Mr TURNBULL (Wentworth—Prime Minister) (14:53): I thank the honourable member for his question. His technique of verballing, I am afraid to say, is not particularly effective. The claimed $70 billion in savings is a nonsense, and the honourable member knows that. The savings that the honourable member's party have announced do not result in $70 billion in savings, not by any measure. The items that they have hung their hat on—the increase in tobacco excise— Mr Bowen interjecting— The SPEAKER: The member for McMahon is warned! Mr TURNBULL: and the rules on gearing that have been announced in terms of multinational companies—do raise billions of dollars, that is true; but, in the context of the budgetary challenges we face, they are relatively modest compared to the challenges we face, which run into tens of billions of dollars. The black hole the honourable member left us was a massive deficit. He left us a $50 billion black hole, which we have been seeking to address—as the Treasurer just described. Mr Brendan O'Connor interjecting— The SPEAKER: The member for Gorton is warned! Mr TURNBULL: What the honourable member's party has failed to do is assist, in any way, in dealing with that, blocking savings measures proposed by the government and proposing a little bit of extra tax here and a bit of extra tax there—but adding up to $70 billion it does not do at all. The honourable member knows that full well. It does not add up to that sort of money. It does not add up to a solution that we need to address the challenges which we face, and it certainly does not provide an answer to the need that all Australians are asking for, which is: what is the government going to do, and what would an alternative Labor government do, to drive jobs and growth? All we hear from the Labor Party is the same old tired formula: more spending, more borrowing and more tax. Ms Butler interjecting— The SPEAKER: The member for Griffith is warned! Mr TURNBULL: No solutions. They set us on this road of debt and deficit. Ms Butler interjecting— The SPEAKER: The member for Griffith has just been warned! Mr TURNBULL: In this House we all recall when that began. We are seeking to turn back from that. And all we hear from the Labor party is obstruction, confusion and a denial of the reality that the mess in which they left us, the economic problems we face that they created— Ms Owens interjecting— The SPEAKER: The member for Parramatta is warned! Mr TURNBULL: they are doing nothing to assist us in resolving.