James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

My question is to the Leader of the Government in the Senate, Senator Brandis, representing the Treasurer. Can the Leader of the Government in the Senate please inform the Senate how the government is supporting jobs and growth in our economy?

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

Thank you, Senator Paterson, for that very important question. Yes, indeed, I can.

As Senator Paterson knows, despite global economic headwinds our economy grew by three per cent in the most recently reported 12-month period. That is twice the rate of Canada, a comparable resource-based economy, and better than any of the G7 economies. It is better than the OECD average and it is much better than when we came to government, when the economy had grown by just two per cent in the previous 12 months and when the unemployment rate was on the up and up.

By contrast, the unemployment rate fell in March to 5.7 per cent and over 440,000 jobs have been created in the 30 months since this government came to office. That compares with jobs growth of 246,000 over the previous 30 months, during the period of Labor government. This is an improvement in the rate of jobs growth of almost 80 per cent, compared to the disastrous Rudd-Gillard-Rudd period.

But it is no accident; it is the result of the government creating opportunities for businesses to invest and to employ more Australians. We have created these opportunities through our ambitious export agenda, including the signing of historic free trade agreements as well as the Trans-Pacific Partnership. Our ambitious defence agenda has seen investments made in Australian warships and submarines that will create and sustain thousands of Australian jobs for years to come—for decades to come.

We have gotten rid of Labor's carbon tax and mining tax. We stopped their attack on truckies and we are supporting the re-establishment of the Australian Building and Construction Commission to improve productivity on construction projects. We reduced taxes for small business, with further efforts to make our tax system more growth-friendly to be delivered in the budget tonight. (Time expired)

James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. How important is it for Australia's future to have strong economic policies?

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

Senator Paterson, as you would know better than anybody on the other side of the chamber it is critically important for our future that we have strong economic policies to make sure that the Australian economy continues to successfully transition from resource investment and construction driven growth to a strong and diversified economy. That means we need well-considered policies that will drive long-term investment and growth in the economy, which is exactly what this government is doing. Our policies to support Australian exporters, create a more productive construction sector, lower taxes for small businesses and encourage innovation and commercialisation are at the core of our economic policies. Our economic plan is delivering stronger growth and more jobs and making us as internationally competitive as possible.

This government does not engage in developing half-baked policies like the Labor Party's failed mining tax. (Time expired)

James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Is the Attorney-General aware of any alternative approaches to managing the economy, and what impact would they have on jobs and growth?

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

I am sorry to say that I am aware of an alternative approach—the approach of the Australian Labor Party. Unfortunately, that approach would not support jobs or growth in our economy because the Labor Party's approach is to tax more, borrow more and spend more. Senator Paterson, as you would have noticed overnight, they cannot even get that right. They banked $19½ billion from a tobacco tax increase that simply does not exist—back to the old Rudd-Gillard habits of spending money they do not have. How embarrassing that last night Laurie Oakes, on Channel Nine, exposed a $19.5 billion black hole in the Labor Party's costings—a $19.5 billion black hole which they excuse as a 'rounding error'. A rounding error—that is what the Labor Party thinks $19.5 billion is! (Time expired)