Ross Vasta (Bonner, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister update the House on today's national accounts and the importance of a strong economy for households and businesses? Are there any risks to Australia's economy, including in my electorate of Bonner?

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

I thank the honourable member for his question. In his electorate and in all honourable members' electorates we are seeing the benefit of strong economic growth in the December quarter—1.1 per cent and 2.4 per cent across the year. That now gives Australia faster economic growth than any of the G7 economies. This is a very good outcome for Australian families, for Australian business and for jobs. It underscores the strength and resilience of our economy.

We have also seen—and this is a very, very positive development—strong growth across sectors. There has been strong growth in agriculture, driven by a good harvest, yes, but also big export trade deals—the very export opportunities that are delivering growth in regional Australia and picking up from the downturn caused by the inevitable completion of the mining and construction boom. We are also seeing positive economic growth in Western Australia—of course the biggest mining state and the state which has faced the biggest transition. It is a tribute to the leadership of my government and the leadership of the Barnett government that you are seeing that strength in growth.

Opposition Members:

Opposition members interjecting—

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

Honourable members opposite can scoff, but what they forget is that, if you are looking for a job in Western Australia, you know you have a better chance now than you did a year ago and you know you are doing better because you have got stronger economic growth.

None of this has happened by luck; it is the result of carefully considered policies, prudent economic management and strong leadership. Every single one of our policies, every single one, from the middle-income tax cuts, to our instant asset write-off for small business, to our commitment to infrastructure, to our focus on innovation, to our commitment to opening up more export opportunities—all of our policies and measures are focused on delivering stronger economic growth, and we are seeing that stronger economic growth across the country.

The business tax cuts the Labor Party used to be in favour of and published extensively on and orated on, in the case of the Leader of the Opposition. He said how cutting business taxes would deliver greater productivity, more investment, more growth and more jobs. All of those things were in the 2010 budget, when they said it would put money in the pockets of workers if you cut company tax. They were right then and it is right today. All of those things they have now walked away from, just like the Leader of the Opposition has walked away from his commitment to the independent umpire in industrial relations. The Labor Party's recipe is one for higher debt, higher deficit, lower growth and fewer opportunities for Australian families. (Time expired)

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

Before I call the member for McMahon, I caution the member for Brand and the member for Perth.