Arthur Sinodinos (NSW, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Finance and Minister representing the Treasurer, Senator Cormann. Will the minister update the Senate on how Operation Budget Repair is progressing?

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

I am pleased to report to the Senate that Operation Budget Repair is progressing well. One budget measure at a time, step by step, we are cleaning up the budget mess that Labor left behind. This week it is likely that we will even be able to deal with one of the outstanding measures of Labor's last budget, because Labor is now in agreement when it comes to reversing the second round of income tax cuts linked to the carbon tax. We have Operation Sovereign Borders to clean up Labor's mess at the border; we have Operation Budget Repair to clean up Labor's mess with the budget. The recent interaction between both of those operations is because, under Labor, when they lost control of our borders, when they lost control of our budget, they imposed $11 billion worth of budget blowouts on Australian taxpayers. Australian taxpayers were forced to fork out more than $11 billion more than they should have because Labor lost control of the borders.

As a result of our successful efforts to stop the boats, in 2015-16 alone, in this year's budget alone, we have been able to save half a billion dollars in spending that otherwise would have had to be incurred. Operation Sovereign Borders is supporting Operation Budget Repair—unlike Labor, which was taking government spending as a share of GDP under the worst finance minister in the history of the Commonwealth to in excess of 30 per cent, we have—

Honourable Senators:

Honourable senators interjecting—

An opposition senator: Name them!

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

It might be a senator from South Australia who is sitting across the chamber. Under this government, government spending is peaking at 25.9 per cent and is tracking down to 25.3 per cent. Under our government we are back on track to surplus, unlike the previous government. (Time expired)

Arthur Sinodinos (NSW, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Will the minister advise the Senate of the next steps in Operation Budget Repair.

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

Firstly, this government will continue to be totally committed to doing everything within the law to stop the boats. That will continue to help us to save taxpayers' money. Because the Labor Party has suggested that they would again do what they did in the Rudd and Gillard years—they would again dismantle our successful border protection policies—taxpayers across Australia would again be forced to pay for the after-budget blowout to fund the cost of porous borders under a future Labor government, if it were ever to happen. This week this government will put forward the Labor budget measure from the 2013-14 budget not to proceed with the second round of income tax cuts linked to the carbon tax, because this government got rid of the carbon tax altogether. We know that Labor will bring the carbon tax back. We will also put the changes to the pension assets test to the parliament in this sitting fortnight, and we look forward to receiving the support of the chamber. (Time expired)

Arthur Sinodinos (NSW, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Will the minister advise the Senate of any alternative approaches to repairing the budget?

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

I regret to say that there is no alternative Operation Budget Repair from the alternative prime minister. The alternative prime minister does not have what it takes to repair the budget in the same way as he does not have what it takes to keep our nation safe and secure. In fact, Labor's budget black hole keeps increasing—today Labor added another $2.4 billion to their budget black hole. This is undermining our economic security in the same way as Labor, in the past, has undermined our national security. Labor is now against an increase in the pension for pensioners with comparatively fewer assets, and they are against returning the pension arrangements for pensioners with significantly more assets on top of their family home to those arrangements in place for most of the period of the Howard government. That is reckless and irresponsible. Labor should get out of the way. (Time expired)