Mr SWAN (Lilley—Deputy Prime Minister and Treasurer) (14:01): I would like to make a couple of points. We have a AAA credit rating from the three major financial credit rating agencies globally for the first time in our history. We came through the global financial crisis in better shape than any other advanced economy. We have a strong economy. But, of course, as a consequence of the global financial crisis, the floods in Queensland and events in Europe, there has been a dramatic impact on our budget bottom line. Those opposite come into this House and talk down our economy and pretend that the global financial crisis and the global recession never happened. That is what they pretend. They pretend that there has been no impact on our budget revenues, which have been written down by $140 billion over five years. They want the public of Australia to somehow believe that that never happened. Well, the fact is that it did happen. The SPEAKER: Order! The Treasurer will return to the substance of the question. Mr SWAN: The consequence of that is that we have been running a deficit. But we have been putting in place strict fiscal discipline to come back to surplus. This has been recognised by the OECD and most particularly by the IMF, who have said that the Australian government's fiscal discipline it is an example for the rest of the world. While the IMF, the OECD, the World Bank and other agencies recognise that in the circumstances no other government in the Western world has done a better job than Australia, those opposite come into this House and trash our economy and our public finances with questions like the one we have heard today. The SPEAKER: Order! The Treasurer will return to the substance of the question asked by the honourable member for North Sydney. Mr SWAN: I am coming to the substance of the question. The reason we have a deficit is that revenues have been written down. It is not because, as those opposite allege, we are somehow out there on a spending spree. We have supported employment and small business in our economy. We have done it with a responsible fiscal policy that has given us an economy that is the envy of the world. Everybody on this side of the House is proud of our employment performance and is sick of the trash talking about our economy. (Time expired)