Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for Stirling for his question. ANZ job advertisement figures released today showed that job advertisements were down in the month and that the number of advertisements was 5.5 per cent lower than at the same time last year. This should not surprise, because we have seen exceptional job creation through the course of this year. Over the course of the last 12 months we have seen 245,600 new jobs created in Australia, so to see something of a pause would not be a surprise at all.

Building approvals data was also released today. Although the data showed that approvals were down in the month of October, it was coming off a strong rise in September. Building approvals are now around 1.8 per cent lower than at the same time last year. This probably illustrates that, after some years of a pause in the housing market, there are tentative signs that housing is beginning to pick up again but not in any unsustainable way. I think most people who look at the economy will see both of these indicators as something of a pause in the strong economic growth we have had for several years. We are also seeing considerable differentiation between the states. Job advertisements were up in Queensland and Western Australia, but there were substantial falls in New South Wales and Victoria, down 4.1 per cent in New South Wales and 5.1 per cent in Victoria. So we are seeing quite an element of differentiation between different parts of Australia.

All of this shows that economic management in the year ahead will be challenging, as it always is. The Australian economy is expected to reach $1 trillion in the current financial year—this is a $1 trillion economy, and it takes careful management. And that is what this government does. It engages in strong and careful management of the economy—the kind of management that people need when they are risking their livelihoods and their homes.

I will miss the member for Lilley as the spokesman on economic matters for the opposition, as a consequence of today’s announcement. I certainly look forward to the member for Lalor becoming the shadow Treasurer. I look forward very much to exchanges with her at the dispatch box in the way that I have had them with her six predecessors since 1996. I would just recommend to her that when —

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