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

I absolutely agree that innovation is about transforming the economy. That is precisely what the Turnbull government intends to do and has set about doing in its early days with conspicuous success. Senator Carr, let me refer you to the Westpac-Melbourne Institute index of consumer sentiment which was published only this morning. It tells us that consumer sentiment rose by 3.9 per cent in November, from 97.8 in October. This is one of the most significant monthly increases in consumer sentiment. And Westpac's Chief Economist, Mr Bill Evans, said 'this is a cracking result'. Apart from the brief surge we saw following last May's budget this is the highest point for the index since January. The index is now 8.3 per cent higher than in September immediately preceding the change leadership in the government. It marks only the third month out of the last 21 that optimists have outnumbered pessimists.

So of course we believe in the transformation of the economy. That is why we are encouraging the kinds of debates about growth, jobs, innovation and the tax system which have been criticised only by the Australian Labor Party. They have been well received by every serious economic commentator in Australia. They have been well received by every serious editorial writer in Australia—whether News Limited, Fairfax or other publications. They have been well received by the Australian people. Senator Carr, unlike you people in the Labor Party, we have confidence in the creativity and enterprise of the Australian people.