Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for Canning for his question. He is a person who has served Australia with distinction in uniform, and he is concerned with and focused on ensuring that Australia retains its strong economic management.

When we came to government, unemployment was rising, investment was falling, $240 billion of deficits had been accumulated and the budget was a mess. Even when they enjoyed iron ore prices that had risen to $180 a tonne—more than double what we see today—the Labor Party still couldn't deliver a surplus. The last time the Labor Party delivered a surplus was in 1989, when the Berlin Wall was still standing, Janet Jackson was top of the pops and the member for Rankin was in primary school. So you can imagine my surprise when I picked up that historical fiction—his book, Glory Daze. This is what the member for Rankin wrote: 'One of the least heralded but most important acts of the Rudd and Gillard governments was the budget repair we achieved.' I have a message for the member for Rankin: it was the least heralded because it didn't happen!

Since we have come to government, the economy has continued to grow, our AAA credit rating has been maintained, the current account is in surplus for the first time since 1975 and we have the first balanced budget in 11 years. The reason why we have a balanced budget is we have a record number of Australians in jobs. We have had jobs growth every single month for three years. Employment growth is now more than three times what we inherited from Labor and more than twice the OECD average. The reality is: when Labor was in government, unemployment was 5.7 per cent.

Mr Brendan O'Connor interjecting—

See this speech in context