Jason Falinski (Mackellar, Liberal Party) Share this | Hansard source

The member for Mayo, who was elected at the same election as I was, reminded me yesterday that it has been 4½ years since we entered this place, since both of us made our solemn oath to serve the people of Australia and this nation before God. It is an oath that I know all of us take seriously. It is therefore both fit and proper that from time to time we take stock of our time here, to ask whether we have been true to that oath, which we renewed just over a year ago.

Such assessments, of course, cannot take place in a vacuum, for the future cannot be foretold and even the most ardently sworn commitments are sometimes outrun by matters beyond our control. By any reasonable assessment, COVID-19 is one such event. It has resulted in the most severe global economic crisis since the Great Depression. Across the world, the equivalent of 600 million people have lost their jobs. During the 2008 financial crisis, the global economy contracted by 0.1 per cent. This year, through the COVID crisis, the global economy is expected to contract by 4½ per cent. In other words, the pandemic has resulted in an economic downturn 45 times worse than the financial crisis in 2008. Despite this, Australians have responded how they always do when called to act under adversity. Today we have news that the consumer sentiment has returned to where it was prior to the pandemic. In the June quarter, Australia's economy contracted by seven per cent. This, however, compares to falls of around 12 per cent in New Zealand, 14 per cent in France and 20 per cent in the United Kingdom.

Earlier this month the Treasurer handed down what I believe will be seen by history as one of the most important budgets since the establishment of this Commonwealth. It is the building block for the recovery of our nation's economy and our way of life. Our plan is based on the fundamental principle that only empowered individuals create empowered communities and, axiomatically, you are therefore better off in a job than on welfare. For this reason our plan is centred around getting businesses back to work and employing people again. JobKeeper is the $101 billion lifeline that is supporting around 3½ million jobs. The cashflow boost is helping around 800,000 small businesses restock and restart by providing over $28 billion. JobSeeker has also doubled the safety net for the unemployed. Together, these actions have saved 700,000 jobs, and we could only do it because the government entered this crisis from a position of economic strength.

We had brought the budget back into balance for the first time since we were last in government, and maintained our AAA credit rating. But that is in the past. Now we face the monumental task ahead of rebuilding our nation, this Commonwealth, better and stronger than before. More than half of those who lost their jobs are back at work, with 458,000 new jobs created in June, July and August. The new JobMaker hiring credit is encouraging businesses to hire younger Australians. They are the ones who will carry the burden of this debt into their adult years, so this credit will be payable for up to 12 months and is immediately available to employers who hire those on JobSeeker aged 16 to 35. It will be paid at the rate of $200 per week for those aged under 30, and $100 per week for those aged between 30 and 35. Every Australian business, other than the major banks, will be eligible. As we know, having a job is more than just money in your pocket. It provides economic security. It offers freedom. It creates opportunity. It produces a happier and healthier society. It creates empowered people who then create empowered communities, who, together, can rebuild the Australian dream. Having a job is the bedrock of our future, and it is the core of this budget.

Infrastructure spending is fundamental in creating jobs, building everything from roads and tunnels to warships, submarines and everything in between. Manufacturing and infrastructure get the economy moving. The government is investing around $4 billion, through the Urban Congestion Fund, to reduce congestion in urban areas, funding supports and upgrades to urban road networks to reduce congestion and ensure commuters get home sooner and safer by reducing travel times, so you can spend more time with your friends and family, assuming you have friends—I'm sure you have family though!

See this speech in context