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

[by video link] I thank Senator Hughes very much for her question. Although we continue to be in the middle of a global pandemic, the greatest economic shock that Australia, and indeed the world, has faced since the Great Depression, the Australian people and the Australian economy continue to show enormous levels of resilience. As we look at the recent period of time reflected in the national accounts figures released today, we see that during that quarter, even with 29 days of lockdown occurring across at least one part of the country—indeed, including five out of eight jurisdictions across that quarter—we still saw strong economic growth, with real GDP growing by 0.7 per cent in the quarter, to be a record 9.6 per cent higher throughout the year. This was clearly well above median market expectations. This rise in GDP was broad based, encompassing household consumption, public final demand, business investment and dwelling investment, all contributing to growth across the quarter.

Our economy does of course continue to face significant challenges at this point in time, especially across those states still in lockdown, but it is an economy that remains bigger than it was before the lockdown. Although the delta virus is challenging us, just as it's challenging those who struggled with COVID last year, such as the US and the UK, or challenging those struggling with the delta strain this year, such as our friends in New Zealand and others, we absolutely have the economic support in place—some $311 billion providing income support, business support and assistance—which will ensure that Australia sticks to the plan: getting vaccinated and reopening. We're going to continue to have health and economic outcomes very much the envy of the world through these most challenging of times.