Sarah Henderson (Corangamite, Liberal Party) Share this | Link to this | Hansard source

Madam Speaker, my question is to the Treasurer. Will the Treasurer update the House on the state of the economy? How will building a strong economy help small businesses and constituents in my electorate of Corangamite?

Opposition Members:

Opposition members interjecting—

Ms Owens interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

Before I give the call to the Treasurer, there will be silence on my left! I would remind the member for Parramatta that she has been warned. One more utterance and she may leave.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Corangamite for her question. We have to ensure that Australians hear the truth about the state of the economy today. Yesterday, the Leader of the Opposition said that consumer confidence and business confidence in the high streets of Australia have collapsed. He could not have been more wrong. And he could not have been more wrong because of the facts. The NAB business confidence index rose nearly eight points in July—the second highest rating in four years. The NAB business conditions survey is also at a 4½-year high.

Dr Chalmers interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Rankin will desist.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The ANZ-Roy Morgan Consumer Confidence data—

Mr Bowen interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for McMahon.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

released today shows consumer confidence above its long-term average. In fact, it increased 0.9 per cent in the last week alone. The improvement was driven almost entirely by an 11.1 per cent increase in household perceptions about their financial situation compared to one year ago. So there you have it: the Leader of the Opposition's line yesterday about business confidence and consumer confidence is just dead wrong. But lending has returned to levels last seen prior to the global financial crisis. Total new lending commitments rose 7.6 per cent in June to a 6½-year high of $73 billion.

It all comes down to jobs. Jobs are what are driving our aspirations in the budget. We want to see more Australians in work and in better paid work. That is the focus of our budget. That is the focus of what we are doing in the economy. I can report to the honourable member for Corangamite that job growth in Australia each and every month this year has been three times what it was each and every month last year under Labor. Fifteen thousand new jobs are being created every month in Australia this year and it was around 5,000 jobs per month under Labor last year. But I want to emphasise that there is still much work to be done.

The unemployment rate of 6.4 per cent is too high and that is why we are rolling out of the biggest infrastructure program in Australian history in our budget. There will be cranes over our cities. There will be cranes across the country. We are rolling it out because we want to build the infrastructure of the 21st century and we want to create a great environment where business can go out and employ more Australians.