Senator SINODINOS (New South Wales—Assistant Treasurer) (14:29): I have to agree with you. The facts are that they did. Indeed, on the watch of the former finance minister the previous government racked up $107 billion worth of debt. On 2 July 2013 Chris Bowen, when he became Treasurer— A government senator interjecting — Senator SINODINOS: 107 billion. Senator Faulkner: That's Mr Bowen to you. Senator SINODINOS: When Mr Bowen became Treasurer, he said he stood by the budget delivered by Mr Swan in May. Exactly a month later Mr Bowen released the economic statement that showed a $33.3 billion deterioration in Labor's budget bottom line. Senator Abetz: In one month? Senator SINODINOS: In one month a $33 billion deterioration. Senator Kim Carr: How much under you? Senator SINODINOS: Australia will have a yearly interest bill of $12 billion over the next four years. Senator Kim Carr: How much under you? Senator SINODINOS: Out from the Iron Curtain, Kim Il Carr has resigned since the— The PRESIDENT: Order! You need to refer to senators by their correct titles. Senator SINODINOS: Senator Carr, for your edification: since the PEFO, the fiscal outlook has deteriorated further and trends suggest— (Time expired)