Just when you thought the Liberals couldn't get more out of touch, the Finance Minister declares that billions of dollars isn't a lot of money.

Mathias Cormann was asked on 2GB about the “blowout” associated with the cash refundability of imputation credits:

DEBORAH KNIGHT: So you are happy with the fact that it is costing the economy that much?

MATHIAS CORMANN: It is not costing the economy that much at all.

(Nights on 2GB, 13 March 2018)

The fact is, the measure cost the Federal Budget $550 million a year when it was introduced in 2000. It now costs well over $5 billion a year – and is expected to rise to $8 billion a year within 10 years.

Losing $8 billion a year in revenue is equivalent to more than we are spending on Australia’s public schools, this year.

When the Liberal Finance Minister thinks more than $5 billion a year is not much money, it’s no wonder the deficit has blown out eight-fold, net debt has doubled and gross debt has crashed through half-a-trillion dollars for the first time ever on their watch.