Julie Owens (Parramatta, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on the current state of the Australian economy and the importance of sound policies to support growth and jobs?

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

I thank the member for Parramatta for a very fine question. It is a source of tremendous pride for the Australian people that our economy has come through the global recession in better shape than just about any other developed economy. We have avoided recession, unlike most other advanced economies. The thing that we are most proud of is that we have seen the creation in Australia of over 700,000 jobs since Labor came to office. That is while the rest of the developed world has shed something like 30 million jobs over the same period. We have an unemployment rate with a 'four' in front of it, and that stands in very stark contrast to what is going on in other developed economies. We will get the budget back in the black by 2012-13. What this really shows is that we on this side of the House have got all the big economic calls right. If we had listened to those on the other side of the House, our country would have gone into recession, unemployment would have been far higher and of course without the bank guarantees we would have seen many small businesses hit the fence. The outcomes of these decisions prove that we on this side of the House have got the big economic calls right. If those on that side of the House had had their way, where would we be right now? There would be no savings to bring the budget back to surplus, there would be no plan to keep the economy strong, there would be no plan to tackle climate change and there would be no plan for clean energy jobs for the future.

Those opposite think it is a smart political tactic to be negative all the time. But when you are negative all the time you cannot focus on a clear plan for the future. If they had their way, there would be clear consequences for jobs and for price pressures in the Australian economy. They can go around and peddle their negative approach but people out there in the fish and chip shops and the butcher shops, in retail, want someone with a clear plan for the future—a clear plan and a government that will stick up for jobs and for business investment; a government that will stick by them in the tough times, particularly during floods and global recessions. What do we get during all of this from those on that side of the House? Those on that side of the House just want to side with the big polluters and with big tobacco. We on this side of the House will stand up for the national interest.