Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Bushby for that question. The national accounts released today show the importance of our economic reform agenda. They show the importance of our policies to build a stronger, more prosperous economy where everyone can get ahead. Imagine what the national accounts would have shown today if we had not repealed the carbon tax, if we had not repealed the mining tax, if we had not made more than $1 trillion worth of project approvals, if we had not pursued three free trade agreements, and if we had not cut more than $1 billion in excessive business red tape costs out of the economy.

The national accounts released today showed that, over the past quarter, the economy grew by 0.3 per cent. That takes economic growth over the last 12 months, the first year of the Abbott government, to 2.7 per cent, compared to 1.9 per cent over the equivalent period of the previous government. That is of course stronger growth than what we experienced under Labor.

But we are not resting on our laurels at all. Over the last 12 months we have set the foundations for stronger growth into the future. We have put in place the foundations for stronger economic growth, stronger prosperity and higher living standards into the future. What we inherited in September last year was a weakening economy, rising unemployment, low consumer confidence and lower business investment. Over the last 12 months we have been ensuring that, moving forward on the back of stronger economic growth, we can create more jobs, improve living standards and set the foundations for budget repair.