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

I thank the member for Lindsay for her question and her keen interest in jobs and growth, particularly for Western Sydney. At the G20 on the weekend there was a real consciousness of the strong headwinds that are facing the global economy, and that is no stranger to Australia. We understand that as well, as do Australians. We understand the volatility of the times and the uncertainty that comes with that. There was also great recognition, though, of the enviable performance that Australia has economically, the position that we currently hold and the positive transition that is occurring with our economy as we move from the investment phase of the mining boom and we diversify our economy.

Compared to the G20, we are in a position of having higher growth, lower debt and stronger budgets. Our position is the envy of others in the G20. Our contribution focused on the things that we think will continue to drive that performance—that is, unlocking private investment and the challenges that are associated with that, driving productivity growth through innovation and sensible investment in infrastructure and these programs.

There were alternative views expressed about the need to go back into a cycle of tax and spend. I know those views are shared by those opposite, because they were the ones who engaged in it last time when they thought that was the answer to the world's policy problems. Thankfully, that was not a universal view, because German finance minister Schaeuble said—I think, very soundly—'using debt to fund growth just leads to "zombifying" economies.' That is what he said. His goal in his economy is to get to a debt to GDP ratio of 60 per cent. That is more than twice what Australia's current level is, and they aspire to these levels. He also said, 'Talking about further stimulus just distracts from the real tasks at hand'. At the moment, all that those who crow on the other side—

Ms Macklin interjecting—

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