Anthony Albanese (Grayndler, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is addressed to the Prime Minister. Yesterday the Prime Minister refused to debate the economy in this House. Will he today debate whether the IMF was wrong to downgrade Australia's economic growth forecast?

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

As I confirmed yesterday, the IMF downgraded those forecasts yesterday. Forecasts are regularly reviewed, whether they're by international bodies, the Reserve Bank or the Australian government, through the midyear budget update and, of course, at budget time. That is the normal process in terms of budget forecasts and other forecasts that are presented here and elsewhere. That is a matter of public record.

We have made no commentary regarding the accuracy of others' forecasts, because the government provide forecasts of our own as part of the midyear budget process, and we'll be doing that at the end of the year in the normal course of events. Given that I've been asked about forecasts and economic data, I'm very pleased to report to the House today that employment increased by 14,000 jobs in the month of September. That was in line with the expectation of around 15,000 jobs. I can say that we are rapidly approaching 1½ million jobs since this government was first elected. I can also inform the House that, with this increase in jobs in the last month, jobs have increased every month for the last three years under this government. I'm advised that that is the longest run of consecutive monthly jobs growth ever.

Since we came to government we have reduced the level of unemployment from 5.7 per cent to 5.2 per cent. We have also decreased the level of youth unemployment by a full percentage point over that period of time. This government is doing the work through patient, methodical, stable and disciplined economic policies, whether it is ensuring that Australians can keep more of what they earn or investing $100 billion in the infrastructure that the Australian economy needs to grow, investing in ensuring that we're putting the right skills programs in place to enable people in this country to get the skills they need for the jobs that are there or supporting business in the same way. We are reducing costs for business, including in the industrial relations area. I commend the minister for the work he is doing looking through all the things that are preventing people from getting jobs and unnecessarily costing the process of getting jobs, and I commend the assistant minister for the work he is doing in stripping away regulations that are costing this country investment.

We are expanding our trade horizons—lifting the percentage of trade covered by agreements from 26 per cent to 70 per cent. Our economic plan—the calm, measured, stable and certain plan—just gets on with the job of delivering for Australians. The increase of almost 15,000 jobs—26,200 full-time jobs—bears that out.