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

My question is to the Prime Minister. Will the Prime Minister update the House on Australia's strong economic performance as we make the transition from the mining investment boom? How is the government's economic plan delivering jobs and growth?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the honourable member for his question. Our economic plan is to ensure that we continue to make a successful transition from the mining construction boom to a strong and prosperous 21st century economy. Every lever of our policy is directed at ensuring our economy is more innovative, more competitive and more productive so that we can deliver great jobs and great opportunities for Australians, our children and our grandchildren.

Only today, the defence minister and I announced the commitment to naval shipbuilding, securing another 2,500 jobs into the future. Under the six years of the Labor government, not one ship was commissioned from one Australian yard. We are getting on with the job. We are rebuilding that industry, which Labor left languish. We are ensuring that our Navy has the vessels that will keep us secure and we have an industry that will deliver us the support and the capabilities that our Navy will need for decades to come. Our policies are working. The labour force data for March shows strong growth continuing: 26,000 new jobs; unemployment fell to 5.7 per cent. Last year we had more jobs created in Australia than since 2006. We had three per cent real GDP growth. Business confidence is resurgent. Business conditions—according to the NAB survey—are at their highest level since early 2008.

One of the most important elements in our plan is opening up those big trade opportunities in Asia—especially China—pioneered by our former trade minister, Andrew Robb. I was there last week, with Andrew, with the biggest ever trade delegation to leave our shores—1,000 Australian businesses looking to open up new markets. We know that China is going through an economic transition too. It is going from one based on investment and heavy exports to one that is more consumer based, and that is providing enormous opportunities. It gives opportunities to our primary producers, our beef and dairy exporters, cherry farmers in Tasmania and cray fisherman in Geraldton. It gives opportunities for architects, engineers, lawyers and planners. As the winemaker Warren Randall said: 'The China FTA is the most important development in wine marketing in the 39 years I have been in this business.' It is a massive opportunity and Australians see that right around the country, but let us not forget the Labor Party opposed the China-Australia Free Trade Agreement. Their union masters campaigned against it relentlessly on television and it was only at the very last minute that they finally relented and agreed to it passing through the parliament. We stand for trade and growth; Labor stands in the way.