Chris Crewther (Dunkley, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on how the government's strong economic security agenda is leading to strong growth, lower taxes and better budget management, including for people in my electorate of Dunkley? Is the Treasurer aware of any alternative ideas that would not achieve similar levels of success?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Dunkley for his question because he knows, like 25 million Australians, that the coalition are proven economic managers and Labor can't be trusted with the economy and can't be trusted with your money. The national accounts that came out last week showed that GDP growth was 3.4 per cent. That was faster than the OECD average and faster than any G7 country and the fastest rate since the height of the mining boom back in 2012. What was particularly pleasing about those numbers was the record jobs growth. We've created more than one million jobs, creating more than a thousand jobs a day, and the growth was broadly based. Dwelling investment, business investment, household consumption, exports and government infrastructure were all up through the year. That is the record of the coalition government.

Our priorities are clear: lower taxes so that people can have more of the money that they have earned. We have legislated income tax cuts for 10 million Australians. We have legislated company tax cuts for more than three million small and medium enterprises employing people like bricklayers, bakers, butchers, florists and mechanics. Nearly seven million workers are better off because of our lower taxes. We are bringing the budget back to balance in 2019-2020, a year earlier than expected, and we have real spending growth down to its lowest level in 50 years. That is a result of our economic management.

I'm asked, 'Are there any alternatives?' We know that the Labor Party will increase your taxes—increase your taxes on your income, increase your taxes on your business, increase your taxes on your retirement savings and increase your taxes on your properties. We also know they'll increase energy prices, hitting the household family budget. We also know that they will blow the budget. Why? It is because last time they were in government they had $240 billion of accumulated deficits and $210 billion of net debt. The Labor Party and the Leader of the Opposition don't even know what a surplus is. I found this budget news in a community newsletter that was sent out to the Leader of the Opposition's own electorate when they were last in government. I want to read you a line. It says, 'We have brought the budget back to surplus on time, as promised.' The Labor Party can't be trusted with the economy. They have never delivered a budget surplus. Only the coalition can be trusted to deliver more jobs. (Time expired)

Dr Mike Kelly interjecting—

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

The member for Eden-Monaro, yet again!