Craig Laundy (Reid, Liberal Party) Share this | Link to this | Hansard source

My question too is to the Treasurer. Will the Treasurer update the House on how Australia is transitioning from the mining boom to a more diversified economy? Is the Treasurer aware of any alternative plans that could hinder efforts to grow the economy and jobs and could damage Australia's transition?

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

I thank the member for Reid for his question. He is someone with a great business record before coming into this House. He well understands the challenges in the economy. I commend him on his elevation to the role of Chair of the House Standing Committee on Economics. Australia is steadily making the transition from a once-in-a-generation mining investment boom to a more diversified economy. As our economy continues to grow—as it is, above the OECD average and at more than twice the rate of comparable economies like Canada, who have also had a resource base—the sheer scale of the resources boom means that there will be challenges as we go through this transition. Australians understand that, but they also are realistically optimistic about Australia's economic fortunes, and there have been very positive signs in the course of the last week which give them cause for confidence.

The Australian manufacturing sector has expanded for the fifth straight month in this November. That is the first time that that has happened since July 2010. Secondly, the gross operating profits data this week was the first positive growth in profits recorded since March of 2014. This week's growth in wages and salaries over the past two quarters is the strongest since June of 2012. Of course, we have had the balance of payments data today, which the Minister for Trade and Investment will be very interested in because it shows that exports of goods and services in the September quarter rose by 4.6 per cent. That is the largest quarterly increase since 2000. This is a significant improvement in our balance of payments when it comes to exports. As those on this side of the House know, this government has been running the most ambitious trade agenda of any government in recent memory, led of course by the Minister for Trade and Investment as we have seen those agreements come into place. We have also seen employment continue to grow over the past year. We have seen unemployment fall. We have particularly seen youth unemployment fall to a level now which is below what it was at the time of the last election. Some 231,700 jobs have been created just in this year. That is the fastest growing calendar year growth in jobs since 2006.

What we will continue to do is work through the issues of growing our economy and growing jobs as we move through this transition. Australians understand that our economy is in transition. They know the things that they need to do. They are looking for a government—and they have found one—that will back them as they work, as they save and as they invest as they move through this transition in their economy. There are alternative approaches like those put by those opposite. This economy had enough help from the opposition when they were in government—of their very special brand of help—we have had by far enough of that. This government is putting in place the strong platform for jobs and growth that our economy needs as we go through this transition.