Matt O'Sullivan (WA, Liberal Party) Share this | Hansard source

I take great pride in standing here today and defending what the government's record is delivering, particularly when it comes to the economy, and taking note of the answer that the Minister for Finance gave on the issue of the economy. He spoke about the national accounts, which show that the Australian economy has completed its 28th consecutive year of economic growth, a record unmatched by any developed economy, as a reminder of the economy's remarkable resilience and a repudiation of those who try and talk it down. He spoke about the investment into infrastructure. In my own home state of Western Australia we have a record level of investment, part of that $100 billion of infrastructure that's going on across Australia. I want to talk about the $349 million investment in the Tonkin Highway upgrades, not far from where I live. This very busy road is a freight route, and earlier in the year at a major intersection there was a tragic vehicle accident where a woman was killed. With the investment in infrastructure on this particular road, they're putting a grade separation that's going to ensure those sorts of accidents possibly won't occur. That's a $349 million commitment to the Tonkin Highway.

There's a $208 million commitment for the removal of level crossings at Oats Street, Welshpool Road and Mint Street. That's going to make a big difference to the commuting times of people getting to work and, importantly, getting home at the end of the day. They can get home in a timely way and in a safe fashion. There is a $149 million commitment to the Albany Ring Road. This is a very important project. Those local to that area know that this is something that has been called for for a long time.

It is because of the strong economy and the record of this government that we are able to deliver such important projects, projects that communities across my state of Western Australia are desperate to see, including the Bunbury Outer Ring Road. We have a $122 million commitment to the Bunbury Outer Ring Road and a $115 million commitment to upgrade the Fremantle Traffic Bridge.

The government is allocating $535 million to projects from the Roads of Strategic Importance initiative, including $248 million for the Karratha to Tom Price corridor and $75 million for the Alice Springs to Halls Creek corridor. This is only possible because of the difficult decisions that we've had to make as a government. Minister Cormann took us through some of the difficult decisions that had to be made. We are able to deliver a strong economy because of those difficult decisions.

These numbers do not incorporate the passage through the parliament of the most significant tax cuts in more than 20 years and the full impact of the 50-basis-point reduction in interest rates. We're yet to see with the current accounts the impact of that tax relief that's coming to family households. If you speak to people out in the communities, as we've done over the break, they have already received that extra refund from the ATO. It's making a difference in people's lives. People are able to make a better contribution to their own families. Isn't that right, Senator Van? They have in their pockets more of what they earned. This is what we're committed to doing.

Australia is not immune to the fallout of global trade tensions, and we're certainly not complacent. But with strong foundations our economy is positioned as well as any nation to withstand these challenges. This is not an easy time for economies all over the world. Germany, the UK and Singapore, among others, have recorded negative growth in the June quarter. However, in setting out the budget, we anticipated the economic challenges ahead and put in place significant tax cuts and infrastructure spending. Together with the 50 basis points, the tax cuts and the improving housing market will be reflected in the September quarter onwards. We're looking forward to seeing the results as they come out in the next quarter, because there's no doubt—we are sure—that the plans and what the government has been doing will have a big impact.