Mr HOCKEY (North Sydney—The Treasurer) (14:06): I thank the honourable member for Corangamite for her question and note that, because we have laid down a budget that asks people to contribute so that we can build, that is how we are able build the East West Link in Victoria, which is going to make a substantial difference in Melbourne and also to Geelong—cutting three hours of travel time from Geelong into Melbourne each week, which is a productivity improvement. But we can only do that if we are allowed to get on with the job of fixing the mess that was left behind by Labor. They have left us $667 billion of debt if no action is taken immediately—in 10 years time $667 billion of debt. That is $25,000 for every man, woman and child in Australia as a result of what Labor did in just six years. That is nearly $3 billion a month in interest. Even now we are paying about $1 billion a month in interest on the debt left behind by Labor. And here is the interesting thing: 70 per cent of that $1 billion a month goes to people living overseas who we have borrowed money from. Seventy per cent of that money, $700 million, every month is being sent by the Australian government to people who are living overseas to pay the interest on the debt that Labor left behind. Mr Perrett: I bet they're foreigners. The SPEAKER: The member for Moreton will desist. Mr HOCKEY: They do not get it. They do not actually understand the implications of their spending decisions. When Labor were handing out $900 cheques, even to dead people overseas, and building massively expensive school halls— Mr Husic interjecting— Dr Chalmers interjecting— The SPEAKER: The member for Chifley will desist, and the member for Rankin. Mr HOCKEY: and when they were running all those deficits, someone had to pay. We had to borrow the money, and 70 per cent of that money has come from people living overseas. So now we have to pay the interest back on that debt. Labor think there is no problem. The Labor Party are in denial—not just about what they have done but also about the challenge for the future. That is why they are opposing $40 billion of savings, of which $5 billion of those savings were promises they made at the last election which they now want us to break. Their own savings they oppose. Now we have a clear situation of the hypocrisy of Labor. They are opposing the savings they took to the last election which would fix the budget; they are now opposing a co-payment on Medicare, which they originally came up with; they are now opposing freezing of family tax benefits, which they did in government; and they are now opposing changes to university fees, which they initially introduced. They have no principles. They are outright hypocrites—but Australia is paying. The SPEAKER: The Treasurer will withdraw the word 'hypocrite'. It is unparliamentary. Mr HOCKEY: I will withdraw.