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

I thank Senator Cameron for his question. Like all senators on this side, he takes a strong interest in job creation and the continued management of the Australian economy, unlike those opposite, who are happy to talk the economy down because they think it is in their interests. So they probably will not be interested in the fact that the national accounts for the March quarter highlighted the resilience of the Australian economy in the face of difficult conditions abroad and of course big economic transitions here in Australia.

Our economy continues to expand at a solid pace, growing by 0.6 per cent in the March quarter to be 2.5 per cent larger than a year ago. This is three times OECD average growth. Remember that next time you see Mr Abbott or Mr Hockey on national television talking down the Australian economy—in our last national accounts, the Australian economy grew by three times the OECD average. But it is the case that Australia faces global uncertainty and that we are making some very significant economic transitions here at home. The resource sector, as we know, is transitioning from unprecedented growth and investment towards growth in production and exports, and more broadly the economy is making the transition to non-mining sources of growth, aided of course by the record low interest rates that we see at the moment here in Australia. We have mining investment close to its peak, private investment still at around 50-year highs and an economy that is 14 per cent larger than it was at the end of 2007, because this government has made the right economic calls.

An honourable senator interjecting—

That is right, 14 per cent larger than in 2007. (Time expired)