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

I thank the member for Moncrieff for her question and acknowledge her experience and background in small business, and the fact that the tax cuts announced on Tuesday night in the Morrison government's budget will see more than 70,000 taxpayers get a tax cut in the member for Moncrieff's electorate. That is the reality of the policy supported by those on this side of the House.

Tuesday night's budget was our plan to create another 250,000 jobs. We've seen around 500,000 jobs created since last year's budget in October and we've seen the unemployment rate come down to 5.6 per cent. We've seen more people now in work than before the crisis began; we've seen the unemployment rate now lower—even after the COVID recession—than when we came to government; and we have seen Australia become the first of the major advanced economies around the world to have employment levels above their prepandemic levels.

The budget has been very well received in a number of quarters. The Business Council of Australia said:

This budget propels Australia out of the pandemic and lays the foundation for a jobs-led recovery.

The Australian Industry Group said that the budget:

… locks in the recovery from recession and shifts gears from emergency measures to investing in the economy for the longer term.

And Fitch Ratings said that the budget:

… confirms that the recent strong economic and labour market recovery has resulted in an improvement in public finances, …

S&P global ratings said after the budget that Australia's success in containing the coronavirus and targeted emergency economic support is propelling a strong economic rebound. They are the words of independent voices.

This budget was all about locking in the gains of our strong economic recovery and investing more in skills, extending the JobTrainer program to now provide 450,000 training places—including for 33,000 people in the care workforce. It was about extending our successful apprenticeship scheme, a $2.7 billion investment to create another 170,000 apprentices. It was about a record $15 billion of infrastructure spending to maintain that $110 billion 10-year pipeline.

And, of course, it was about tax relief—tax relief for more than 10 million hardworking low- and middle-income workers, putting more money in the pockets of their families so that they can spend it as they see fit. (Time expired)

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