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

That is a very important question by Senator Bushby. Productivity growth is what will keep wages growing, create new and better jobs and help to improve our living standards moving forward. The Harper review makes it clear that competition is one of the surest ways to lift long-term productivity growth. Competition encourages businesses to pursue efficiencies, rewarding the innovative and dynamic businesses that provide the best services at the lowest cost. It also benefits households by giving them more choice and better value products and services. Reforming competition is one of the best options we have to boost growth and productivity in the years ahead, and this is why it is at the heart of the Turnbull government's economic plan, where, by backing Australian businesses, we are encouraging them to innovate and to help drive growth in jobs in our economy. Of course, this government already has a very strong record when it comes to creating more jobs, having created more than 360,000 jobs. (Time expired)