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

I thank the member for Robertson for the question, because today's capital expenditure figures are great news. They do reaffirm the fundamental strength of the Australian economy and they are a resounding vote of confidence in the future of our economy. This is especially so given the amount of global uncertainty that is around. To see planned business investment going from strength to strength is a very big vote of confidence in our economy—businesses putting hard cash on the table to drive the productive base of our economy, to secure growth and to secure jobs.

The figures are simply stunning. Total capital expenditure is expected to increase from a staggering $158 billion this financial year to a record $173 billion next financial year. In mining alone, business is planning to invest a staggering $119 billion in 2012-13. That is over 150 per cent higher than its level of just two years before and 13 times the level of investment before the first phase of the boom. So this is a very strong investment pipeline. We saw it again in the figures that came out last week, where we have this half trillion dollar pipeline of investment in resources alone. These figures are a reminder of the strength of our economy and they demonstrate that we are in a league of our own, because business is prepared to put cash on the table to drive jobs.

So it is really difficult to understand why those opposite continuously come into this House and talk our economy down and then turnaround and bemoan the fact that confidence might be down. They go out recklessly talking down our economy day in, day out. We on this side of the House are really proud of our nation's economic performance. What motivates each and every one of us is to ensure that the prosperity and growth that we have is spread right across our community—that every Australian has a say and a stake in our future prosperity. That is of course why we are delivering tax cuts, increases in family payments, providing assistance to families in terms of education costs and so on. It is also why we are bringing our budget back to surplus, because this sends a really strong and clear message to the world about the strength of our economy.

Today's data should be welcomed by everyone in this chamber. It is certainly welcomed by everybody over here, but never welcomed by anybody on the other side of the chamber. The Leader of the Opposition ought to put down his mud bucket and come out and welcome this great news for Australia.

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