Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I thank the member for Parramatta for her interest in the economy. We know our economy has taken a very significant hit from this summer's natural disasters, but we know that it has not been knocked off its long-term course. The good news is that mines are reopening and affected communities are getting back on their feet, as is our economy. We can see that in the data today. Australia recorded another trade surplus in April and thermal coal volumes out of Queensland have bounced back after recent flooding. Coal export values rose 1.4 per cent in April and they are now up almost 16 per cent over the past two months. Iron ore and metal exports rose 3.8 per cent in April and they are now up 23 per cent over the past two months. We saw the retail sales figures today and they are up by a strong 1.1 per cent in April—that is the biggest monthly increase in 17 months. So I think we can all be proud of what Australians have done. The business community has been working together with the unions and the wider community, and we have really pulled together in the face of adversity.

The way in which everyone pulled together was very much evident in Queensland during the floods. Of course, that is what we did during the global recession. That is what we did in the worst economic conditions in 75 years and Australia emerged from that as virtually the only advanced economy to avoid a recession. That has been very important because it has been that strength which has stood us in such good stead. We are still working in Queensland to rebuild that state, including restoring and recovering over 6,600 kilometres of the state road network and over 4,400 kilometres of the Queensland rail network.

Our focus has to be on getting the fundamentals right and bringing the budget back to surplus in 2012-13 so that we do not compound the price pressures which will flow from the very strong investment pipeline. It also means that we have to make the investment in a bigger workforce and a better trained workforce. We have to continue to invest in critical infrastructure and, of course, we have to put a price on carbon if we are going to lock-in our future prosperity.

Now, all of these things could have been very different if those opposite had been in charge during this period. They did not recognise the threat of the global recession. The shadow Treasurer described it as a hiccup—the worst event in the global economy since the Great Depression was just a hiccup! We heard the shadow Treasurer just yesterday say that the impact of the floods in Queensland and more widely was simply a cough in the mining boom. They have not a clue about the human dimensions of these events and no concern for the fate of all of those communities. We on this side of the House understand the importance of rebuilding and the importance of investing, but those on that side of the House have no policy to come back to surplus, no policy for jobs and no policy to tackle climate change. It is little wonder that all of the colleagues of the shadow Treasurer do not think he is up to the job.

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