Trish Crossin (NT, Australian Labor Party) Share this | Link to this | Hansard source

My question is to Senator Wong, the Minister representing the Treasurer. Can the minister inform the Senate on the state of the Australian economy—in particular, its relationship to job creation?

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

I am very pleased to take the question from Senator Crossin. It is a question of great importance to all Australians—

Opposition Senators:

Opposition senators interjecting—

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

but apparently not of great importance to the opposition—that is, the issue of the creation of jobs in the Australian economy. It is something that we on this side regard as a priority and something those on that side have turned their backs on. This is a government that stands for jobs—for job creation and jobs for Australians. Since we came to office, there have been some 650,000 jobs created. In the past year alone, there have been some 375,000 jobs created. Current unemployment rates are at 5.4 per cent, with the Mid-Year Economic and Fiscal Outlook forecasting falling unemployment to levels with a four in front of them. This is very good news for Australian job seekers. We are seeing low unemployment rates coupled with forecasts of good growth and strong public finances. That demonstrates this government’s sound approach to economic management.

The reality is that when the global financial crisis hit, this government made a decision to stand for jobs. Those opposite turned their backs on that. When this country faced the global financial crisis, those opposite—who are so intent on wrecking and opposing and delaying—responded by opposing the very measures which have ensured that we have one of the lowest unemployment rates of any advanced economy in the world. They opposed the very measures which have ensured that we avoided the rubble of a recession, with all of the social impacts we know come with high levels of unemployment. All they do is oppose. (Time expired)

Trish Crossin (NT, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Could the minister inform the Senate how the Australian economy compares internationally on key indicators such as job figures?

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

I thank the senator again for the question. I am pleased to inform the chamber that Australia’s current unemployment rates compare very favourably to those in other advanced economies. For example, in Europe unemployment rates are in excess of 10.1 per cent. In the United States it is around 9.6 per cent. What do we have in Australia? We have an unemployment rate of just over half of that—5.4 per cent. This is an extraordinary achievement, in an international economic situation where we still see many countries feeling the effects of the worst economic crisis in some 75 years. I am unsurprised that the other side is silent, because in the face of this they really have no answers.

Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Link to this | Hansard source

They are embarrassed.

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

They are embarrassed by the fact that when the decision came about who stood for jobs, the opposition were on the wrong side. (Time expired)

Trish Crossin (NT, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. My question relates to ongoing responsible economic management. Can the minister inform the Senate about the government’s plan for future and ongoing economic management and whether there are any alternative approaches to this issue?

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

This government is very focused on ongoing, strong economic management and the importance of jobs, in preparing not only for today’s challenges but for future challenges. We are determined to build on the economy’s successes. We are determined to continue to work to create a stronger, more competitive economy that benefits all Australians. We are determined to build economic capacity by making the necessary investments, including in the National Broadband Network. We have a record that demonstrates our commitment to economic reform, to creating jobs to jobs growth. What is the record on the other side? The opposition is to be remembered and to be condemned for one thing they did when this country faced the worst economic crisis in 75 years: all they did was oppose. This is an opposition that would rather destroy jobs than support a government plan. (Time expired)