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

What I can confirm is that the most recent release of quarterly results in the national accounts showed that year-on-year growth up until that time was 2.4 per cent, which of course is one of the best growth rates among major developed economies—better than any of the G7 economies, better than the OECD average, better than the eurozone, better than the United States.

It is true that we have had a cyclone in recent times and that has had an effect—a temporary effect—this financial year on economic growth. But, if you look at the budget papers, the budget papers actually show that our expectation is that growth will again pick up in 2017-18 to 2.75 per cent and then three per cent in the subsequent three years. Just imagine if we had not pursued a strong and ambitious pro-growth agenda. If we had not pursued an agenda with better export trade deals, if we had not got rid of the mining tax, if we had not got rid of the carbon tax, if we had not pursued an innovation agenda, if we had not pursued an ambitious infrastructure investment project, if we had kept Labor's policy settings in place, imagine how much worse the situation would be that Australia would be in today. Our growth today is stronger than it would have been if Labor's anti-success, anti-growth policies had remained in place—the policies that we reversed—and if we had not pursued our very ambitious pro-growth agenda under the Turnbull government.

In this budget we deliver the next instalment in our plan for jobs and growth and the next instalment in making sure that stronger growth can deliver more and better-paid jobs. We of course commend all of the measures in this budget to the chamber.