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

I know those opposite do not share the view of those on this side of the House that the Australian economy is transitioning well and that it is growing at a rate of three per cent real a year. It is actually Australians who are out there every day working, saving and investing to ensure that transition takes place successfully. Today we have had the announcement of the figures which show that unemployment has fallen. Have you heard those opposite say: 'That's welcome. We'd love to see unemployment falling'? Today we had the announcement that youth unemployment has fallen. Youth unemployment, under this government, is lower than it was at the last election.

And on this side of the House we have seen consumer confidence raised by 11 per cent in the last six months. We have seen confidence in the forward look of the next 12 months in our economy rise by more than 20 per cent. We have seen service exports rise by over eight per cent. Despite the global volatility, despite the uncertainty that is out there, there is a resilience and a strength in the Australian economy that those opposite would seek to deride.

Obviously, it is true that in these difficult headwinds—that are faced right around the world and also here in Australia—we have seen a very modest level of income growth. That is true. Those opposite might not have noticed it but the terms of trade have fallen 30 per cent off their peaks and they have returned to the long-run average. Those opposite might not have noticed that we are in a transition from the mining investment boom through to a more diversified economy, but the truth about it is that it is working. It is working and it is Australians who are out there making those sacrifices every day that is making it work. It is the small businesses and the medium-sized businesses that are out there making it work every day. We want to lower the burden of taxation on them, wherever we can, to help the earners in this country do better. That is the focus of this government because that is what you need to do to drive jobs and growth in this economy. Last year, around 300,000 extra jobs. And I am asked about full-time employment, and what has happened there. I think it about 15,000 extra jobs when it comes to full-time employment. We have more full-time jobs in these latest figures. We have unemployment coming down. We have consumer confidence going up. We have a real rate of growth in this country, which is the envy of the developed world.

Mr Brendan O'Connor interjecting—

See this speech in context