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

I thank Senator Bushby for that question. What it shows is that the Turnbull government's pro-growth, pro-opportunity, pro-jobs agenda is working. It shows that our economy continues to grow. In recent weeks we have seen evidence of more jobs, more investment, higher wages and more exports. Real growth of 0.8 per cent over the past quarter is more than twice the rate of the previous quarter. In year-average terms, at 1.9 per cent throughout the 2016-17 financial year, real growth is higher than the 1¾ per cent real growth forecast in the last budget.

Of course, Labor is not interested in the strength of our economy or in opportunity. They are only interested, for political reasons, in going back to their old failed socialist agenda of the past. At budget time, the Labor side was saying, 'These growth forecasts are way too ambitious', and, of course, we've come in above the growth forecast. But do you know what the shadow Treasurer says today: 'This is too low.' At budget time, he said we were being too optimistic, too ambitious and that we would never deliver on the economic growth forecasts in the budget. Well, we've exceeded them. They say today, 'It's too low.' They haven't got a clue. That is what socialism does to you. Socialism clearly leaves everyone worse off and it clearly is already having an impact on the Labor Party.

Export volumes rose 2.7 per cent in the June quarter and 4.3 per cent throughout the year. New private business investment grew by 1.1 per cent in the quarter to be 1.5 per cent higher than a year ago. New machinery and equipment investment expanded 3.2 per cent in the quarter. There is more business investment in Australia, with capital imports increasing by almost 25 per cent. There is so much more— (Time expired)