Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Hockey runs from Parliamentary scrutiny on half a trillion debt limit



Download PDFDownload PDF

CHRIS BOWEN MP SHADOW TREASURER MEMBER FOR MCMAHON

MEDIA RELEASE

HOCKEY RUNS FROM PARLIAMENTARY SCRUTINY ON HALF A TRILLION DEBT LIMIT

The Government made the conscious decision this afternoon to gag parliamentary debate over the culture of secrecy surrounding its proposal to lift the debt limit to half a trillion dollars.

The Government then proceeded to have the parliament consider the Senate amendments to its debt limit legislation and defeated those amendments.

The Prime Minister said only a few days ago:

MR ABBOTT: “I want to say that we have made a good start, that the adults are back in charge and that strong, stable, methodical and purposeful government is once more the rule in our national capital.”

Today, the Government demonstrated by their actions that they prefer to risk breaching the current $300 billion debt limit than accept amendments that would have increased the debt limit to $400 billion. These are not the actions of adults.

The complete failure to justify the proposal for a half a trillion debt limit was laid bare by the hapless Assistant Treasurer during the Senate debate today.

Leader of the Opposition in the Senate, Senator Wong asked him a simple question:

SENATOR WONG: …You are seeking support in this chamber for a $200 billion increase on the debt cap on the basis that the debt will reach $400 billion. When will it be reached?

SENATOR SINODINOS: It will be reached at some stage over the forw ard estimates.

The Assistant Treasurer also said that the parliament will have ‘full transparency’ when MYEFO is released later in December.

That is the equivalent of trying to con your bank manager into approving your mortgage before you’ve handed over the pay slips.

Joe Hockey thinks it should be easier for the government to get a $200 billion lift in the public credit card than it is for Australians to get a new credit card or mortgage.

Labor will keep holding the Government to the same standard Tony Abbott set Labor in office - to “specifically justify” the debt limit increase.

THURSDAY, 14 NOVEMBER 2013

MEDIA CONTACT: JAMES CULLEN 0409 719 879