Trevor Evans (Brisbane, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on key outcomes of the G20 finance ministers' and central bank governors' meeting in Germany? How will continued cooperation on the global economy allow hardworking Australian businesses and workers both in Brisbane and around Australia to grow and earn more?

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

I thank the member for Brisbane for his question and his keen interest in these issues—not only about the global economy but about the strengthening of the Australian economy. The good news to report on the global economy is that it is in a stronger position today than it was a year ago. The outlook for the global economy is actually stronger today than it was a year ago as well. Things are better. That is the report from the many economies I spoke with on the weekend, and things are expected to get better. This is very good news—whether you are talking about what is happening in Europe, in the Netherlands, in Spain in particular or in the United Kingdom, or whether you are talking about what is happening in the United States or even Japan. We are also seeing continued stability coming out of China. All of this is good news, and it is good news for Australians. For many years—since the GFC and in recent times—much of the news when you went to these talks and assemblies was quite bleak. It is important that we understand the opportunity that we as an economy have to take advantage of this improving situation globally. We cannot be complacent about it. We cannot be complacent about growth. We cannot be complacent about the jobs that depend on growth. We cannot be complacent about the incomes and the wage increases that come as a result of that growth and, indeed, the lift in living standards that is dependent upon that growth.

Australia is incredibly well placed to take advantage of the improving situation globally. This is a government that has delivered on the issue of trade. Trade was a key recognition in the outcomes of the meetings on the weekend—the contribution of trade to prosperous economies around the world. This government has delivered on the trade front, whether it is with China—which was opposed by those opposite—whether it is with Japan or whether it is with Korea. Indeed, the minister for trade continues to work on the important agreements with Indonesia, the European Union and the United Kingdom. The Australian economy is well placed because of our strength. We have the second-highest GDP of any country in the G20.

Mr Bowen interjecting—

I am reminded by the shadow Treasurer, rightly, that it is this government that is actually working on the free trade agreement with India. I am reminded of that. Mr Speaker, I wish Labor were as enthusiastic in supporting the government on free trade and on issues of trade today as they were in showing reluctance to do so in the past. But it is not only that. This is a government that is investing in infrastructure. You have heard from the Prime Minister and other ministers about the groundbreaking investments—whether it is Snowy 2 or whether it is a pumped hydro facility in Cultana in South Australia. These are the investments that deliver energy affordability to Australian businesses to ensure that they can plan for their future with confidence and take the opportunities that are there in this improving global situation and environment.

Those opposite, the Labor Party, stand against so many of these initiatives. (Time expired)