Senator WONG (South Australia—Minister for Finance and Deregulation) (14:30): I note that question comes from a senator in a party which is pledging smaller surpluses and which will raid the surpluses to fund tax cuts. Let us just be clear about the alleged fiscal responsibility on that side, which is built on a shadow Treasurer who proposes tax cuts funded by running down and risking the surpluses. That is not fiscal responsibility. I am also asked about the contingency reserve. This is something— Senator Fifield: They are deficit deniers; that is what they are. Senator WONG: There is a bit of interjection from the surplus-free zone. The PRESIDENT: Senator Wong, ignore interjections. They are disorderly; you know that and I know that. Senator Cormann: How about answering the question? The PRESIDENT: Senator Cormann, it is your question that you are seeking an answer to and interjecting does not help the process. Honourable senators interjecting— The PRESIDENT: Senators Conroy and Fifield, you make it very difficult for me to hear Senator Wong. Senator WONG: I was asked a question about the contingency reserve and there appears to be an ongoing problem in the opposition in that they do not understand how the contingency reserve operates. I would not suggest for understanding that they go and read every aspect of various newspaper articles. Senator Cormann will recall during the estimates hearing we did explain at length to him the way in which the CR operates. We also explained at length why the costings in what is known as the conservative bias allowance that the opposition made were incorrect and how they contributed to the $11 billion black hole. The contingency reserve is not a general policy reserve. It is not a rainy day fund. It is true that no provision was made in the CR as at the 2011-12 budget for the carbon price because details of the proposal and financial implications of such were yet to be determined by government. As we said in the budget papers, as we have said since, we will update the figures associated with the carbon price package in the usual way after the policy has been finalised.