Rob Mitchell (McEwen, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Would the Treasurer update the House on new investment numbers released today? How do they support the government's approach in the budget to spread the benefits of the mining boom?

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

I thank the member for McEwen for that question, because just this morning we did receive a stunning endorsement of our economy's very strong economic fundamentals. We have had a report from the Bureau of Resources and Energy Economics that shows that the investment pipeline is simply skyrocketing. In the just six months to April 2012 the pipeline has grown by more than 10 per cent to reach a new record high. This means that Australia's pipeline of investment in resources is now worth half a trillion dollars, up from $456 billion just six months ago. And over half of that pipeline is at an advanced stage, providing a bedrock of support at a difficult time in the global economy. This is a resounding vote of confidence in the future of our economy and our region, and it simply torpedoes the claims by those opposite, who always try to talk down our economy.

In our economy we have solid growth, low unemployment, contained inflation, low net debt and, of course, we have this huge resources investment pipeline that is worth half a trillion dollars. I think it is about time those opposite came out and welcomed these figures, instead of talking our economy down as they do day in, day out. As the Prime Minister said before, our economy does walk tall in the world, but we do understand that not everybody in our economy is in the fast lane of the resources boom, which is why the budget focused on spreading the opportunities of the boom right across our economy. In terms of the investment programs for small business—loss carryback, the instant asset write-off—all of this is part of spreading the benefits of the boom right around our economy and, in particular, to small businesses but also to households. We do need to spread the benefits of the boom to households right across our economy. Of course, there will be increased family payments to 1.5 million families and, as the Prime Minister said before, a new schoolkids bonus to help 1.3 million families with education costs. The Liberals over there are happy to give the planet's richest woman a tax cut, but we on this side of the House are absolutely intent on providing a schoolkids bonus and increases in family payments to people on low and middle incomes. They will not stump up for people with a disability or for families on low and middle incomes, but they are quite happy to give a very big tax cut to the world's richest woman. We on this side of the House will never, ever apologise for standing up for working families in this country.

Rob Mitchell (McEwen, Australian Labor Party) Share this | Link to this | Hansard source

My supplementary question is to the Treasurer. He has spoken about the $½ trillion investment pipeline. How do these numbers build on the already strong fundamentals in our economy?

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

I do thank the member for McEwen for that question, because I think today's news is welcomed, as is the report from the OECD just two days ago. That was not welcomed by the opposition, either. They did not have anything to say about that good economic news for Australia, just as they have got nothing positive to say about the news today—because they simply will not get out of their mud bucket to say something positive about the country.

It would be good if they stopped talking down our economy and got behind the fundamental strengths in it. I think the Australian people deserve that sort of positive approach, and that is what they get from the government. In our economy we do have solid growth returning to trend. We have low unemployment at 4.9 per cent. We have an exceptional record of job creation—over 800,000 jobs. We have contained inflation. We have a low cash rate and, of course, we have got this $½ trillion investment pipeline. These are things that we should all celebrate for Australia.