Lin Thorp (Tasmania, Australian Labor Party) Share this | Hansard source

It confuses and bewilders me on certain levels why it is that the opposition focuses so much on one single issue when it comes to describing what is the Australian economy, an economy that the Prime Minister rightly referred to as 'one of the seven economic wonders of the world'. Our strong fiscal management has meant that we are the envy of treasurers the globe over. It was the Australian Labor government that bullet-proofed the Australian economy and kept it out of recession during the worst economic downturn in three quarters of a century, which those opposite seem incapable of grasping.

Since December 2007, when Labor came to power, the Japanese economy has shrunk around 1½ per cent. The euro area economy has shrunk almost two per cent, the US economy has grown by merely 1.25 per cent, yet the Australian economy has grown around 13 per cent over the same time. That meant that we were able to protect jobs and can still protect jobs, as we did during the global financial crisis. In fact, around 840,000 jobs have been created since we were first elected. In contrast to that, the completely irresponsible Newman Liberal-National government in Queensland has been shedding jobs at an average of 65 jobs per day. Mr Abbott himself, the Leader of the Opposition, has referred to the outstanding job being done by Campbell Newman and his band of what I would only describe as economic illiterates. If this is the template by which the opposition leader intends to govern the country, should he ever have the privilege of taking the position of Prime Minister, we should all be very nervous.

As far as interest rates are concerned, it is this government's strict fiscal discipline that puts downward pressure on interest rates. Interest rates are now at three per cent, compared to 6.75 per cent when those opposite left office. Compared to when the Liberals were last in government, a family with a mortgage of $300,000 is now saving around $5,000 a year on a mortgage.

We are actually giving working families a tax cut—from July last year—so that they get more money in their fortnightly pay cheques. Currently, we are experiencing a record investment of more than $36 billion in projects around the country. With this obsession about a surplus, those opposite are failing to recognise that Labor has done a remarkable job of steering the country through the financial crisis. We are one of the strongest economies in the world, we have low unemployment, contained inflation, solid growth, record levels of investment and low debt. Tony Abbott has no plan for the country, just destructive negativity—