Senator JOYCE (2.50 pm)—My question is to the
Minister representing the Minister for Finance and Deregulation,
Senator Conroy. What is the face value, in a
dollar figure, of total Commonwealth government securities
outstanding as of 10 August 2009?
Senator CONROY—I thank Senator Joyce for that
question. On a question as detailed as ‘What is the face
value today?’—or even ‘yesterday’—I will have to
take on notice and come back to you. I will seek the
answer and give you whatever information.
Senator JOYCE—Mr President, I ask a supplementary
question. It seems interesting, seeing what Senator
Wong has already alluded to—
The PRESIDENT—Your question?
Senator JOYCE—It is with regard to policy rigour
and not owning your portfolio. Apparently it is $106.9
billion if we can get that—and you do not know it.
How does this deliver any sense—
Senator Ludwig—Mr President, I rise on a point of
order. What we have heard is complete commentary
before an attempt to even ask a question in relation to
this. Senator Conroy provided the answer that he
would take the question on notice. What we then experienced
was a commentary on the question that was
asked. I ask, Mr President, that you review the tape and
have a look at whether that part of the question should
not be encouraged so the opposition do not provide
commentary in relation to a question.
The PRESIDENT—I have made comments previously
about statements being made prior to a question,
and they should not. I have deliberately tried to pull up
a number of people on both sides today who have been
making statements. Senator Joyce, continue with your
question.
Tuesday, 11 August 2009 SENATE 23
CHAMBER
Senator JOYCE—Thank you very much, Mr
President. It does refer to the money this nation owes
and you would think that the person representing the
Minister for Finance and Deregulation would actually
know about that.
The PRESIDENT—The question?
Senator JOYCE—How does the fact that you do
not know it deliver any sense of confidence to the Australian
people over your government’s statement that
you have an exit strategy that we will be in zero debt
by 2022?
Senator CONROY—Senator Joyce, that question
once again demonstrates the opposition’s complete
chaos when it comes to fiscal management in this
country. On one hand, you want to argue against the
stimulus package and then, when we outline an exit
strategy with a two per cent future increase, you start
asking, ‘Where’s your exit strategy?’ Then you complain
you do not see one. Well, Senator Joyce, this
government has been engaged in prudent fiscal management.
We have delivered this economic outcome
because of the decisive and swift action that we took,
which you opposed at every step. The chickens are
coming home to roost for you, Senator Joyce—through
you, Mr President—and the chickens are coming home
to roost for those opposite. (Time expired)
Senator JOYCE—Mr President, I ask a further
supplementary question. If the government is so decisive—
The PRESIDENT—The question?
Senator JOYCE—and if it is so much across policy
rigour—
The PRESIDENT—The question, Senator Joyce?
Senator JOYCE—can the minister please allude to
us where the documentation is that shows this nation
the exit plan of how we get ourselves out of this mountain
of debt?
Senator CONROY—Let us just look around the
world and see that Australia has become the envy of it
because of what we have been able to achieve. It is not
over yet. There are many pitfalls that could come our
way. But let us be clear: international—
Honourable senators interjecting—
The PRESIDENT—Senator Conroy, resume your
seat. When we have quiet we will proceed.
Senator CONROY—Let us be clear: we are not out
of all the difficulties potentially at this stage. But international
credit rating agencies have reaffirmed Australia’s
AAA credit rating and they say that we have one
of the strongest balance sheets in the advanced world.
Standard & Poor’s say:
We believe the deficits and associated borrowings do not
alter the sound profile of the country’s public finances.
Senator Joyce—Mr President, I rise on a point of
order. I refer you to standing order 194, which goes to
relevance. We have asked for a decisive answer—and
you always use the adjective ‘decisive’, Senator Conroy—
that takes us to where your exit plan is. Where is
the exit plan, not the prattle?
Senator Ludwig—On the point of order, Mr President:
Senator Conroy has been answering the question
in a decisive way, unlike Senator Joyce in his question,
where he did appear to be a little rambling at the beginning.
So I humbly submit that there is no point of
order and that Senator Conroy has been entirely relevant
to the question that was asked.
The PRESIDENT—Senator Conroy, you have 14
seconds remaining in which to answer the question of
Senator Joyce.
Senator CONROY—Thank you, Mr President. I
could quote Standard & Poor’s, I could quote the IMF
article No. 4 staff report, I could quote 21 Australian
economists or I could quote the Reserve Bank Governor,
where he says public finances remain in very
sound shape— (Time expired)