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

I thank Senator Bilyk for the question. The Australian economy is the envy of much of the developed world. We have an enviable combination of solid growth, low unemployment, contained inflation, sound public finances and a large investment pipeline. All this has been achieved despite the challenge of the global economy.

This morning the latest update from the IMF shows the ongoing challenges facing the global economy. IMF forecasts for global growth from 2012 and 2013 have been downgraded to 3.3 per cent and 3.6 per cent respectively, with recession in Europe and slow growth in the US impacting on global growth. But despite these challenges, the IMF is forecasting that the Australian economy will continue to outperform every single major advanced economy over the next two years—that is right, Mr President, every single major advanced economy. Based on the IMF's report on gross domestic product and market exchange rates, Australia is now the world's 12th largest economy. It has moved up from the 15th largest economy when this government came to office.

This growth in the Australian economy, this tremendous economic performance, is delivering for working people in Australia. An economy that is 11 per cent larger than when this government came to office means that there are more people in work. More than 800,000 jobs have been created in that period. Inflation is at a 13-year low, which gives the RBA room to cut official rates, and lower mortgage rates mean relief for Australian families on their mortgages. These results are delivering more jobs, more job security and a brighter future for working Australians, and it is a very good news story for the future of the Australian economy and Australian people.