Senator WONG (South Australia—Minister for Finance and Deregulation) (14:08): I thank the senator for her question. She, like many on this side, actually has an interest in the economy, which puts her in stark contrast to those on the other side. The IMF, in its article IV report on Australia released last week, stated: Australia's performance since the onset of the global financial crisis has been enviable. The fund also forecasts that Australia's economy will grow at 3.3 per cent in 2012, faster than any of the major advanced economies. It also notes we are well positioned to deal with the current global instability. Senator Cormann: Who left you zero net government debt? Who left you billions of dollars in the Future Fund, in the higher education fund? Senator WONG: I hear Senator Cormann rabbiting on over there. If he really believes in economic credibility, he might do something about the $70 billion black hole. I read in the papers that he is on the razor gang to find it and they think it is doable. Well, fess up. Tell us where the cuts are. Tell us how you are going to fill a $70 billion black hole and provide tax cuts. You cannot do it, which is why you want to hide your costings. The truth— Senator Cormann: We'll fix up your mess again. The PRESIDENT: Senator Wong, resume your seat. When there is silence we will proceed. Comments should be addressed to the chair. Senator WONG: The reality is the economic team on the other side has yet to get its costings right—not once. How embarrassing for a party that prides itself on economic management. There was an $11 billion black hole at the election. There is a $70 billion black hole by their own admission and a shadow Treasurer and a shadow finance minister who are fighting each other. What I would say to Senator Cormann is, if he wants to come in here and beat his chest about economic credibility, I dare him to put forward his costings and his numbers, because he will not. He will not be able to, because they have never been able to. (Time expired)