Craig Thomson (Dobell, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline to the House the importance of delivering on reforms to support jobs and growth?

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

I thank the member for Dobell for his question. Despite recent natural disasters, which did have a very substantial impact on growth in the March quarter, our economy remains in good nick and continues to be one of the best performing developed economies in the developed world. Australian GDP is significantly higher now than it was before the global financial crisis, and that is in very stark contrast with many other developed economies. Of course, we do have an unemployment rate with a 4 in front of it. That also stands in very stark contrast to what is happening in many other developed economies. Our peak net debt is less than one-tenth of the average of major advanced economies. We are bringing our budget back to the black in 2012-13.

But I guess the source of greatest pride for this government is the number of jobs that have been created in our economy in the past 12 months—250,000 jobs in the past 12 months, well over 700,000 jobs in our term of office. Everybody on this side of the House is very proud of that record of job creation because it delivers a record of security for Australian families. Of course, that is why workforce and labour force participation was central to our most recent budget—to make sure that we can maximise the opportunities that will flow from the Asian century and from the resources boom, because we do have record terms of trade and we have a massive investment pipeline, which is very important to future job growth. Because we understand that fact, we also understand how important it is to bring our budget back to surplus in 2012-13 and we understand how important it is to make savings—something not understood by those on that side of the House.

We also understand how important it is to reform tax, how important it is to get the resource rent tax in place so we can boost national savings and invest in infrastructure. We understand the importance of reform. We understand the importance of putting a price on carbon to our future prosperity. Of course, today you have no better example of a major reform which will lift our productivity and ensure our future prosperity than the announcements that we made today regarding the NBN. Those deals with Telstra and with Optus put us in a position where we can deliver superfast broadband to every corner of our country. This is very important not just to those who live in the city but to those who live in our great regions, because getting away from and giving up horse and buggy telecommunications and moving to superfast broadband is absolutely essential to lifting productivity and our future prosperity.

So what we are about is getting the economic fundamentals right, making sure we put in place the essential reforms, bringing our budget back to surplus, putting in place superfast broadband and reforming education and training. All of these things are the core of prosperity. Of course, from that side of the House all we see is stunts and slogans. From this side of the House, we are getting the fundamentals right for all Australians.