Sid Sidebottom (Braddon, Australian Labor Party) Share this | Hansard source

The coalition enjoys slandering the Australian economy, as we have just seen. But the latest economic data shows that, despite a global recession, our economy remains comparatively strong. Let’s look at the national accounts March quarter 2009 figures. In the face of the worst global recession in a lifetime, Australia recorded 0.4 per cent GDP growth for the March quarter—against all the odds and to the surprise of most of the economic commentariat. In these worst of times, today’s result is off the charts compared to other economies. Of the 22 OECD economies that have reported March quarter outcomes, 20 have contracted. G7 economies slowed by an average of 2.2 per cent. The unemployment rate decreased by 0.3 per cent to 5.4 per cent and retail sales rose 0.3 per cent in April. Household consumption spending rose 0.6 per cent in the March quarter.

Without the household stimulus payments, which the opposition leader and those opposite opposed—and continue to denigrate, as demonstrated in this House today—Treasury estimates the Australian economy would have shrunk 0.2 per cent in March. In other words, if we had followed the advice of the Leader of the Opposition, Australia would be in recession right now. Indeed, looking at the glum faces and the slouched body language of those opposite today, you would think they were disappointed we were not in recession and our economy was not worse off—no denying it. Have a look at the TV pictures tonight on the news and look at your body language. You are so, so disappointed.

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