Senator WONG (South Australia—Minister for Finance and Deregulation) (14:09): Thank you, Senator Moore, for the question. Certainly we have seen a lot of volatility in international markets in recent times. We have seen a concern, as people know, about those markets for a range of reasons, including what has occurred in the United States and in relation to Europe. The fact remains that Australia is better placed than just about any other nation to ride out the current global turbulence. Despite some difficult circumstances, Australians have good reasons to be confident. We have strong fundamentals and we are located in the fastest growing part of the global economy. One of the strengths to which we can point is an enviable fiscal position—one of the best in the developed world—and our highly credible fiscal strategy. Senator Brandis: No debt left by the coalition, by John Howard! Senator WONG: Those on this side have put forward a budget which has restricted real spending growth to just one per cent on average over the forward estimates. Senator Brandis: Who paid off the debt? The PRESIDENT: The time for arguing this issue is post question time. Senator Cormann: Who left you with no government debt and a surplus? The PRESIDENT: Senator Cormann, post question time! Senator Sherry interjecting— The PRESIDENT: Senator Sherry. When we have silence on both sides, we will proceed. Senator WONG: In times like these, it is crucial to have a clear, achievable and disciplined plan for fiscal consolidation and the government does. That is why our fiscal strategy has received such a resounding endorsement by ratings agencies, by the international community and by the International Monetary Fund. We know what the opposition want to do. On the back of their $11 billion black hole from the election we now find another 70 billion reasons to worry about Mr Abbott. The opposition has finally started to understand that their decisions not to get their costings right during the election campaign, to continue to oppose savings measures, to continue to support spending measures have left us with an even bigger black hole. Mr Hockey's black hole has gone from $11 billion to $70 billion. What an achievement! (Time expired)