George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Hansard source

Senator Ketter, I did see that report, and what I think you need to do is look at the real story—the real facts—because there is strong and broad momentum in the Australian economy, with growth of 0.9 per cent in the first three months of this year, an annualised growth rate of 3.6 per cent, which, as Senator Cormann reminds us, is about the fastest growth rate in the industrialised world. It was 2.3 per cent last year. It was 1.9 per cent in the last year in which the party you represent was in government. It was 1.9 per cent under Labor, 2.3 per cent in the first year of the Abbott government and, at the moment, on an annualised basis, it is 3.6 per cent, in the second year of the Abbott government.

Housing construction is booming, up 4.7 per cent in the March quarter—the best quarterly result in six years. Residential building approvals are 16 per cent higher than they were a year ago. They are at near record high levels. Exports increased by five per cent in the March quarter, the strongest quarterly increase since September 2000—the largest quarterly increase in 15 years. Exports are over eight per cent higher this year than the equivalent time last year. Service exports in areas such as tourism and education are up eight per cent over the past year, the fastest growth since 2007. Retail sales are up 4.1 per cent over the past year. There is a reason why our economy is growing as strongly as it is, and that is the policies of this government.