Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer the Treasurer to the sharp fall in the Australian Industry Group's September performance of services index and note that this fall was blamed on 'ongoing concerns about the weak state of the local economy and the effect of federal budget uncertainties this month'. Treasurer, isn't it the case that your budget not only is unfair but has also been bad for the economy?

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

No. Why? There was an Ernst & Young six-monthly Australasia capital confidence barometer released today from over 150 companies across Australia and New Zealand that shows corporate confidence, particularly in the area of potential acquisitions, is at a four-year high.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Madam Speaker—

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

Hang on. No, you want to listen to this.

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

The Treasurer will resume his seat. I call the member for McMahon on a point of order.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Madam Speaker, I asked about a completely different survey. If the Treasurer needs a few minutes to find the right note, I am happy to help him by taking a point of order.

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

There is no point of order. The member will resume his seat. If he attempts to abuse the standing orders like that, he can leave the chamber under standing order 94(a). I call the Treasurer.

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

That report from Ernst & Young today said that the number of companies intending to pursue an acquisition in the next 12 months has more than doubled from 32 per cent six months ago to 66 per cent now. Other key findings: 96 per cent of the 150 companies surveyed believe the economy is improving or stable, up from 80 per cent a year ago; 90 per cent are confident in corporate earnings, up from 46 per cent a year ago; 72 per cent are confident in credit availability, compared to 46 per cent a year ago; and 75 per cent are confident in short-term market stability, compared to 20 per cent a year ago.

That might just be the reason why under us this year job creation in Australia has been running at around three times the speed that it did under Labor in the last 12 months of their last year. Three times the speed is not enough: is that what you are saying? It is not enough to have around 15,000 new jobs created every month in Australia under the coalition compared to 5,000 a month last year under Labor. That is not good enough for Labor. It is not good enough for Labor who left a budget mess that we have set about fixing. It is not good enough for Labor who left a regulatory mess that we are now in the business of repealing. It is not good enough for Labor who left a logjam of environmental approvals for major projects, which this Minister for the Environment has cut through to the tune of $800 billion. It is not good enough for Labor who after six years in government were unable to land a free trade agreement with Japan or Korea, and in the first 12 months we did. It is not good enough for Labor who let the infrastructure of Australia degrade. Under us and our budget we are rolling out the biggest infrastructure program in Australian history.

They are the facts. They are the facts that deliver prosperity; they are the facts that deliver jobs. The only friends of the Australian economy are the coalition and the Abbott government.