Lisa Singh (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Wong. Can the minister inform the Senate on the latest national accounts and what they say about the strength of our economy?

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

I thank Senator Singh for her question. Last week the national accounts were released. These were further confir­mation of the underlying resilience of the Australian economy. They showed that the Australian economy grew by 1.2 per cent in the June quarter. Across Australia, people were pleased to see that the Australian economy had grown and that we are continuing to see economic growth—with some small exceptions, of course: those opposite. Clearly, the only people in Australia who were not happy to see that the Australian economy grew in the last quarter were the opposition. All they have been wanting to do is talk down the economy and try to create uncertainty and fear with a whole range of assertions which are simply incorrect.

So we did not see Mr Hockey coming out and saying how wonderful it is that the economy is growing at this time. We did not see an opposition that was very pleased to that the economy is growing because of what that means for jobs and for certainty.

Eric Abetz (Tasmania, Liberal Party, Shadow Minister for Employment and Workplace Relations) Share this | Link to this | Hansard source

And what happened to the unemployment rate?

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

What we continue to see is the opposition trying to talk down the economy, as Senator Abetz is doing now. He wants to talk about unemployment. I am very happy to talk about unemployment. I am very happy to talk about the fact that there are 140,000 more Australians in jobs now than there were a year ago. Let us remember that we have had a year of those opposite talking down the economy, making a whole range of false assertions and running a fear campaign, and we have continued to grow. (Time expired)

Lisa Singh (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Can the minister outline to the Senate how our economic performance compares with that of other developed countries?

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

As I said, we are performing extremely well compared with other devel­oped economies—a fact that the opposition does not wish to acknowledge. In fact, our GDP is now five per cent higher than it was prior to the global financial crisis, whereas GDP in the United States, Europe and Japan is still broadly below pre-GFC levels. So let us remind ourselves again: we have grown some five per cent since the start of the global financial crisis; comparable developed economies still have not reached their pre-GFC levels. But you would not believe that, given the gloom and doom of those opposite, who are happy to talk down confidence, happy to talk down jobs, happy to say anything as long as it is in their political interests, even if it is not in the national interest—an extraordinarily irresponsible way to behave.

Lisa Singh (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Can the minister outline the importance of a strong fiscal strategy to the Australian economy?

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

(South Australia—) (): It is important to have a sound fiscal strategy, which is why the government has one. It is why the government's strategy has been supported by those such as the IMF. It is interesting in the context of talking about fiscal strategy to consider the opposition's position on this, which is simply all over the place. We have had this extraordinary experience of seeing Mr Hockey first saying 'It is a $70 billion black hole' and then saying 'Oops, it is not.' Then, Mr Abbott said 'No, $70 billion in fanciful.' And then Mr Robb, presumably telling the truth, confirmed the $70 billion figure. So we have Mr Abbott, Mr Hockey and Mr Robb all saying something different about the size of the black hole in the fiscal strategy of those opposite. (Time expired)