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Wednesday, 21 October 2015
Page: 12008


Mr BOWEN (McMahon) (15:08): My question is to the Treasurer. When asked this morning when the government would come back to surplus, the Treasurer gave—for him—a detailed and specific answer: 'In the future, when we get to that point.' Was the Treasurer getting into the spirit of Back to the Future Day? Or does the Treasurer of Australia really not know when he will get back to surplus?

Mr Nikolic interjecting

The SPEAKER: The member for Bass!

Mrs Sudmalis interjecting

The SPEAKER: The member for Gilmore will cease interjecting.

Mr Pyne interjecting

The SPEAKER: The Leader of the House will cease interjecting.

Mr MORRISON (CookTreasurer) (15:09): As the member would well know, the projection for balances is 2020. But I tell you what: we would get there a lot quicker if they actually supported savings measures. This is what the shadow Treasurer said last night: 'Labor have a very clear fiscal rule of more savings than spending.'

Mr Husic interjecting

The SPEAKER: Member for Chifley, it is your final warning.

Mr MORRISON: Now, let's just see how they are going on that. They have $43.8 billion in new spending measures and in spending measures that they want to see restored. They have $18.3 billion in savings measures that they have opposed and that we are continuing to seek to have passed by the parliament, including $3.6 billion of measures they proposed themselves when they were in government and are now opposing. That leaves some $62.1 billion that we would be further down the hole on if they had their opportunity. To balance off that $62.1 billion, they have $3.8 billion on their favourite topic—higher taxes—and $1.3 million in saves. So, they have $1.3 million in saves and $62.1 billion to sort it out. I thought theirs was a very clear fiscal rule of more saves than spending. On that score, the shadow Treasurer has a lot of work to do.

Mr Turnbull: On that encouraging note, I ask that further questions be placed on the Notice Paper.