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

I do thank the member for Parramatta for that question. When you look at the Australian economy, it is one that is envied right around the world—eight per cent larger in the last three years, 14 per cent since the government was elected. In the last three years, 500,000 jobs were created and almost a million jobs in the time that the government has been in power. This government understand the importance of supporting jobs and growth, which is why this country did not go into recession when most other developed economies did. It is because we did not go into recession that we have the economic strength to make the investments for the future. Governments should be always looking over the horizon, looking to the future, looking to tomorrow. What are the investments that we can make for the long term? We know what is important here. Education is very important—getting rid of that broken funding model and making investments for a decade's time which will lift our productivity and make us a stronger and smarter country.

This is where the NBN comes in. Those opposite do not accept the need for superfast broadband in our economy. They have the minister for the 'copper' economy over there, the shadow minister for communications. They believe in the 'copper' economy. On this side of the House, we are preparing our country for the future. The future is superfast broadband. It is absolutely essential to lifting our productivity and making our country more efficient—the digital economy. None of these things are understood by those opposite, just as they do not understand the importance of education. Investing in the NBN is truly a nation-building project. It will drive a digital future for this country.

Since those opposite were last in power, the amount of data downloaded over the internet by Australians has grown 15 times. Of course, we all know the Leader of the Opposition does not understand this transformation that is happening in our economy. But we know that through investment in the NBN we can drive investment in our economy and drive growth in the services sector, which is there to take up the slack as mining investment comes off. This will drive a revolution in efficiency and productivity in our economy.

Those opposite do not understand the need to invest in this technology for the next 50 years. What they have is their 'fraudband' scheme. That is what they have got. They are going to get copper to the node, nothing to the house. We are going to get the fibre right to the home where it is needed so that people can get the speeds they need for the future. This Leader of the Opposition has been wrecking for his entire adult life. On this side of the House we are making investments for the future.

Mr Turnbull interjecting—

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