Paul Scarr (Queensland, Liberal Party) Share this | Hansard source

I'm happy to rise to take note of answers. Firstly, if I could just respond to that last point: I absolutely agree that our mining companies and other major suppliers need to respect their suppliers and not treat their suppliers as another form of finance. I absolutely agree with the senator's point in that regard. However, there wasn't much else I agreed with.

I had cause to reflect on the fact that, given the PMO's note was inadvertently circulated earlier today, the best the opposition could do was to refer to a report put out by Deloitte Access Economics earlier today where it referred to homegrown pain. And what are they referring to when they refer to homegrown pain? They're referring to the drought, and they're also referring to the fact that there have been decreases in home prices over the last little period. And why wouldn't there have been decreases in home prices? As I've said in this place before, I have never seen such fear in the lead-up to an election as I saw in my home state of Queensland—the fear of a possible Labor government, the fear of the changes to negative gearing, the fear of the changes in capital gains tax and the fear of a raft of messages which would have been an absolute hit to this economy.

And yet, the difference is quite outstanding. As the Minister for Finance referred to earlier today, what we now have is a situation where, in the June quarter, the real GDP grew by 0.5 per cent to be 1.4 per cent higher through the year. This is much better than how some of the other countries with AAA ratings are faring in these difficult global conditions—better than Singapore, better than Germany, better than many of our trading partners and better than many other countries which have a AAA credit rating. We're actually doing much better than many of our trading partners and other countries with AAA credit ratings.

It made me reflect on whether or not the opposition has properly read the PMO note that was inadvertently circulated earlier today. The plan is there—our plan for an even stronger economy, building resilience and rewarding aspiration. I must say that every morning when I get up, the first thing I do is read the PMO note. Some people might go for a jog for 10 kilometres, do yoga or swim laps—I read the PMO note. It's the best way to be invigorated for a day ahead in this place. Why? Because we're meeting the plan—the plan that's set out in the PMO's note. It actually invigorates me. 'Lower taxes so you can keep more of what you earn.' Tick. 'Reduce the costs of doing business—energy, deregulation, finance, getting paid on time.' Tick. 'Equip Australians with the skills that Australian businesses need to boost their success.' Tick. 'Expand our trade borders.' Tick. 'Build the infrastructure our economy needs to grow.' Tick. We're on track.

I must say, listening to the last contribution, it reminded me of an anecdote from the famous Lord Birkenhead, one of Winston Churchill's best friends. When he was appearing before a judge, the judge said after reading his submissions: 'I must say, Mr Smith'—he hadn't reached the heady heights of becoming a lord at that stage—'after reading your submissions, I'm no wiser. I'm no wiser after having read your submissions.' Lord Birkenhead responded, 'No, milord, no wiser but at least better informed.' So we can say today that the members opposite, having read the PMO note, are at least better informed. It doesn't appear that they're much wiser, but, at the very least, they're better informed.

I suggest that they take the note out, study it over the course of this week and reflect on it, because there's some great material there. It sets out the priorities of this government. It sets out the support which is being provided for drought-affected areas. It sets out the reforms which are being undertaken with respect to the farm household allowance and with respect to water infrastructure. It sets out everything that this government is doing in response to the royal commission into the banking industry. It sets out the proposals and initiatives being taken with respect to a raft of policy areas. It's all set out in that note. The best the opposition could come up with was not referring to the note in detail but actually referring to the Deloitte Access Economics report, and even then they did not refer to the proper context of that report.