David Coleman (Banks, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on the state of the Australian economy. How will a strong economy help all Australians, including in my electorate of Banks?

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

That is a very good question. I thank the honourable member for Banks for that question. Recently, I visited Jenny's Kindergarten in Padstow with him.

Jenny Macklin (Jagajaga, Australian Labor Party, Shadow Minister for Families and Payments) Share this | Link to this | Hansard source

Very nice!

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

It was very nice. They were very welcoming, I must say. The children were very happy to see us. They were certainly smiling.

Opposition members interjecting—

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

The member for Hotham is warned.

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

Jenny's Kindergarten is an outstanding example of a modern childcare centre that responds to the needs of its customers. As the Prime Minister has said, the government will soon be announcing a new families package that will help to increase female workforce participation, which is one of the issues that was raised in the Intergenerational report. We need to lift female workforce participation in Australia, because if we could lift female workforce participation in Australia to the same level as that in Canada, we would increase the Australian economy in size by the equivalent of a new Newcastle coming into the Australian economy in the year.

We have made a good start in terms of fixing the budget mess that was left to us. Today, Fitch Ratings agency reaffirmed our AAA rating and said:

Real GDP growth is high relative to 'AAA' rated peers—

so compared to other countries it is high—

and has been more stable, despite reliance on commodity exports, particularly to China.

Mr Conroy interjecting—

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

The member for Charlton is warned.

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

I remind the House that iron ore has been our biggest export. When we came into government iron ore prices were around $100 a tonne; today they are closer to $50 a tonne. But, because we have made a good step forward—we have already taken good steps in addressing the legacy of debt left behind by Labor—Fitch have recognised that, and they said:

Fitch projects Australia's public debt burden to remain significantly lower than 'AAA' peers in the medium-term even under currently legislated policies.

That is what we have done so far, but there is more to do. Of course, as we get on with the job of fixing the economic and budget mess left behind by Labor, we are endeavouring to strengthen the Australian economy, and the upcoming budget will be about building a stronger economy. I am pleased with the ACCI-Westpac survey of industrial trends released today, which recognised that in the March quarter there was an increase of two points, to 56.2. Importantly, it said:

Of course, what we know on this side of the place—

Mr Dreyfus interjecting—

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

The member for Isaacs will desist.

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

is that, if you have successful businesses, you have more jobs for Australians.