Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

I'm very pleased that Senator Sheldon read that very important information. I commend him and I hope he will distribute it to his constituents in the great state of New South Wales.

The point I would make is that the Australian economy continues to grow. It is one of just 10 AAA-rated economies around the world. It is AAA rated by all three major credit rating agencies. Under our government, we've created more than 1.4 million new jobs. Employment growth in 2018-19 was running at 2.6 per cent compared to a budget forecast of 1.5 per cent—significantly stronger. Of course, that has underpinned our stronger budget performance against forecasts over the last three financial years. Indeed, real wages growth in the last financial year was the strongest it's been since Labor lost government—the 2.3 per cent real wages growth and the 1.6 per cent CPI.

Of course, we're facing global economic headwinds. I mean, economies around the world are going backwards. The UK economy in the June quarter was shrinking. The German economy in the June quarter was shrinking. The Singapore economy in the June quarter was shrinking. The Australian economy, even with all of the challenges we are facing—internationally, with the drought, still dealing with the impact of the floods in North Queensland earlier in the year—is continuing to grow. Our government has a plan, as that information the senator has just read out said, to make our economy even stronger because that is, of course, our mission. Let me tell you: the economy is much stronger that it would have been if Labor had been able to impose more than $387 billion in higher taxes, which would have absolutely crushed confidence, harmed the economy and harmed working families all around Australia.