Sally Sitou (Reid, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Albanese Labor government's economic plan laying the foundations for a stronger economy into the future after a wasted decade?

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Thank you to the wonderful member for Reid for her question. She has now asked twice as many questions as the shadow Treasurer since the budget reply! The Albanese government's economic plan is all about helping people through difficult times at the same time as we lay the foundations for a stronger economy into the future.

We know that those opposite failed when it came to productivity. It's a big, defining feature of the wasted decade of missed opportunities that they were responsible for. If you won't take my word for it, Mr Speaker, then listen to the shadow finance minister, Senator Jane Hume. She was asked by Tom Connell:

… do you sort of put your hand up and say maybe we didn't do enough on this when we were in government?

Jane Hume said:

Look, I think that governments past have been absolutely remiss in their ability to make a real difference in shifting the dial on productivity …

She then went on to say:

… I am not going to put my hand on my heart there and say "Look at all the great things we did" …

There is a reason for that.

Australians are paying a hefty price indeed for this wasted decade under those opposite. They delivered the slowest decade for productivity growth in the last 60 years. While it will take some time for us to turn this around, we are absolutely focused on building a stronger and more productive economy. We are progressing in some form more than two-thirds of the 29 reform directives outlined in the Productivity Commission's five-yearly inquiry because we understand that productivity equals prosperity. But we on this side of the House also understand—this is the difference—that building a more productive economy isn't about hacking away at people's wages and conditions, it's not about making people work longer hours, and it's not about making them work harder for less money.

We will get the right kind of productivity growth in this economy in time by investing in the skills and capacities of our people and supporting our businesses to innovate and grow so that we can manage and maximise some of the big shifts that are underway in our economy: the growth of the care economy, the possibilities of data and digital, and the vast industrial and economic opportunities that come from the transformation to net zero. That's the reason behind our policies, like fee-free TAFE and vocational training; investing in the industries of the future, like hydrogen; and supporting businesses to adopt new digital innovations, like artificial intelligence. This government has a plan to make our economy stronger and more productive so that we can lift incomes, lift living standards, build more successful businesses and clean up the mess left behind by those opposite.

Government Members:

Government members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! Members on my right will cease interjecting immediately, and so will the member for Gippsland.