WONG: Thanks very much for coming. Well today Joe Hockey has announced that the Opposition intends to show how they will bring the budget back to surplus earlier than the Government. Thats what Joe Hockeys announced. Hes announced that magically the Opposition will bring the budget back to surplus before 2012-13, earlier than the Government. But of course he hasnt said how.
So in eight days time when Mr Abbott stands up as the alternative prime minister which he is so fond of reminding us before the nation and before the Parliament, he will have to outline to the Australian people just how he is going to get the budget back to surplus earlier than the Government. Thats the test that Joe Hockey has now set: a surplus in 2011-12, ahead of the Governments surplus.
So its up to Mr Abbott, Tony Abbott, to show the Australian people just what he is going to do, what he is going to cut, what his savings will be, in order to achieve what his shadow Treasurer has now set as his test.
Happy to take questions.
JOURNALIST: Would you have to, what level of youd really have to ravage public services to deliver this, wouldnt you?
WONG: Well youd have to ask Joe Hockey. Hes the man whos come out today and said this is what hes going to do.
JOURNALIST: Im asking you. You should know.
WONG: Well I know what we have to do for our Budget. Thats what weve spent months doing. And thats what in these last few days the Treasurer and I are working on the final touches of.
JOURNALIST: Would you
WONG: But what Id say is this. It is extraordinary, isnt it, the extent of the sloppiness of the economic work of the Opposition. That they think you can simply wish your way back into surplus by rocking up at a press conference and telling people that youre going to achieve it without doing the work, without doing the savings, without doing the costings.
JOURNALIST: Joe Hockey only said that if they were in government they may be able to get back into surplus earlier than you in 2012-13. I think his words were, perhaps earlier than 2012
WONG: He also said, we would be delivering
JOURNALIST: The point was, though, that youre still adding to spending even this week. WONG: Well can I make two points. First is, he said we would be delivering a surplus as quick as possible. He made it very clear perhaps by 2011-12. Theyre his words. Thats the test he has set.
But if we want to talk about tests, lets remember three times the Opposition has failed when it comes to these tests: last years Budget reply; the election campaign where we saw a $10.6 billion black hole which Tony Abbott has never accounted for; and then of course the floods package where we saw double-counting. This is an Opposition whose costings and savings measures dont match up.
JOURNALIST: On his substantive point about the extra spending the Government has engaged in this week, what do you say to that and how it runs contradictory to the line about spending cuts?
WONG: Well the Budget is a package. And Id say to you, look at the Budget package when the Treasurer delivers his Budget.
JOURNALIST: Minister, on extra spending though, further to Davids point, the announcement today that its going to cost $772 million to extend FTB-A. Thats above and beyond the election commitment. I know youve added a year, but is that to disguise the fact there was a bit of a budget blow out with that election commitment?
WONG: What this measure that has been announced today is about is supporting families who have teenagers at school. So it is about helping families but it is also about ensuring we give people the incentive to stay studying and thats a good economic policy.
JOURNALIST: Aside from the virtues of the policy as you see them. If you were to hive off one year from your announcement today, would it have been more expensive than what you announced during the election campaign?
WONG: Look, the policy today, was announced today, is fully costed. And you will see the full package of budget measures. Obviously, governments budgets reflect their priorities. And our priority, as we have said is looking to the long term. Making sure we spread the benefits of the mining boom as far as we can. Participation and skills are key elements of this. And todays announcement is about supporting families and its also about supporting people in education.
As Finance Minister, your job is effectively to say no to spending ministers. Have you been able to do that in this? And can we measure your first year as Finance Minister say as a benchmark against Peter Walsh, who was notorious for the way he was able to stop spending under Paul Keating?
WONG: From what I understand of Peter Walsh, I might not swear quite as much. But I suppose you will certainly not in public youll have to judge the Budget on Budget night. We have been very disciplined and I think you will see that on the Budget night.
JOURNALIST: Minister, the unions are a bit worried about something Wayne Swan said on the weekend about public service job losses that seemed to go against what you said earlier. Can you reassure them that there wont be any redundancies in this Budget?
WONG: I think what Wayne said was the same thing I said. Its not our expectation that the increase in the efficiency dividend will result in job losses. Ultimately, agencies have to make their efforts to find those efficiencies. We know it will be tough but its important that the public service and the Government play its part in bringing the budget back to surplus.
JOURNALIST: Minister, the expansion of Chi-X into the Australian securities market, what changes is that going to mean to the Australian market?
WONG: Look thats only just been announced by the Treasurer and the Assistant Treasurer so I might leave it to them to make a comment on that.
ENDS