Opposition finance spokesman Andrew Robb has today confirmed that the Liberal Party will need to find $70 billion to balance its books and make up the enormous hole in the partys costings.
When questioned about the $70 billion figure on Network Ten, Mr Robb said that is the order of magnitude that the Opposition will have to account for in its costings.
Tony Abbott has recently described the $70 billion figure as fanciful and a figure that has been nominated by Labor.
However Mr Robb denied this today saying: No, its not a furphy. We came out with the figure.
A black hole of this magnitude is a dire fiscal situation for the Opposition with $70 billion equivalent to stopping Family Tax Benefit payments for three years or cutting the age pension for two years.
This is an enormous budget black hole that Tony Abbott and his economic team must make up, just to get back to square one.
Mr Abbott, however, continues to deny the fiscal task facing the Opposition even refusing to confirm the size of the Oppositions black hole when his economic team is confirming this number.
To manage an economy, you need an economic team that can at least agree on basic economic facts.
It is time for Mr Abbott to be clear with the Australian people about how he has got the books into this position, and how he will account for a black hole of this magnitude.