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

I thank Senator Hume for that question. The June quarter national accounts show that the Australian economy is growing at more than three per cent—3.3 per cent in fact—which is stronger growth than that achieved by any of the G7 economies. It is of course much stronger growth than that which we inherited from the previous Labor government. In fact, when we came into government in September 2013—about three years ago—the economy was weakening, unemployment was rising and the budget position was rapidly deteriorating. Indeed, in the previous 12-month period, the economy had grown at about two per cent—it is 3.3 per cent now—employment growth was very subdued and we were on track to reach unemployment levels of about six per cent and above. Now, growth is strong, at 3.3 per cent, and new jobs are being created.

Around 200,000 new jobs have been created over the past 12 months, with over 60 per cent of those jobs going to women. To put jobs growth in perspective, over 2½ times as many jobs were created in the last 12 months than in Labor's last 12 months in office. Business conditions remain elevated, above their long-run average. Consumer confidence is above average. The ANZ's weekly measure of consumer confidence remains elevated, at 114.3 points. Indeed, consumer confidence has been above average for 19 consecutive weeks—the longest stretch since late 2013. Exports are also very strong, at about 10 per cent above the level a year ago. International education is playing a large part in our services exports. So far this year over 217,000 international students commenced study in Australia—about 11 per cent higher than 12 months ago. (Time expired)