House debates

Thursday, 14 February 2013

Questions without Notice

Economy

2:12 pm

Photo of Laura SmythLaura Smyth (La Trobe, Australian Labor Party) Share this | | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on recent developments in the global economy? How do these highlight the need for reforms to strengthen Australia's economy for the future and why is it important that these economic reforms are implemented in a detailed, properly costed way?

2:13 pm

Photo of Wayne SwanWayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | | Hansard source

I thank the member for her question, because this afternoon I am flying off to Moscow for the G20 finance ministers meeting.

Opposition Members:

Opposition members interjecting

Photo of Wayne SwanWayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | | Hansard source

It is very important. I know those opposite are not interested in the facts of the national economy or the global economy. But, most importantly it is an opportunity to take the temperature of the global economy and to sit around the table with the finance ministers from the 20 countries who make up the G20. What is important about that is that, when you sit there and look at all of the developed economies, you see there is one thing very different about the other developed economies around the table: every single one of them went into recession during the global financial crisis. This reminds us of how well Australia did and is continuing to do, given the consequences of the global financial crisis.

What it really points to is the fact that this government got the big economic calls right every step of the way when there were challenges in the global economy. A consequence of that is the creation of something like 850,000 jobs. Of course, if those opposite had had their way, we know what would have happened: Australia would have gone into recession and hundreds of thousands of people would have lost their jobs. We on this side of the House put jobs and growth first, unlike those opposite. We understand that to get jobs and growth you have to put in place some of the most significant economic reforms which will generate prosperity into the future, and carbon pricing is one such reform.

But of course to get in place those reforms you have to do it in a methodical and responsible way. That is what you need to do when you are putting in place big reforms.

We have seen another leak from those opposite over the past 24 hours. There have been so many leaks now there is a very big hole in their policy dike, I can tell you. What we have seen is a proposal, a $30 billion proposal, to float large plastic water bags up the Queensland coast! That is simply bizarre. It is like something out of a Woody Allen movie. The facts are: $30 billion, in terms of dams and floating water up the coast; a $70 billion crater in their budget bottom line—no wonder the shadow Treasurer over there is using every excuse under the sun to avoid putting his policies out there for scrutiny, because what this demonstrates, yet again, is the size of the hole in their budget bottom line, and the fact that the price will be paid by working Australians, to fill that hole, because we know what they are going to do. They are going to abolish the schoolkids bonus—gone; abolish the contribution to the superannuation savings of the lowest income workers in Australia—gone; abolish pension increases—gone; abolish the instant asset write-off—gone. This means damage to working Australians and small business. (Time expired)

Honourable members interjecting

Photo of Ms Anna BurkeMs Anna Burke (Speaker) Share this | | Hansard source

Order! Individuals are denying the Leader of the Nationals the call.