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

I thank the good senator from Western Australia for the question. This is a government that understands that a strong economy is the foundation of prosperity, the foundation of fairness for Australian workers and Australian families. This is a government that understands that a strong economy enables opportunity and that we have to create prosperity in order for it to be shared. We also understand that part of strong and sensible economic management is sensible fiscal policy, which is why we have in place these strict fiscal rules that I have outlined previously.

A strong economy has enabled the government to deliver policies that benefit Australian workers and families since coming to office. We know that central to dealing with things such as cost-of-living pressures, which do exist, is as strong economy. And why is that, Mr President? It is because a strong economy means more jobs and better wages.

Let us look at what has happened when it comes to employment in this country since we were elected to government. This government has kept Australia out of recession. It has created more than 650,000 jobs since coming to office, with the unemployment rate at 5.4 per cent and participation rate at their highest levels. With unemployment in the United States and Europe at near or just over 10 per cent, that gives you some sense of the achievements of the government. This is a government that has also introduced better working conditions. We got rid of Work Choices and introduced the Fair Work Act, delivering more fairness to the workplace and a more balanced industrial relations system. We have introduced paid parental leave.