David Bushby (Tasmania, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Finance and Minister representing the Treasurer, Senator Cormann. Can the minister provide an update to the Senate on recent economic indicators?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I thank Senator Bushby for that question. When we came into government in September 2013, we inherited a weakening economy, rising unemployment, a budget in very bad shape and a budget position that was rapidly deteriorating. Since then, we have been working very hard to turn that situation around. We have been working to strengthen the economy, to create more jobs and to repair the budget.

Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

You are a laughing stock!

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

Senator Conroy is asking whether it is going well. It is actually going well. The economy is strengthening. In 2014, the economy grew at 2.7 per cent compared to the 1.9 per cent the year before. Jobs growth is strengthening. In 2014, more than 210,000 new jobs were created across Australia. That is 20 times as many as the year before. We are on track to deliver on our commitment of one million new jobs over five years. The good news does not end there. Australia's retail trade numbers have now risen for seven consecutive months to be a pleasing 4.1 per cent higher through the year.

We are also slowly but surely working to get the budget back under control. In fact, the budget position is at least $4 billion better off over the forward estimates than what it would have been under Labor. None of this has happened by accident. We have worked to strengthen the economy by getting rid of Labor's carbon tax, which was destroying jobs and which was pushing up the cost of electricity for families and business. We are creating a stronger economy. We are strengthening the economy by scrapping the mining tax; by reducing red tape costs for business; by signing free-trade agreements with South Korea, Japan and China; and by boosting investment, trade and jobs. We are strengthening the economy by rolling out environmental approvals for projects worth about $1 trillion. We are boosting economic growth by rolling out infrastructure investment. (Time expired)

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

Nobody believes you! Your backbenchers do not believe you!

Stephen Parry (President) Share this | Link to this | Hansard source

Order on my left, Senator Cameron!

David Bushby (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Will the minister advise the Senate of the economic and budget outlook for 2015?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I thank Senator Bushby for that supplementary question. The government is very optimistic about 2015 and what it will bring for Australia. We are very optimistic. Yes, we will continue to fight global economic headwinds and we will continue having to work to put Australia in the strongest possible position for the future by improving international competitiveness, bringing down the cost of doing business and making sure that businesses across Australia can employ more Australians. That is what we are focused on.

But if you look at the indicators for 2015, job advertisement levels—as measured by the ANZ—are at their highest levels in over two years, with job ads growing a healthy 13.6 per cent through the year. The Dun and Bradstreet business expectation survey that was released on 3 February found that the outlook on employment is the most positive it has been for 10 years. All we needed in Australia is for the Labor Party to stop playing politics and to start putting the national interest ahead of their perceived political self-interest.

David Bushby (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Is the minister aware of any alternative suggestions to strengthen the economy or repair the budget? If so, what is the government's response?

Opposition Senators:

Opposition senators interjecting—

Stephen Parry (President) Share this | Link to this | Hansard source

Order on my left!

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

It is my melancholy duty to inform the Senate that the Labor opposition, led by Mr Shorten, does not have an alternative plan for Australia. The Labor opposition, led by Mr Shorten, does not have a plan for stronger growth or to repair the budget mess that they have created. The other day, Mr Shorten came out and he said that the way to fix the budget is by reducing the advertising and by fixing the multinational tax loopholes that we supposedly reopened. The way the media commented on that was: 'Shorten, short on answers.' I could not have put it better myself, because there were actually no multinational tax loopholes that were closed by Labor that we reopened. That is because Labor put out some thought bubbles but they never actually legislated on their thought bubbles. When we came into government, Treasury advised that Labor's thought bubbles were not implementable. Right now, Labor is opposing $1.1 billion in savings for big business. (Time expired)