Michael Sukkar (Deakin, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister update the House on how the government's economic plan is driving jobs and growth to secure a strong economic future for all Australians? How will the measures announced by the Treasurer in last night's budget make our economy more innovative, competitive and productive?

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

I thank the honourable member for his question. Every measure in our national economic plan, every measure in our budget, is directed to driving jobs and growth so Australia can continue the successful transition from the post mining construction boom to a stronger new diversified economy. An economic plan that delivers a stronger and more innovative economy is an economic plan that benefits all Australians. At a critical time in making this transition, we are working to a carefully designed long-term plan to build upon our enduring strengths as an economy, and make Australia more innovative, more competitive and more productive.

Our plan secures continued strong economic growth and more and better-paying jobs for Australians, their children and grandchildren. Our plan includes the innovation and science agenda announced in December, incentivising start-up businesses to generate the jobs and industries of the future. Our plan includes a historic investment in Australia's defence industries to provide our armed forces with the 21st century capabilities they need and to secure thousands of jobs in advance manufacturing for years to come. Our plan includes the export trade deals negotiated by our government with China, Japan and Korea that provide unprecedented access for our farmers and services industries to the world's largest and most dynamic growth markets.

Our plan ensures that our tax and superannuation systems are sustainable and that the government moves towards a balanced budget. The budget delivered by the Treasurer last night addresses gaps in the tax system, reducing superannuation concessions for the very wealthy and ensuring that multinational corporations pay the tax that they should. The budget works to balance the budget to reduce the burden of debt and deficit bequeathed to us by Labor governments. Every measure is designed to drive jobs and growth. Our PaTH program provides new opportunities for 120,000 young unemployed Australians to get experience in the workplace. Our 10-year enterprise tax plan lowers company tax rates, with the small-business sector the early beneficiary. It will encourage more investment, higher labour productivity, higher wages and more jobs. We provided modest tax relief to average full-time wage earners so that 500,000 Australians are not forced into the second highest tax bracket. We are providing guaranteed funding for hospitals and schools, with an additional $2.9 billion to the states for public hospitals and an additional $1.2 billion for schools.

We are committed to this plan. This is the plan for jobs, for growth, for our future.