Simon Birmingham (SA, Liberal Party, Minister for Trade) Share this | Hansard source

The OECD has released its latest economic outlook report, and that report has upgraded Australia's economic growth outlook. The OECD notes that the COVID-19 pandemic continues to exert a substantial toll on economies and societies, with global GDP expected to contract by 4.2 per cent in 2020, and, indeed, across other advanced economies by an average fall of 5.5 per cent. However, in Australia the OECD has improved its forecast for Australia. Previously it had forecast a 4.1 per cent contraction; it now expects that to be 3.8 per cent. This, of course, is well above and better than the forecast for those other advanced economies. It's proof, yet again, that Australia's successful management of the health crisis and the economic crisis is delivering improved and better results for Australians compared with the rest of the world facing the global pandemic.