Jason Falinski (Mackellar, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on the release of today's national accounts and what these strong figures tell us about growth in our economy? What do these strong figures mean for hardworking Australian families and businesses, and are there any risks associated with alternative approaches?

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

I thank the member for Mackellar for his question. We already knew that over 100,000 jobs were created in the September quarter—that's more than a thousand jobs every single day in the September quarter. We know, as the Prime Minister said, we've been averaging around that figure all year—a thousand jobs every single day under the Turnbull government. That's almost four times what was achieved by the Labor government when they were last in office. The Turnbull government is delivering jobs—but it's not just that, because the Turnbull government is also delivering growth.

We went to the Australian people, we promised them jobs and growth, and jobs and growth is exactly what the Turnbull government is delivering, because the national accounts show today that, in the September quarter, through-the-year growth rose from 1.9 per cent to 2.8 per cent. And this has occurred principally because of the drive in investment that has been created by businesses getting back in there and investing in their businesses. That investment has been supported by the deliberate economic strategy of the Turnbull government to reduce taxes on small- and medium-sized businesses, legislated, and we want to go further, and the Labor Party is standing in the way of the Turnbull government's policy to invest in new public economic infrastructure; of the Turnbull government's plan to continue to open trade so our businesses can grow; of our backing of innovation, our backing of start-up businesses and our backing of new reforms, which will open the way for small- and medium-sized businesses and businesses right across the country to employ more people.

We've had four quarters now of consecutive increases, growth, in business investment. New business investment was up 7½ per cent through the year. Compared to two years ago, when it was minus 11, it is now plus 7½—the strongest new business investment growth we've seen since the peak of the mining investment boom. Contribution to growth by investment, in this latest quarter, is up three times what it was in the previous quarter. Public investment in economic infrastructure is up 12.6 per cent, and on defence investment it is up more than 30 per cent, supporting new manufacturing jobs and high-tech manufacturing jobs as a result of that investment. Exports are up 6.4 per cent; in the service industry, they're up 10 per cent, and, in the agriculture industry—to welcome the Deputy Prime Minister back to the parliament—the figures are up more than 20 per cent.

The Turnbull government's national economic plan is delivering the jobs and growth that we promised the Australian people. And the alternative, from those opposite, is a $164 billion tax slug on investment, on housing and on earnings. All of this will suffocate the growth that this government is delivering every day.