Mr SWAN (Lilley—Deputy Prime Minister and Treasurer) (14:12): There are two points I will make about that report. First and foremost, it does put in place the revenue write-downs that we have experienced and the consequence for our budget over the forward estimates. There is no doubt that the challenge in the Australian budget is weaker revenues. The challenge in the Australian budget is not, as those opposite claim and as is mentioned in this report, that somehow we are spending too much. I absolutely reject that. It flies in the face of all of the available facts. Let us just go through them: real spending growth averages 1.1 per cent a year over the forward estimates of our budget— Mr Hockey interjecting— The SPEAKER: Order! The member for North Sydney! Mr SWAN: compared to 3.6 per cent in the last four years of the Howard government. We are keeping spending at 23.8 per cent of GDP, and below 24 per cent across the forward estimates. The challenge in our budget is with the revenue write-downs. We have a very clear indication of what those opposite are saying and what they are putting to the Australian people: in the face of these revenue write-downs, they would slash spending in health and education. What that would do is push up unemployment, push up deficit and push up debt. There is a very clear contrast here. Everyone on this side of the House is for jobs; those on that side of the House want to slash and burn.