Warren Entsch (Leichhardt, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline to the House how the government has laid down strong foundations for future prosperity over the past year?

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

I thank the honourable member for Leichhardt for his question and recognise that over the last 12 months economic growth in Australia strengthened from 1.9 per cent under Labor in the previous 12 months to 2.7 per cent in the last 12 months. So the economy is strengthening under the coalition. I also recognise that, over the course of this year, job growth has been running at twice the speed—over 12,000 new jobs a month compared to 5,000 new jobs a month under Labor. Of course, there is much more work to be done.

Mark Butler (Port Adelaide, Australian Labor Party, Shadow Minister for Environment, Climate Change and Water) Share this | Link to this | Hansard source

How many since the budget?

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

The member for Port Adelaide, I remind, has been warned.

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

I am encouraged by retail trade figures that were released today that indicate that this is the fifth consecutive month of increasing retail trade. We are now seeing retail trade up 0.4 per cent in October, which is a good result and sends a good message about Christmas. This is not an accident. It has come about because we have undertaken the necessary reforms to get the economy going. As the Prime Minister said, we have done everything we can and will do more to ensure that the budget is fixed, the budget is repaired and that every Australian in 10 years time does not end up with a debt left from Labor of $25,000 per person.

At the same time, we have delivered the largest infrastructure package in Australia's history: the equivalent of eight Snowy Mountains schemes to be built in new, additional infrastructure over the next decade. We have facilitated significant state microeconomic reform, and that microeconomic reform means they are redeploying capital from existing state assets into new productive state assets. We got rid of the carbon tax, which cut electricity prices. We got rid of the mining tax, which went on to give incentives back to people who want to invest in mining. We removed $2 billion of red tape—57,000 pages of legislation. We have signed three new free trade agreements. We have abolished 76 different government bodies and boards. We have approved 300 new major projects, going up to a trillion dollars of new investment. We have fixed the problem with employee share schemes. We have dealt with a taxation backlog of 100 announced but undealt-with different tax initiatives.

What is the response of Labor? Bill Shorten is proud of this year. He says, '2014 has been defined by the force of Labor's resistance.' Labor has been resisting everything that we have tried to do to make Australia stronger and better. Labor is actually standing in front of the fireman as we try— (Time expired)

Honourable members interjecting—

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

Until there is silence, I will not be calling the member for Ballarat.

Government members interjecting—

In that case, those on my right will also be silent.