Mr HOCKEY (North Sydney) (14:07): I will give him another chance. My question is to the Treasurer. I remind the Treasurer that in last year's budget speech he said: 'The four years of surpluses I announce tonight are a powerful endorsement of the success of our policies.' Given that the government posted a deficit of $19.4 billion this year and is projected to deliver $29 billion of further deficits, is that not a powerful confirmation of the failure of the government's policies?