Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

I remind the House that iron ore has been our biggest export. When we came into government iron ore prices were around $100 a tonne; today they are closer to $50 a tonne. But, because we have made a good step forward—we have already taken good steps in addressing the legacy of debt left behind by Labor—Fitch have recognised that, and they said:

Fitch projects Australia's public debt burden to remain significantly lower than 'AAA' peers in the medium-term even under currently legislated policies.

That is what we have done so far, but there is more to do. Of course, as we get on with the job of fixing the economic and budget mess left behind by Labor, we are endeavouring to strengthen the Australian economy, and the upcoming budget will be about building a stronger economy. I am pleased with the ACCI-Westpac survey of industrial trends released today, which recognised that in the March quarter there was an increase of two points, to 56.2. Importantly, it said:

Of course, what we know on this side of the place—

Mr Dreyfus interjecting—

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