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

I thank the member for Lindsay for her work in the not-for-profit sector before she came to this place. I had the opportunity recently to join the member for Lindsay in Penrith to meet with business that are using the immediate expensing provisions in this year's budget to help them employ more Australians and to grow their business.

Today's national accounts show that the Australian economy is leading the world, with the March quarter seeing GDP growth of 1.8 per cent—beating market expectations of 1.5 per cent. What we saw in today's numbers was a broad-based recovery, a private sector-led recovery, with household consumption being up, with dwelling investment being up, with business investment being up and with machinery and equipment being up. Over the March quarter we saw the British economy contract, we saw the French economy contract, we saw the German economy contract and we saw the Japanese economy contract, but we saw the Australian economy expand.

With today's national account numbers, we know that the Australian economy is today bigger than it was going into the pandemic, ahead of any major advanced economy around the world. We recently saw employment in Australia now higher than it was pre-pandemic, ahead of any major advanced economy in the world, and today we saw that GDP growth is now ahead of any major advanced economy in the world. I know that regional members on this side of the House will be interested to know that we have seen through the year farm GDP more than 38 per cent higher per cent higher, the best numbers through the year in 17 years. That is more jobs; that is more export income; that is a stronger economy. We saw in today's numbers dwelling investment up by more than six per cent—the strongest numbers in 17 years—because of HomeBuilder, which has helped support more than $30 billion of residential economic activity, with more than 130,000 applications.

This side of the House is focused on more jobs. This side of the House is focused on lower taxes. This side of the House is delivering a stronger economy.

Ms Plibersek interjecting—

See this speech in context