Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

I think the member for Canning for this very important question about the Australian economy. Those opposite seem to scoff at the suggestion that the Australian economy is transitioning and find that a subject for mirth. I know that the member for Canning and members on this side of the House are very focused on the fact that Australians are out there working, saving and investing every single day to ensure that we are making this transition to a more diversified economy, which is a more job intensive growth economy for the future. While globally there is much uncertainty, people at home will be very well aware of that. And the volatility in financial markets, sadly, continues. We are very well aware of all of these things, but the Australian economy is successfully transitioning.

Resources and manufacturing remain important to the Australian economy; and, as the minister knows, we are seeing volumes in resources continuing to increase with exports. Even in manufacturing, the AIG survey shows seven months of consecutive expansions. What we do know is that Australia's growth is rebalancing. Paul Bloxham, the Chief Economist from HSBC, has made this point. He says that this is clearly a positive development. He said that growth prospects are now much more tied to the financial health of the Asian consumer and their willingness and ability to buy Australian services and assets. He says that the non-mining sectors are also much larger and much more labour-intensive sectors than mining, so the rebalancing act is creating jobs. This is a good thing. It is true that Chinese growth now, at 6.9 per cent, is less than it was a number of years ago. But it is growing off a much higher base. And the Chinese economy is transitioning, just as ours is. And that transition is seeking where we are going as an economy as well. That means so many more Chinese moving into the middle classes and creating new opportunities for exports of services and other goods and products, which will continue to drive growth and jobs in this country, and that will be accelerated by the fine work of the minister for trade with the ChAFTA, opening up the opportunities, whether it is milk exports, beef exports, services exports, tourism, education—all of these things, all benefiting from the growth strategy of this government.

As to what that means at the end of the day: we have seen, as the minister for agriculture will know, a rise in beef exports. Beef exports were almost $1 billion in 2015, and we have seen a six-fold surge in beef sales to China over the last three years. This is a good thing.

When Australians look at the global uncertainty that is out there and see the volatility that is taking place, and when they look at the real economy of Australia and see the strong sense of economic management which is focused on keeping the fundamentals in place, they can have confidence, as they do. (Time expired)

Mr Mitchell interjecting—

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