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Tuesday, 8 May 2018
Page: 3289

Economy

Consideration resumed of the motion:

That so much of the standing orders be suspended as would prevent the Member for McMahon from moving the following motion forthwith—That the House:

(1) notes:

(a) before coming to office, the Coalition railed about a debt and deficit disaster;

(b) global economic conditions are the best they've been in years, with the International Monetary Fund stating "120 economies, accounting for three quarters of world GDP, have seen a pickup in growth in year-on-year terms in 2017, the broadest synchronized global growth upsurge since 2010";

(c) since this conservative Government came to office gross debt has increased to a record half a trillion dollars and is expected to be even higher in tonight's Budget with no peak in sight;

(d) net debt has doubled and is growing as a proportion of the economy more rapidly than almost every other advanced economy; and

(e) last night on 7.30, former Howard Government Treasurer, Peter Costello, said that he would be dead before the Government paid back its debt; and

(2) therefore, condemns this conservative Government for giving up on Budget repair and for its failure to address the long-term structural problems in the Budget.