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

My question is to the Treasurer. Treasurer, is it the case that today's Westpac consumer sentiment data for September fell by 5.6 per cent, that yesterday's weekly ANZ consumer confidence index fell by 5.8 per cent and that yesterday's NAB monthly business survey saw business confidence fall to just one point?

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

I say again to the honourable member for McMahon, despite his best endeavours, the fact is there is a range of different indicators that are more positive such as business conditions. If he wants to know, in the member for McMahon's last period as Treasurer, which was only a few weeks, the forecast, for example, that the unemployment rate would rise to 6¼ per cent in a much shorter period than what has happened with us.

Mr Conroy interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Charlton will cease interjecting and is warned.

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

The ABS has released new data in relation to unemployment, which I will say a bit more about later. But I can say to the honourable member for McMahon that business conditions rose to plus-11 points in August, as the National Australia Bank noted in their release, 'The trend index of business conditions is at its highest point since 2009.'

Yes, we have been hit by offshore headwinds—

Opposition members interjecting—

Well, of course, we have because—

Opposition members interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

Members on my left will cease interjecting.

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

Well, I tell you what: we are coping a hell of a lot better than when Labor was in government, and I will tell you why. The member for McMahon is complaining about a plus-1 figure on business confidence. Under the member for Lilley and the member for McMahon, it was minus 30. Let's complain about plus 1 because they delivered minus 30! Swannie, your talent has never been properly recognised. You broke every record that could be broken—every record, Swannie. You're missed!

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Treasurer will refer to members by their correct titles.

Tim Watts (Gellibrand, Australian Labor Party) Share this | Link to this | Hansard source

Mr Speaker, on a point of order. Of all people in this House, the Treasurer should refer to people by their correct titles. If he wants to play that game here is going to come off second best.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Gellibrand will resume his seat and is warned.