Ben Morton (Tangney, Liberal Party, Assistant Minister to the Prime Minister and Cabinet) Share this | Hansard source

It's a remarkable achievement that Australia has completed its 28th consecutive year of annual economic growth. This is important because a growing economy is good for all Australians. Despite challenges, including ongoing international trade tensions, the housing market downturn and the persistent effects of adverse weather conditions on the rural sector, the Australian economy grew 0.5 per cent in the June quarter, to be 1.4 per cent higher through the year. Net exports, new public final demand, household consumption and mining investment all contributed to growth in June quarter 2019. Australia's real GDP growth is forecast to pick up to around its estimated potential rate of 2¾ per cent in 2019-20 and 2020-21. Household consumption, business investment and public final demand are expected to contribute to this.

Labour market conditions continue to be positive. Through the year to September 2019, employment grew 2.5 per cent and the participation rate in September was 66.1 per cent. The unemployment rate is 5.2 per cent, slightly higher than at the beginning of the year. At Senate estimates on 23 October the Treasury secretary said that we are seeing very strong labour market outcomes. Employment growth, at 2.5 per cent, is strong. The 2019-20 budget forecast employment growth of 1¾ per cent through the year to both the June quarter 2020 and the June quarter 2021. Since the coalition came to government in September 2013, over 1.4 million new jobs have been created. When we compare this to the six years prior, unemployment increased between November 2007 and September 2013 by more than 205,000 people. No wonder the Australian people welcomed the election of a Liberal government, because it is a Liberal government that's focused on growing the economy and, in doing so, growing the opportunities for Australians to contribute to the economy through their work.

The government continues to build on this very proud record by creating a further 1.25 million jobs over the next five years. When we look at employment growth, under Labor it was just 0.7 per cent. Now, it's 2.5 per cent. Under Labor, unemployment was 5.7 per cent and rising, compared to 5.2 per cent today. Labor is in no position to lecture us on employment or underemployment, particularly since the policies it took to the election were job-destroying policies.

We talk about wages. Wage growth is expected to gradually pick up, in line with continued strength in the labour market and a pick-up in economic growth. Wages, as measured by the wage price index, rose by 2.3 per cent through the year to the June quarter 2019. Most states and territories and most industries recorded higher wage growth compared with a year ago. Going forward, wage growth will be supported by key drivers of wages: spare capacity in the labour market, inflation and labour productivity. The Labor Party seeks to come here today to score points on the issue of wages, but under Labor real wages were growing at just 0.5 per cent when they left office. Today they're growing at 0.7 per cent. Minimum-wage earners also have benefited under this government, with the latest minimum-wage increase at three per cent, well above the rate of inflation. When Labor was last in office those on the minimum wage were hit by real wage cuts in three out of six years.

You can't just listen to what the Labor Party say; you actually have to look at what they do. What they do proves the point that the Australian Labor Party are no longer the party of middle Australia and they are no longer the party of the worker. They are the party of the social elite. They are the party of the inner city trendies. They have forgotten the basis of the creation of their party. They are not the party of a stronger economy. They are not the party of greater employment and higher wages. In fact, They are a party that will seek to destroy the opportunities for Australians who seek to be rewarded for their effort in our economy.

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