Stephen Jones (Throsby, Australian Labor Party) Share this | Hansard source

This matter of public importance brought by those opposite is another part of their grand campaign to talk the economy down. The Leader of the Opposition, together with the member for Indi, have been touring the country over the last couple of months doing everything they can to zap confidence and talk down the Australian economy. The only problem with that is the Australian economy is not listening because, unlike every other country in the world, we have an unemployment rate below five per cent. Compare that with the US, which is now going north of 10 per cent, and most parts of Europe, where they are struggling to keep their unemployment rates below nine per cent.

Instead of the doom and gloom scenarios we see from those opposite, where people will be thrown out of work left right and centre and the unemployment queues will be kilometres long, we are seeing new jobs being created. There have been over 750,000 jobs created since we came to office. Economic modelling predicts that we will see 1.6 million new jobs created by 2020. We are seeing a growth in the need for new skilled workers; 2.4 million skilled workers will be needed by 2015, doubling to 5.2 million by 2025. This is the scenario that all economic commentators and all modelling is showing, but at the same time those opposite are trying to talk down the economy with their doom and gloom scenario.

We have $190 billion worth of new investment per annum including $450 billion worth of investment going into mining between now and 2014. Interest rates are lower than they were when we took office. We have seen, because of the uncertainty around climate change policy, a capital strike in investment in the energy sector. But, because of the announcements, we are now seeing a pipeline of investment of over $100 billion of new investment in the energy sector. So, far from the doom and gloom scenario predicted by those opposite, we have a world-class economy which is situated in the right part of the world and which has the capacity to deliver strong outcomes for people over the decades ahead. If we are to keep that in place, we need good policy and confidence. I have said many times in this place—

Debate interrupted.

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