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This is an example of a real opposition MP doing his job.


A debt burden to shame Keating
By Malcolm Turnbull
The Daily Telegraph
February 05, 2009 12:01am

EVERY time I meet a school group visiting Parliament House, I tell them how every MP and senator is working hard to make Australia a better place for them to grow up. As of today, there is nobody who can look those children straight in the eye to tell them their economic future is secure.

Not when the Rudd Government's latest $42 billion spending package includes provision to borrow up to $200 billion - that is, a total of $9500 for every man, woman and child in Australia.

It is important we understand exactly what Mr Rudd is threatening here: the single biggest spending binge since the Whitlam years, and a debt burden that would put the Keating Government to shame.

And it is a package that doesn't do enough to protect and create jobs, support small business and strengthen the economy.

When in government, we in the Coalition delivered 2.2 million jobs. This was the result of rigorous, well-crafted policies to create one of the strongest, most successful and prosperous economies in the world.

We sought to remove financial burdens from coming generations, and we did so. We recognised that every billion dollars spent, every billion dollars of extra debt incurred, would have to be repaid by our children.

So, from 1996, we paid off $96 billion of Labor debt. This was hard work, involving tough decisions.

Mr Rudd has made not one hard decision since coming to office. He has wanted to be Santa Claus - everybody gets a prize.

The problem with everybody getting a prize today is that our children will be carrying a very heavy penalty in the years to come.

This is why we will vote against this package. That is why we do not support a further round of cash handouts.

We know this will not be popular. But it is the right thing to do. Somebody has to stand up for future generations, and not cruel their chances in life by weighing them down with staggering levels of debt.

We in the Coalition do not reject the need for a stimulus at this time. But our judgement is that $42 billion is too much right now.

The Government is looking increasingly like a frightened soldier who fires off all his ammunition in a panic in the first minutes of a battle. This downturn may be very long lasting. We cannot afford to spend so much all at once.

We need to keep a few shots in the locker.

A more appropriate stimulus would be in the order of between $15 billion and $20 billion dollars. As part of that, we would support the bringing forward of the July 1 tax cuts to January 1 this year.

Our plan would benefit all taxpayers, most significantly those on low and middle incomes. It is very well targeted.

It would not put $950 in everybody's pocket today. But it would increase permanent income and create greater incentive to work and to invest, providing a bigger economic boost than public spending.

We have said again and again that we are prepared to sit down and discuss with the Prime Minister the range of responses to deal with the economic challenges we face. All of our offers have been rejected.

For my part, I am committed to ensuring every dollar is spent wisely. Most Australians will know in their hearts nothing comes for free and that, one day, somebody has to pay.