Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Hansard source

Well, I am making the point in a bipartisan fashion. If the Minister for Communications wants to talk down the economy, he can; but I choose not to. Even growth of six per cent—

Mr Turnbull interjecting—

To talk down the economy.

Mr Hockey interjecting—

I am trying to be helpful to the Treasurer here. I am trying to reassure the Australian people, in a bipartisan fashion, that even growth of six per cent in China would add more to the world economy than growth of 14 per cent in China in 2007 because the Chinese economy is now so much bigger than it was at that point. That will continue to impact positively on the world economy and the Australian economy. The important risk for the Australian economy is a contagion to confidence in a further event. That is why I have taken a decision to regularly make similar remarks to the Treasurer as to the impact of the Chinese economy on the Australian economy and the fundamentals of the Chinese economy not being impacted by the recent volatility in China. Of course, there are risks on the downside going forward. A further liberalisation of the Chinese currency would be a positive development but it would create uncertainty and volatility as it happens, and that would have an impact.

The economic record of the Treasurer is not a good one, it is not one that the government can be proud of. There is a yawning gap between their pre-election rhetoric and the post-election reality. There is a yawning gap in economic management on this Treasurer's management. As I have said previously, speculation that the Treasurer will be removed and replaced by the Minister for Communications or the Minister for Social Services is very unhelpful to confidence. I am not the Treasurer's biggest fan but I do acknowledge that uncertainty about the tenure of the Treasurer is not good for the Australian economy. Hence I have pointed out that he should remain Treasurer until the next election, when he will be replaced by a Labor Treasurer.

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