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 strong business investment figures revealed in yesterday's national accounts? Can the Treasurer please tell the House what the government is doing to support continuing investment in Australia's economy? Is he aware of any alternative approaches?

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

I thank the member for Mackellar, who's a keen questioner on economic matters in this place, for his question again today on the issue of private investment. In the national accounts figures, new private business investment was up 7½ per cent in the September quarter through the year. That is a turnaround from just two years ago, where it was going backwards by 11 per cent. The turnaround investment that has been taking place under the Turnbull government has been incredibly important in driving the many other numbers that we're seeing coming through, demonstrating the better days ahead being revealed to us as the months and weeks pass.

As the Prime Minister said, under the Turnbull government this year, around 1,000 jobs are being created every single day—1,000 jobs. At times, particularly in the September quarter, it was even greater than 1,000 jobs every single day. Some 850,000 jobs, in the revised figures released today, have been created since the coalition was first elected back in 2013—more than half a million of those in just the last two years.

There have now been 13 consecutive positive monthly trade balances. That is the first time that has happened in 44 years. This is a strong trade performance that is being driven by an economy that's getting out there and winning business around the world. It is supported by our trade agreements and, particularly, supported by our backing them in on their investment plans. Growth accelerated to 2.8 per cent in the September quarter, up from 1.9 per cent.

One of the things we have been doing, amongst many, is backing in small businesses by ensuring that they can keep more of what they earn by having them pay lower taxes. We have already legislated in this place for a reduction in corporate tax for businesses with up to $50 million in turnover, and our plan is to ensure that we do not strand the rest of business across Australia on a high-tax island. That is what the Labor Party would like to see, because they continue to frustrate these measures.

Yesterday the member for McMahon was appointed the shadow minister for small business. It may have gone unnoticed. What the new shadow minister for small business should do before the by-election in which John Alexander should be returned to this place is tell those 17½ thousand businesses in Bennelong—in addition to telling the 15,811 small businesses in his own electorate—why he is going to strip their legislative tax cuts away. He's got $25 billion tucked under the bench over there for money he's already spent, and that's why he is going to strip their tax cuts away, and he needs to be honest with them before this by-election. If he's not going to fess up to that, then he has to fess up to a $25 billion black hole in his ruinous budget from opposition.