Tony Smith (Casey, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. I ask the Treasurer to update the House on the state of the economy in light of the release of the June quarter national accounts earlier today. Further, what will a stronger economy mean for my constituents in the electorate of Casey?

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

I thank the honourable member for the question and note that he has vast experience in dealing with issues of an economic nature. The national accounts, released today by the Australian Bureau of Statistics, identified that in the June quarter the economy grew by 0.5 of one per cent—

Ms Collins interjecting—

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

The member for Franklin will desist.

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

following on from a 1.1 per cent increase in GDP in the March quarter. The overall result was 3.1 per cent through the year, which is around market expectations. The fact of the matter is that it was at the higher end of expectations for the last quarter. There are a number of positive indicators about the economy but what is clear is that Australia has now entered the 24th consecutive year of economic growth, something Australia should celebrate—24 consecutive years of economic growth—reflecting on the fact that Australia has always earned economic growth. It has done so by undertaking reform and by ensuring that overall Australia lives within its means. That is exactly what we are determined to do.

We are determined to lay down the foundations for future economic growth. And while this is a brief moment for positive reflection, we should steel up our determination as a nation to work towards further reform that is going to ensure that we have future years of economic growth. That will come about by making decisions in the national interest, decisions that help to grow the economy, like getting rid of the carbon tax, which is what we have done; like getting rid of the mining tax, which is what we have done; like signing new free trade agreements with Korea and Japan, which is what we have done; like approving $800 billion of new productive investments as a result of the initiatives of the Minister for the Environment, as we have done; like removing up to $800 million of red tape on small business, as we have done.

Ms Plibersek interjecting—

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

The member for Sydney will desist.

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

The coalition are laying down plans to deliver future prosperity and growth with proper, considered inquiries into the financial services system, which come around every 15 years, or competition policy, or delivering a taxation white paper or a federation white paper, to ensure that the federation works better than it has in the past. We cannot assume that there is a finishing line on growth. The coalition is determined to see more growth in the Australian economy.