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ABC News Breakfast -

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(generated from captions) Back to our major story of

this morning - and we have just

heard that the parliament has

passed the $42 billion stimulus

package. The house of Reps at

least. Joe Hockey has been up

for most of the night. He is

the opposition finance

spokesman and mops in the Lower

House. Good morning, it has

been a long night. Good

morning. Look whether it is 5 o'clock in the morning or 5

o'clock in the afternoon, bad

policy is bad policy. Bad law

is bad law. And we have got to

take the battle up to the

government. You have been up

through the night mainly

because of opposition tactics

in the House. Because you -.

No, no, no, no. You wanted to

have as much of a say on this

as possible but what does it

say about the government's

approach to this overall? Well

let me get it perfectly clear. Yesterday morning the

government introduced six

bills, we had not seen those

six bills. Those six bills

included for the first time a

provision to increase the

credit card limit of the

government from $75 billion to

$200 billion. Kevin Rudd never

had that in any of his press

releases or any statements.

Now, we wanted to start asking

questions about these bills in

detail. There were a vast

number of questions and

arguments to be made. We

didn't set the time table. The

government set a take it or

leave it timetable. They said

it had to pass the House of

Reps today. The fact the House

of Reps still had 26 speakers

listed to ask questions on

behalf of their electorates,

and the government chose at 5

o'clock this morning to bring

down the guillotine to ram it

through the chamber, take it or

leave it. It is not our fault.

We ask the questions, the government refuses to answer

them and the government says

"take it our way or you can get

out of the way". Anthony

Albanese just pointed out they

allowed 28 questions in

Question Time, suggesting the

government was generous. Yeah,

that is so generous. $42

billion of expenditure, which

equates to $2,000 for ever man,

woman and child in Australia.

And it was so generous of them

to allow 14 questions in

Question Time. They asked

themselves 14 of those 28

questions. So come on. I

mean, this is not democracy.

This is arrogance. This is

against from a government.

This is a crisis the IMF is

saying act fast and act big.

Why won't you swing behind that

effort? Because the IMF

doesn't say act stupidly. The

IMF doesn't say, you know,

introduce legislation that is

going to break the bank. The

IMF doesn't say that Australia

is in the same sort of crisis

as the rest of the world. And

the reason why the IMF doesn't

suggest that we are in the same

position as the rest of the

world is because the Coalition

insured that we had surplus

budgets. The Coalition insured

that we had no government debt.

And in one fell swoop Kevin

Rudd has taken Australia into a

death spiral of deficit and

debt. And they ask us to do

that in 24 hours. Well we will

not agree to that. Let's just

take a look at some of the

organisations that are urging

you to pass this. They include the Australian Chamber of

Commerce and Industry, the

institute of charters

accountants, the housing

industry association, the Australian Industry Group. Who

are your allies on this? You

know, our allies are the next

generation that has to pay for

these packages. Our allies are

the people that actually

believe that one day you have

to repay borrowed money. Our

allies are the people that

believe that Australia can only

have a sustainable future if it

makes wise decisions, considered decisions now. And

I will just say this - you know

none of those groups is going

to come to you during good

times, and say "please get the

Budget into surplus by cutting

Medicare, by cutting the

pension, by cutting defence

extend tour". Every interest

group in the country will say

"give us money" and every

interest group in the country

will praise the government to

hand out money. It is easy to

hand out money, it is really

hard to collect it and it is

damn hard to repay debt. These

groups are groups which usually

are alined with what you sea

and they are - what you say and

they are dead against you on

this. You know what, sometimes

you have to stand on principal.

In fact in my view all the time

you should stand on principal.

And in this situation we are

saying that the right thing to

do is not to have a $42 billion

spending spree, it should be

between 15 and $20 billion. It

should include broad-based tax

cuts, it should include some means testing of solar

panelling and so on. It should

provide money for hospitals and

aged care and a range of other

things. Peter Costello is

lurking in the wings again now.

Is support behind Malcolm

Turnbull rock solid? Well can

I tell you, Peter Costello

isn't lurking in the wings.

Peter Costello has been over

the last few days very much out

there. Strongly opposing this

package along with all the

other members of the Coalition.

Because you know what,

whether it be Peter Costello,

Joe Hockey, or any other member

of parliament, from the Liberal and National Parties we believe

in doing the right thing for

the nation. For the long-term.

And not simply going on a - the

economic equivalent of a binge

drink. Hoping that the

hangover won't be too bad. You

know, the hardest thing to do

in government is to make the

hard decisions. And this

government hasn't made any hard

decisions. It is easy to spend

money. The hard decisions come

when you have to pay for it.

Joe Hockey in Canberra, thanks

very much and go get some