Anne Webster (Mallee, National Party) Share this | Hansard source

How the opposition can have the audacity to make the claim that the government is failing in economic management is beyond me. The Morrison-McCormack government is fostering a strong economy by building resilience and rewarding aspiration. Australia has just entered its 29th consecutive year of uninterrupted economic growth, which is an outstanding achievement that even those opposite must appreciate. This was achieved in the face of ongoing international trade tensions, numerous natural disasters and the persistent drought in regional communities such as Mallee. The leadership shown by the Prime Minister, Deputy Prime Minister, Treasurer and Minister for Finance has allowed this government to deliver the first balanced budget in 11 years, in spite of the disastrous mismanagement that was left to us by the Labor Party. Australia has also recorded its third consecutive current account surplus in the 2019 December quarter, the longest consecutive period since the 1970s.

The fact is that this government is lowering taxes, supporting business and industry, creating jobs and helping people get into those jobs, investing in infrastructure and creating educational opportunities for our young people, all while maintaining a responsibly managed budget. The national accounts today show that the Australian economy grew by 0.5 per cent in the December quarter and 2.2 per cent through the year. The International Monetary Fund is also forecasting that the Australian economy will grow faster than the economies of the United States, Canada, Japan, France, Germany and the United Kingdom, both in 2020 and 2021.In December last year, unemployment fell to 5.1 per cent. The last three months of jobs data have beaten median market expectations, with around 80,000 jobs created. On average, over the past 12 months, a record 74.5 per cent of the population aged between 15 and 64 had a job. Since coming to office, this coalition government has created over 1.5 million jobs.

I'm also very encouraged by the government's $585 million investment in the Delivering Skills for Today and Tomorrow package to help train highly skilled and qualified workers, particularly in regional areas such as Mallee, to meet the needs of businesses. This package increases the number of apprentices by up to 80,000 over the next five years. This package helps towns in my electorate, such as Charlton, fill their workforce needs and support local businesses.

The number of owner-occupier loan commitments to first home buyers increased by 6.2 per cent in December to 21.3 per cent higher through the year. First home buyers now make up 34.9 per cent of total owner-occupier loans, well above the 10-year average. The Australian economy has fostered a strong housing market in my electorate of Mallee. Of almost 60,000 occupied private dwellings in my electorate of Mallee, 42 per cent are owned outright and 30 per cent are owned with a mortgage. These statistics from June 2019 demonstrate that the favourable conditions of Australia's economy are encouraging people to buy their own home and that housing prices in my electorate are affordable, with the average mortgage around $1,000 a month.

Opportunities for investment that will strengthen our economy are numerous and varied. That's why the government has developed its $100 billion 10-year infrastructure pipeline. It's also why the government is making investments in new technologies that will be essential for lowering our emissions, such as solar, wind and hydrogen. My electorate of Mallee has enormous potential to generate power through solar technology, and investments in new developments are occurring rapidly in the region. For example, Kerang is home to Victoria's first large-scale farm and battery storage. Developments like these are taking place around the country because investors have faith in the coalition government's economic management credentials.

At this stage, we know that the economic impact of the coronavirus is highly uncertain and difficult to quantify. But unexpected shocks like this are exactly why the coalition government is committed to sensible economic management. Through the leadership of the coalition government, Australia is ready to deal with the challenges presented by the coronavirus from a position of strength. Evidence of the coalition's strong economic position is expressed in the following realities: we have passed over $300 billion in tax cuts, created more than 1½ million new jobs— (Time expired)

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