Next question: Should parties do more to bring the budget into surplus?

Finance Minister Mathias Cormann says the economy is stronger under the Coalition.

We're now making progress, heading in the right direction. The budget is on a credible path back to surplus.

The floor is then thrown to economist Chris Richardson, who says deficits are not out of control, but "absolutely not fixed".

We genuinely have a problem as a nation here. It comes down to four words - temporary boom, permenant promises. [During the resources boom] w e made ourselves promises that are too big. After that it's not even economics. It's maths. At some stage, if you want a better budget - and you should because it will protect you in the next recession - if you want a better budget you have to cut spending and/or raise taxes. And I'd say do both.

He says there needs to be bipartisanship on the issue of budget repair.

Tanya Plibersek then gets her chance to speak, and talks up Labor's approach.