Darren Cheeseman (Corangamite, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Acting Prime Minister and Treasurer. Will he outline for the House what the recent economic data says about the strength of our economy?

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

I thank the member for Corangamite for that question. Last week we saw more evidence of the world-beating performance of the Australian economy. I think it is something all Australians can be proud of. The latest national accounts show that our economy grew by a solid 0.6 per cent in the June quarter and a robust 3.7 per cent for the year. We continue to grow faster than any other major advanced economy. The accounts also show that growth was broadly balanced during the quarter. We saw broad based growth with positive contributions from consumption, investment, net exports and public demand. It is pretty rare to get that sort of healthy combination. All of this has been achieved against the backdrop of volatility in global financial markets and recession across Europe. So it was a pretty good result considering what was going on around the world during the June quarter.

More than that, this data also confirmed 21 consecutive years of economic growth. That is a remarkable achievement, unequalled anywhere else in the developed world. It is something every member of this House should be proud of. It stands in stark contrast to the aggressive negativity of those opposite—the aggressive negativity of the Leader of the Opposition, the shadow Treasurer and the shadow finance spokesman.

All of this does not mean that we do not still face economic challenges. We have global uncertainty, we have the impact of a higher dollar, we have lower commodity prices and we have other structural challenges. But we still have strong economic fundamentals—a combination of solid growth, low unemployment, contained inflation, healthy consumption and a record investment pipeline—so much so that our economy is now 11 per cent bigger than it was prior to the global financial crisis. Something like 800,000 jobs have been created in Australia since the onset of that crisis, which contrasts starkly with what has gone on elsewhere in the developed world.

We have a clear plan to keep our economy strong and to provide opportunities for all Australians. In particular, we have made a commitment to invest in our education system, to make sure that we provide the resources for the quality education which is absolutely essential for ensuring we continue to grow strongly and continue to have job creation and the rising incomes we all aspire to. We have made a commitment to reform our education system so that every kid, regardless of their background, has the opportunity to become Prime Minister. So there is a clear choice: positive plans for the future or the negative approach of the Leader of the Opposition. (Time expired)