WONG: Thanks very much, its good to be here today in Sydney at this PerCapita Forum to speak about the Governments plans to return the budget to surplus and the reasons why a return to surplus is important at this time ... [audio break] ... it ensures that we will have a buffer in a time of global uncertainty and also ensures that we enable the RBA to have flexible room to move should it wish to do so.
So Ive outlined today the reasons why this Labor Government believes returning the budget to surplus is good economic management. Ive also outlined today the ongoing and underlying strength in the Australian economy, particularly in the years ahead. And Id refer you to the recent IMF figures which show this economy doing better than all other major advanced economies in 2012 and 2013.
This stands in stark contrast to the sort of trash talking of the Australian economy weve seen from the Leader of the Opposition. Tony Abbott is intent on continuing to trash talk the Australian economy. Thats not good for Australians, its not good for the economy, its not good for business and its not good for Australian households.
Happy to take questions.
JOURNALIST: Senator, you said today a couple of times during your comments that a governments saving decisions tell you about as much as spending decisions do. As Finance Minister, what will the savings decisions that youve made in this Budget ... what are you hoping to tell the Australian people this Government is about?
WONG: Im sure well have a further discussion about this after the Budget has been handed down. But I think you can look at the way in which weve approached this from past savings decisions.
Weve looked to take targeted and responsible decisions decisions which improve the sustainability of the budget, but continue to support Australians who need it most. And that approach stands in stark contrast to the way in which Mr Hockey talks about a culture of entitlement, talks about the need to go harder on pensioners but at the same time opposes means-testing of millionaires private health insurance.
JOURNALIST: Any hints on where youll be making those cuts?
WONG: No.
JOURNALIST: Theres been reports that the budget has deteriorated by $10 million (sic) since November. Is that the right forecast?
WONG: Im certainly not going to be commenting on specific figures, but the Treasurer and I have both made clear two things. First, weve seen $140 billion written down in terms of revenue as a result of the global financial crisis and weve also said, and Ive said today, that we anticipate further revenue downgrades in the Budget.
JOURNALIST: Treasury estimates for growth are at about 3.25 per cent. Can you give us an indication about why there is such a discrepancy between that and what were getting from private economic estimates and also out of the Reserve Bank?
WONG: Im not sure I accept the premise of the question. Theres certainly a number of numbers in the lead-up to the Budget being put about. And Ive referred you, obviously, to the World Economic Outlook as one set of numbers. We will put forward our revised assessment in the Budget, but as Ive said, we remain on track to return to trend growth.
JOURNALIST: Just a quick question on the Peter Slipper matter. Anthony Albanese said that Peter Slipper providing those receipts and so on, all but well, he says that it clears him. Do you share Mr Albaneses view?
WONG: Can I just make a couple of comments on this. I would note that I am in a more constrained position than perhaps some other Ministers in relation to this matter. Some of you will recall as a result of the claim being made public that the Commonwealth Government is in fact the first respondent in these claims, via me as the Minister for Finance.
The reason the Minister for Finance is named is that is the portfolio responsible for the administration of Members of Parliament staff. And, as has been made clear by the claim thats been made public, the claim includes allegations against the Commonwealth which relate to alleged conduct which occurred during the time that Prime Minister Howard held that office.
But as a result of being, for those reasons, the Minister named in this claim, I do feel Im constrained in my response to any of these matters. So Id simply refer you to Mr Albaneses responses.
JOURNALIST: Just one more question, is the
WONG: Ill probably give you the same answer.
JOURNALIST: No, I know, its not Im hoping you might be able to answer this one. Its whether the Department has provided other receipts pertaining, or paperwork pertaining to, particular receipts pertaining to Mr Slipper to Police at all, for the investigation?
WONG: Thatll be a matter for the Department.
JOURNALIST: Will it have any effect on the Budget if, you know, Mr Slipper I mean, Andrew Wilkie has joined the hopes that he wont return to the speakership until all allegations are complete. Will that affect the Budget?
WONG: Im not going to respond to a lot of the political commentary around this. Im focused on doing the work to help bring down the Budget. Its a Budget thats very important for the country at this time, and thats what Im focused on.
JOURNALIST: Are there concerns that the crossbenchers will support the no-confidence motion?
WONG: Im not going to respond to political commentary on these issues. Were focused on the Budget, thats what Im working on.
JOURNALIST: Interest rates, next week. Have you got any expectations? Hopes?
WONG: (laughs) Certainly none Id share with you. In this country one of the things that has served us well is the independence of the Reserve Bank and their assessment of what the right monetary policy settings are. So, thats a matter for them.
Thanks very much.
ENDS