Mr FRYDENBERG (Kooyong—The Treasurer) (14:15): I thank the member for Goldstein for his question. He chairs the House Economics Committee, he understands the importance of strong economic management and he has shone a light on Labor's retirees tax and the damaging impact it would have on retired Australians now. I am pleased to inform the House that the budget is in balance for the first time in 11 years, with a deficit of $690 million, which is equivalent to 0.0 per cent of GDP, a $13.8 billion improvement on what was forecast when the budget was handed down in May 2018 and a $3½ billion improvement on what was announced in April this year. The benefit of having responsible economic management is that you can fund and provide the services that Australians need and deserve, like record funding of $80 billion on health, like record funding of $20 billion for schools, like a record $19.8 billion for aged care and like $8.5 billion, a doubling on the year prior, for the NDIS, which the Labor Party never funded. That is the reality of strong economic management. I am asked if there are any alternative approaches. Let me tell you that the Labor Party had policies that delivered accumulated deficits of $240 billion. The Labor Party had policies that delivered, in their last three financial budget outcomes, a $70 billion deterioration in the bottom line. The Labor Party had policies that, even with a $180 iron ore price, could not deliver the four budget surpluses that Chairman Swan promised the Australian people. The Labor Party had policies that meant they couldn't afford to list drugs on the PBS, because fiscal circumstances didn't permit. The reality that the Australian people know all too well is that the Labor Party can't manage money, but the coalition can manage money, can create jobs and can reduce taxes for all hardworking Australians.