Doug Cameron (NSW, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Wong. Can the minister update 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 Cameron for his question. Like all senators on this side, he takes a strong interest in job creation and the continued management of the Australian economy, unlike those opposite, who are happy to talk the economy down because they think it is in their interests. So they probably will not be interested in the fact that the national accounts for the March quarter highlighted the resilience of the Australian economy in the face of difficult conditions abroad and of course big economic transitions here in Australia.

Our economy continues to expand at a solid pace, growing by 0.6 per cent in the March quarter to be 2.5 per cent larger than a year ago. This is three times OECD average growth. Remember that next time you see Mr Abbott or Mr Hockey on national television talking down the Australian economy—in our last national accounts, the Australian economy grew by three times the OECD average. But it is the case that Australia faces global uncertainty and that we are making some very significant economic transitions here at home. The resource sector, as we know, is transitioning from unprecedented growth and investment towards growth in production and exports, and more broadly the economy is making the transition to non-mining sources of growth, aided of course by the record low interest rates that we see at the moment here in Australia. We have mining investment close to its peak, private investment still at around 50-year highs and an economy that is 14 per cent larger than it was at the end of 2007, because this government has made the right economic calls.

An honourable senator interjecting—

That is right, 14 per cent larger than in 2007. (Time expired)

Doug Cameron (NSW, Australian Labor Party) Share this | Link to this | Hansard source

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

George Brandis (Queensland, Liberal Party, Shadow Attorney-General) Share this | Link to this | Hansard source

What about compared to Greece?

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

I will take the interjection from the Deputy Leader of the Opposition in the Senate, who is again comparing Australia to Greece. How irresponsible! All of those employees and business firms who do want to see confidence in the economy will not thank the opposition for their continued attempt to trash talk the Australian economy. This opposition, more than any opposition that I have seen, have been prepared to put their political interests ahead of the national interests and have been prepared to talk down the economy, regardless of the risk to jobs, regardless of the risk to growth, regardless of the risk to confidence, simply because they believe it is in their political interest. The reality is that Australia continues to outperform most other economies and has grown at around three times the OECD national average.

Doug Cameron (NSW, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Can the minister update the Senate on how the underlying resilience of the Australian economy, shown in the latest national accounts, is reflected in employment?

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

I am sure the unemployment figures released last week will be something that most Australians will be pleased about, will be relieved about, but of course those opposite were disappointed, because what they wanted to see—as we know from the way they talk about the economy; they always talk it down—what they no doubt would have championed, was a rise in unemployment. That is the nature of this opposition. What we saw was an unemployment rate that remained low, at 5½ per cent. We have seen about 960,000 jobs created since the Labor government came to office in November 2007, around 480 jobs per day. This stands in stark contrast to the millions of jobs that were lost all over the world as a result of the global financial crisis and stands in contrast to the hundreds of thousands of Australians who would have lost their jobs had the economic prescriptions of those opposite been followed then, and now, because we know that the economic prescriptions of those opposite lead to higher unemployment. (Time expired)