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

I thank the member for Petrie for his question. He knows that the Australian economy is performing well in a very difficult global economy. It is performing well, because it is transitioning well from the investment phase of the mining boom through to a stronger economy, a new economy, with more jobs—three per cent growth last year; higher than the US, higher than the UK, higher than Germany, higher than New Zealand, higher than Singapore and double the growth rate of comparable economies like Canada. More than 440,000 jobs have been created since the last election and, importantly, in the last 18 months, more than 50,000 jobs for young people saw the youth unemployment rate to go below what it was at the last election.

The budget that will be brought down on 3 May continues to focus on jobs and growth, ensuring that we have a targeted and sustainable tax system to support the commitments that the government must undertake for the long term and ensure that we stay on a consolidated path to budget balance by getting expenditure under control continually and growing the economy to grow revenues.

There are alternatives to that plan, and they are put forward by those opposite. They are simply this: to increase the tax burden on the Australian economy by $100 billion over the next 10 years. That is their figure, and they boast of it. They boast of the claim that they will increase the tax burden on the Australian economy by over $100 billion over the next 10 years.

They are not doing it to reduce the deficit; they are doing it to try and chase the money they are throwing around with even higher and higher spending. So, from those opposite, what you get are higher taxes, higher spending, a bigger deficit and a bigger debt. That is the proposal of those opposite in comparison to the path that is being pursued by those on this side of the House.

I quote the former Queensland Premier Peter Beattie, who said—

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