David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Hansard source

Well, you come in here and quote Brazil and Norway. The reality is that if you compare Australia to comparable economies we are the standout performer. We are growing at a rate that demonstrates that this economy today is seven per cent larger than it was pre-GFC. That is a very significant point to make.

It is well worth having a look at what has been happening in other parts of the world. We have been growing 7.3 per cent today on that base pre-GFC. By mid-2014 we would have grown by about 16 per cent on that pre-GFC level. Look around the world: most of the advanced economies have not even returned their growth levels to the levels that they were at before the GFC. We are seven per cent larger. All of these indicators point to the underlying strength of the Australian economy, but the point that has been bought forward, the question for this MPI, goes to the issue of fiscal restraint and reining in government spending. I think it is important that we make a few points and point out a few facts about government spending under this government compared to government spending under previous governments. With regard to government spending as a percentage of GDP—the member for North Sydney comes in here and plucks out figures. He hits us with a volume figure and he does that to mislead the House. I think even the member for North Sydney realises that in a growing economy, if you maintain spending at the same percentage of the economy, then as the economy grows, overall levels of spending will increase.

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