Chris Evans (WA, Australian Labor Party, Leader of the Government in the Senate) Share this | Hansard source

I thank Senator Gallacher for his question. The Australian economy is a clear standout performer in the developed world. All Australians should be very proud of this remarkable achievement, especially during one of the more difficult times for the world economy—one of the worst since the Great Depression. But, despite the great challenges for the economies of Europe and North America, it is clear how resilient the economy of Australia is, with good growth, low inflation and low unemployment.

Overnight we were reminded about the great challenges ahead for Europe with the second Greek election. Whatever the final outcome of the election, we are urging the region's policy-makers to progress their fiscal reforms so that they can boost growth and put their public finances on a sustainable footing. That is the message the Prime Minister has taken with her to the G20 leaders' summit in Mexico this week, and we know that Europe must heed it.

We know that we are not immune from what happens in Europe and more broadly in the global economy, but we also know that the Australian economy's resilience is strong. Our economy grew by 1.3 per cent in the March quarter and 4.3 per cent throughout the last year. This is faster growth than that of any other major advanced economy. Our interest rates are low with the RBA cutting the cash rate to 3.5 per cent, providing additional help for households and small businesses with a cash rate lower than it was at any time under the Howard government.

With such strong results, Australians should be confident about our future and about the Australian economy. With record investment in the pipeline, strong public finances, contained inflation, low interest rates and low unemployment, there is more opportunity than ever before to see everyone participate in a strong economy and take advantage of the opportunities it presents.