Andrew Leigh (Fraser, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

It's three times the cock has crowed, isn't it! Peter Costello famously replied, when asked if he had endorsed Tony Abbott, 'Oh, not on economic matters.' And he was said, in private, to describe the Prime Minister as economically illiterate. His former employer, John Hewson, has covered off the other side of the basic skills test by describing the Prime Minister as innumerate. This is a government which needs to recognise the broad context in which it sits—which needs to recognise a report from the mid-2000s which describes Australia as a low-tax, low-spending nation.

The vital debate in Australia at the moment is over productivity and jobs. If you are serious about jobs, you have to get the short-term settings right and the long-term settings right. In the short term it is absolutely vital that we do not withdraw demand from the economy at a time when employment is fragile. This is a government that came to office with a target to generate a million jobs in five years, yet since it won office we have seen very modest growth in part-time jobs but backsliding in full-time jobs; 63,000 full-time jobs lost since this government came to office. So the net result is 7,000 net jobs gone. That million jobs target is slipping away by the day. Partly that is because—and I am sure the minister at the table may have something to say about this—this is a government that said no to foreign investment in GrainCorp, said no to foreign investment that would have generated jobs in the rural sector.

Mr McCormack interjecting—

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