John Cobb (Calare, National Party, Shadow Minister for Agriculture, Fisheries and Forestry) Share this | Link to this | Hansard source

My question is to the Treasurer. Treasurer, isn’t it the case that within four years the annual interest alone on Labor’s debt will be more than twice the total annual spending on agriculture?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

It is yet another question from those opposite about the forecasts in the budget, particularly the forecasts relating to debt. We are absolutely unapologetic about the need to borrow to support our economy—to support jobs in our economy, to support businesses in our economy and to support the rural sector as well. Everyone in our economy benefits from the economic stimulus that we have put into the system, and the economic stimulus that shows through, particularly in retail sales, goes right through to the farm gate.

But, of course, those opposite are so desperate to see the economy fail they want to talk it down all of the time. I would have thought that the retail sales figures that came out yesterday would have been welcomed by those opposite. They are very, very good news for the rural sector, because demand has gone up in those areas where people are buying the basics. You only have to look at what was said yesterday by Mr Luscombe from Woolies. He talked about the impact not just in the retail sector but right down the supply chain and the fact that for every worker employed in retail there are many more workers employed down the supply chain, including in the rural sector.

John Cobb (Calare, National Party, Shadow Minister for Agriculture, Fisheries and Forestry) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order on relevance. He did finally mention the rural sector a minute ago, but—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Calare will resume his seat. On the point of order on relevance, the Treasurer is relating his response to annual interest and agriculture. As I have indicated before, it is not within my power to get a direct answer, and that is something that cannot be expected by the questioner.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Indeed this is what Mr Luscombe had to say yesterday:

For every million dollar’s worth of sales, retail sales in Australia support eight full-time jobs in the retail sector alone and another 13 in supplying the retail sector. So clearly you have to give the government a very big tick.

The fiscal stimulus that we are borrowing responsibly for is supporting employment, incomes and businesses, particularly in rural and regional Australia.