Warren Entsch (Leichhardt, Liberal Party) Share this | Link to this | Hansard source

Will the Treasurer update the House on today's release of the national accounts figures? How do these figures show that the Morrison government's economic plan is keeping Australia's economy resilient in the face of economic challenges? Finally, is the Treasurer aware of any alternative approaches?

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

I thank the member for Leichhardt for his question. He's a great champion of northern Australia. He's a great supporter of the reef and the tourism industry. There's no more enthusiastic supporter of all those crocodile catchers out there than the member for Leichhardt.

I can inform the House that in today's national accounts we saw growth of 0.5 per cent in the December quarter. What we saw through the year was 2.2 per cent growth. That was up from 1.8 per cent through the year growth for the September quarter. This puts to rest the falsehood spread by those opposite that the Australian economy was softening at the end of last year. In fact, this side of the House believes in the resilience of the Australian economy and it has defied all those who seek to talk it down.

This is the sentiment that we agree with: 'This tide of negativity, this relentless negativity from the doomsayers has to stop. It insults the hard work that so many Australians put in to make our economy strong.' Who said that? Was that the Prime Minister? No. Was it the member for Riverina? No. Was it the member for Pearce? No. That was the former Labor Treasurer, the member for Lilley, Wayne Swan.

The reality is that in today's national accounts we saw household disposable income increased by 2.6 per cent over the second-half of last year. Average earnings, which is another way of measuring wage growth, was also up three per cent through the year.

The alternative approach is the high-taxing, high-spending approach of those opposite—fiscal mismanagement and huge budget deficits. I was pretty surprised when I had a look at a book by Paul Kelly called Triumph and Demise. On page 415 he talked about the alternative approach from those opposite. This is what he said about Wayne Swan, 'Wayne Swan announced the budget would return to surplus in three years time.'

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

The Leader of the Opposition, on a point of order?

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

Relevance.

Honourable members interjecting—

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

I'm quite capable of listening to the question and the point of order, and I'll rule on it. The Treasurer can stand there if he wants. It did ask about alternative policies and approaches. The Treasurer needs to relate it to the material he's producing and relate it to alternatives.

Mr Husic interjecting—

The member for Chifley is not helping again. I don't blame him this time. It's not always deliberate. The Treasurer has the call.

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

The alternative approach is the fiscal mismanagement that occurred on the watch of those on the other side of this parliament. It says on page 415 of this book that Swan's senior adviser, Jim Chalmers, captured the mood. He said: 'He captured the mood when he said, "The media sell in the budget lock-up was easy—back in black." We had the member for Rankin running around the budget lock-up talking about being back in black. The reality is on this side of the House we have delivered the first balanced budget in 11 years and more than $300 billion of legislated tax cuts. Unemployment has fallen from 5.7 per cent under Labor to 5.3 per cent today. Under the coalition the economy will continue to be stronger.

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

The Manager of Opposition Business on a point of order?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for the Arts) Share this | Link to this | Hansard source

The Treasurer is talking about back in black. I move:

That the member's time be extended.

Question agreed to.

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

Under the rules, the Treasurer has an extension of time for half of what he had before. He has a further 90 seconds.

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

Only one side of this House has delivered more than $300 billion of tax cuts. That is this side of the House. Only one side of this House promised $387 billion of higher taxes. It was that side of the House. One side of the House has created more than 1.5 million jobs. It is this side of the House. There is only one side of the House that saw unemployment rising—it was 5.7 per cent. It was that side of the House.

When the Labor Party were last in government, 62,000 small businesses closed their doors in the last year. Under this coalition government more than 300,000 small businesses have been created. Under this side of the House we have delivered the first current account surplus in more than 40 years. Under this side of the House we have delivered the lowest welfare dependency in more than 30 years. Under this side of the House we have delivered the biggest tax cuts in more than 20 years. Under this side of the House we have delivered the first balanced budget in 11 years. Only the coalition can be trusted to deliver more jobs, lower taxes and a stronger Australian economy.

Dr Chalmers interjecting—

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

I am just saying to the member for Rankin, that sort of thing might not look good on film, but that is a matter for him.