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

I thank Senator Bushby for that question. The Australian economy is growing faster than all but one of the G7 economies, at twice the rate of the US and Canada and at well above the OECD average. We are, right now, in our 26th year of continuous growth. On Friday Australian time, the IMF released its regular review of the performance of the Australian economy. Their assessment is very compelling indeed. The IMF points out that from mid-2015 the Australian recovery advanced with a marked pickup in activity. The report points out:

… Australia’s robust economic growth and low unemployment during the current terms-of-trade adjustment reflect the resilience of the economy and strong policy frameworks.

But there is more. It says the IMF directors:

… supported the government’s plans to balance its budget over four years and make its expenditure composition more growth-friendly.

And, of course, we continue to work with the Senate to give effect to our efforts to balance the budget. The report also observed that front loading the consolidation path is appropriate and prudent under the current circumstances. Finally, the report says:

Directors welcomed the government’s structural reform agenda to boost productivity through fostering innovation and strengthening competition, especially in the services sector. They commended the authorities for their commitment to an open economy in trade, foreign investment, and immigration.

This is a massive endorsement by the International Monetary Fund for the national economic plan of the Turnbull government—our plan for jobs and growth that we took to the last election. We look forward to the Senate working with the Turnbull government to give effect to our plan for jobs and growth, so that Australians have the best possible opportunity to get ahead.