Martin Ferguson (Batman, Australian Labor Party, Minister for Resources and Energy) Share this | Hansard source

Unlike the opposition the government are committed to ensuring Australia’s long-term prosperity. We also accept, unlike the opposition, that the role of government varies, given the economic challenges that confront the government, from time to time. For the last 12 to 18 months the challenge to government was different to the challenge that confronts Australia at the moment. That related to the fact that we had to manage the Australian economy through a major global financial crisis. I remind the House that, just like the opposition opposed the decisive action we took during that period, the opposition again stands in opposition to major tax reform which is about Australia’s future and managing varying economic challenges in the future.

Coming out of the global financial crisis I remind the House that, because of our action, the unemployment figures of last week were 5.2 per cent. I know the opposition cringes every time we get good employment figures. I also note that, in April, for the first time in 13 months we experienced a trade surplus, which is a further major achievement for the Australian economy. I also acknowledge that from the Australian community’s point of view, when it comes to the resources sector, at times we have booms and at times we have slumps.

That is what this tax reform is about. It is about how we as an economy actually manage those challenges. I refer to Mr Battellino, the Deputy Governor of the Reserve Bank, who said yesterday:

… booms have very significant impacts on the economy and do cause a lot of stresses and strains.

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