Julia Gillard (Lalor, Australian Labor Party, Prime Minister) Share this | Hansard source

I thank the member for his question. Firstly, I would say to the member that I think it is very important that in this place we do not talk down the fundamental strength of the Australian economy. I would remind the member that our budget forecasts are predicated on the basis that commodity prices would peak during 2011. So we understood, in preparing the budget, that the commodity price peak part of the resources boom was being reached but we also understood that we were going to see increasing export volumes and that we were seeing an investment pipeline of $500 billion with more than $200 billion of it at an advanced stage.

Yes, when we look at the Australian economy today, we can look across the range of indicators about the health of the economy whether we are looking at growth, whether we are looking low inflation, whether we are looking at low interest rates or whether we are looking at an unemployment rate of just over five per cent, which around most of the world people would look at as a remarkable result. Imagine some of those towns in America and the circumstances of unemployment there. Imagine what is happening Spain and much of Europe and what is happening in the United Kingdom. So it is inappropriate and wrong for members of the opposition to come into this parliament and talk the Australian economy down.

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