Lucy Wicks (Robertson, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer please outline to the House how the Morrison government's economic recovery plan is cutting taxes for families and helping businesses to recover and generate more jobs, including in my seat of Robertson, and is the Treasurer aware of any alternative policies?

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

I thank the member for Robertson for her question. I acknowledge her experience as a schoolteacher before coming to this place and as a surf lifesaver today in her local community. She and the other members on the side of the House understand the importance of strong economic management. I can confirm to the House that the economic recovery across the country is now underway: 446,000 jobs were created over the last four months. Last week we saw consumer sentiment increase by 11.9 per cent. That was the single largest increase in a budget month since the series first began in 1974. And today we saw consumer confidence increase for the seventh consecutive week, having recovered 95 per cent of its falls from the start of this pandemic.

Today we heard from S&P that they have reaffirmed Australia's AAA credit rating. We are one of only nine countries in the world to have a AAA credit rating from the three leading credit ratings agencies—Switzerland, Singapore, Germany, the Netherlands, Luxembourg, Denmark, Norway, Sweden and Australia. Nine countries in the world have a AAA credit rating from the three leading ratings agencies. S&P said today:

Australia's typically strong fiscal performance remains a credit strength for the rating.

…   …   …

Australia's budget improved in recent years—

That is what S&P said today. Having been out with the member for Robertson in her electorate, I saw the economic recovery underway. We met with an electrician who employs a dozen people on the Central Coast. When he heard our announcement about supporting new apprentices, he decided to go out and hire two new apprentices, including his first female apprentice—a young, budding electrician. These businesses that have been on JobKeeper are now graduating from JobKeeper as the economic recovery is underway.

In our budget we announced cutting taxes for more than 11½ million Australians to strengthen our economy. Those opposite continue to have $387 billion of higher taxes on their watch, which will continue to hurt the recovery. On this side of the House, we stand for jobs. On this side of the House, we stand for a stronger economy. On this side of the House, we stand for lower taxes.