not bad enough, Shadow Treasurer Chris Bowen said:

I certainly agree that there are long-term structural issues in the budget, absolutely.

That was only yesterday. Recognising the problems, what are they prepared to do about it? Do you know what they prepared to do about these structural problems that they now recognise? It is to vote down every savings measure that they recommended in their last budget. That is the height of the irresponsibility of Labor under Mr Shorten— (time expired).

Matthew Canavan (Queensland, Liberal National Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Will the minister confirm that it is the government's position that repairing the budget is both essential and urgent?

Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source

(—) (): I can confirm to Senator Canavan and the Australian people that the task of fixing the budget is both essential and urgent. I say to the Senate that Australia does have a budget situation that needs to be fixed. If it is not fixed, we will end up like much of Europe—sliding into genteel poverty and regretting that we did not act when it was easier to do so. We know that it is not easy now, but we know that it is essential and it will be a lot harder in the future. The Senate has a choice. Each individual senator has a choice. You can either be part of the problem or part of the solution. You can either be a fiscal destroyer or a fiscal repairer. We can either build a better future for our fellow Australians or continue down the destructive path left us by Labor. (time expired).