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

My question is to the Treasurer. Senior Treasury official Mr Nigel Ray has said that, under the Turnbull government, Australia is experiencing 'a prolonged period of below-par growth, the likes of which we have rarely seen outside a recession'. Is Mr Ray correct? Is this the economic leadership the Prime Minister promised when he knifed the member for Warringah?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The member for McMahon would be very familiar with knives, as would the member for Fowler, who seems to be his current target at the moment. But, to come to his question—

Mr Bowen interjecting—

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

The member for McMahon will cease interjecting. He has asked his question.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The government is not in denial about the fact that our economy is transitioning from the most significant investment boom we have seen in the mining sector into the post-boom scenario. That is what is happening in the Australian economy at the moment. That might be lost on those opposite, but we understand that. And that is why it is so important that we have policies in place that support growth and jobs in our economy. That is why we are doing what we are doing when it comes to trade agreements. That is why we are doing what we are doing when it comes to the rollout of our $50 billion national infrastructure plan. That is why we are embracing competition policy reforms that can drive micro-economic growth at the state and territory level. That is why we are engaged in the innovation statement that will be released shortly, to do all the things that will drive growth and jobs and, in particular, to have a tax system that backs Australians to work, save and invest, who are out there doing it every day. That is the plan the government is engaged in.

The member opposite refers to average long-term growth and obviously includes the mining boom in those figures. Well, it is no secret to the Australian people that we have moved on from the investment boom in the mining sector. That is a very understandable position that the Australian people get, and they know that they are having to work through this transition. But they are also realistically optimistic. That is why we are pleased to see the figures that have come out today on business indicators which show an above-median result on expectations when it comes to gross operating profits. We are seeing improvement in those profits. We have seen an improvement also in wages outcomes today—the best and strongest increase for the past two quarters we have seen since June 2012. We have also seen an increase in inventories as well.

We are getting on with the job of supporting growth and jobs in our economy. Those opposite want to put a carbon maxitax on the economy—a 45 per cent reduction in emissions. On what planet do they think that that does not kill jobs and slug the economy? It is only on planet Labor-Green where you actually think that you can have an emissions reduction target of 45 per cent and think that that will not have a devastating impact on the Australian economy. So we will keep about our plan. We will keep about the progress we are making on these issues. We understand the challenges that we face and we make no excuses for them; we just get on with the job of addressing them and ensuring Australians can be confident that the government is doing everything within its power to support growth and jobs in our economy.