Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I thank Senator Crossin for the question. This government will continue the strong, stable and responsible economic management which we have delivered in our last term and which has kept this nation out of recession, which has created more than half a million jobs in this country in our first term and which will see the budget return to surplus in 2012-13. These achievements will provide a strong foundation for the future. Unlike other countries that have endured recession, this nation faces the future from a position of strength.

Just contemplate the differences. The Australian economy grew some 3.3 per cent over the past year. Look to the United States where the recession lasted some 18 months and saw GDP in that country contract by 4.1 per cent—one of the longest and deepest recessions in the postwar period. Unemployment in this country is 5.1 per cent. Compare that to the United States and the United Kingdom, where the levels of unemployment are closer to 10 per cent. And our net debt peaks at six per cent in 2011-12, comparing very favourably to the 94 per cent of GDP for the major advanced economies in 2015. This is a government that has an economic plan to lock in the nation’s success and to build a stronger, broader and more competitive economy unlike those opposite who bring nothing more to this parliament when it comes to economic policy than a desire to oppose—not a desire to put in place good policies for the nation and not a desire to build but a desire to oppose. They would rather see the government fail than the nation succeed. That is the reality of their position. In contrast we have put forward positive policies, reduction in the company tax rate and superannuation reform. (Time expired)