Mr ABBOTT (Warringah—Prime Minister) (14:00): I move: That the House record its deep regret at the death, on 10 April 2015 of the Honourable Peter Alexander Walsh AO, former Senator for Western Australia and Minister, place on record its appreciation of his long and meritorious public service, and tender its profound sympathy to his family in their bereavement. When Peter Walsh retired from the cabinet, The Australian newspaper ran the headline on the outgoing finance minister that he was 'the man who made Keating look soft'. Yes, he was a hard-bitten farmer who became a very hard-bitten finance minister and in so doing shaped the way that both sides of politics see the budget for the next quarter of a century. It is serendipity that we acknowledge Peter Walsh's contribution to our nation on this budget day. On his watch, the government he served delivered three surplus budgets, cut tariffs and company tax and enacted major micro-economic reform. His first portfolio was resources and energy, but it was as Minister for Finance between 1984 and 1990 that he most made his mark and left an enduring legacy. Peter Walsh had deep intellectual integrity, and that brought a great moral clarity to the portfolio. When he was once asked about measures to crack down on rorts, he said, 'Why is it that so many people think stealing from the government is okay, while stealing from them is dreadful?' He was an iconoclast. He was impatient of waste and scornful of policies to enrich sectional interests at the expense of the taxpayer. In 1990, he warned famously that Australia was living—in his words—'on borrowed money and borrowed time'. He understood that nations that do not control their debt risk being controlled and that political sovereignty and economic sovereignty are indivisible. And he understood that the foundation of prosperity was economic growth. To his credit, he saw that as an enduring Labor value. He is a delight to quote—a delight to read and a delight to quote. He said: … mouthing Chifley rhetoric is a poor substitute for sharing his beliefs, especially his belief that economic growth, or development as he would have called it, has a paramount role in improving the life of ordinary Australians. As he said: Those who stultify growth always ensure that others bear the cost. He was tough on everyone. He was tough on his opponents. He was tough on members of his own party. But that toughness was universally respected, particularly after he had left. When Australia's longest serving finance minister, Nick Minchin, retired, magnanimously he refused to claim the mantle that many on this side of the House would cheerfully have granted him—that of the best finance minister Australia ever had. Instead, in his valedictory speech, Minchin said: That honour— that is to say the honour of being the best finance minister Australia has ever had— rightfully belongs to Peter Walsh, the Labor identity whom I most admire and who is a great Australian. Indeed, the current finance minister, Senator Mathias Cormann, says that Peter Walsh's book Confessions of a failed finance minister 'remains the compelling manual of choice for any finance minister today'. So, to the extent that we well and truly absorb the lessons of his life, we well and truly serve our country, at least when it comes to public finances. His family refused the offer of a state funeral because, like him, they are also against any taxpayer funded extravagance. On behalf of the government, I extend our sympathies to his wife, Rosalie, and his family and in particular to our friend and colleague the member for Brand.