Fiona Scott (Lindsay, Liberal Party) Share this | Link to this | Hansard source

My question is also to the Treasurer. Will the Treasurer update the House on the latest September quarter national accounts? How is Australia transitioning from the mining boom to a more diversified economy?

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

I thank the member for Lindsay for her question. Coming from Western Sydney, she comes from a place which strongly believes in growth and jobs. Western Sydney has been one of the great success stories of the Australian economy.

Opposition Members:

Opposition members interjecting—

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

Those opposite are a bit gloomy about these things, but Western Sydney is full of optimism about the great representation they get from the member for Lindsay. Those opposite are a little worried that the member for Fowler might be overrun by the member for McMahon. Hands up those who like the member for Fowler? He is a great man!

Government members interjecting—

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

Members on my right. The Treasurer will bring himself back to the substance of the question.

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

Our economy is making the positive transition from the investment phase of the mining boom. We are heading in the right direction as today's national accounts figures show. Growth is up, as the Prime Minister said, 0.9 per cent this quarter and 2½ per cent through the year. That is twice what we saw in Canada with their figures released just last night. They are a similar type of economy—a resources and commodities based economy. That is higher than the growth across the G7 and it is higher than the average growth in the OECD. Consumption is up and demand is up. Export growth is up 4.6 per cent this quarter and 6½ per cent through the year. What this shows is the emerging growth in demand for what Australia is doing.

As you transition from the high investment levels in the mining sector —as the Australian people know we are—you see a decline in business investment as we have seen in these figures. And we will call that as we see it, we will call it as it is—that is true. And we will see a growth in the non-mining sector investment as these increased demand figures flow through the economy. Australians are out there everyday working, saving and are investing through the transition in this economy—and the Australian government is backing them. We are working with them by supporting growth oriented policies. You need a growth-friendly tax system. You need a growth-friendly competition policy. You need a growth-friendly innovation policy. You need a growth-friendly environment policy and growth-friendly targets—but not those offered by those opposite. A 45 per cent reduction in emissions is not growth friendly and it is not jobs friendly. On this side of the House we are focused on growth and jobs. That is what our economic policy is about. The economic policies of those opposite are all about chasing Greens votes. Our economic policies on this side of the House are focused on growth and jobs in the economy. Our economy is transitioning. We will continue to do that and we will back Australians through that transition. These figures today show that that transition is taking place in a positive way and is being supported by good strong growth-orientated policies.

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

The member for Griffith interjected continuously during that answer. She is warned.