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

My question is to the Minister representing the Prime Minister, Senator Brandis. I refer to last week's release of the national accounts figures for the June quarter, which showed private gross fixed-capital formation has fallen by 5.4 per cent in real terms since Mr Turnbull became Prime Minister. Can the minister confirm that this is the lowest level of private sector investment spending as a share of GDP in 12 years?

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

No, I cannot confirm that, Senator. I cannot confirm that, but I will tell you what I can confirm. I can confirm that Australia's economy is growing now at a rate of 3.3 per cent per annum, the fastest rate of growth for several years.

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

Senator Cameron, a point of order?

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

The point of order is on relevance—

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

I will stop you there, Senator Cameron. There is no point of order. He directly answered the question.

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

Thank you very much indeed, Mr President. Thank you, Senator Cameron, for giving me the opportunity to tell you the good news about the Australian economy: as I said, a 3.3 per cent economic growth figure. The government of which you were a member, Senator Cameron, when it left office, had an economic growth figure of 1.9 per cent per annum. So we have almost doubled the rate of economic growth compared to what you achieved.

Growth in the non-mining sector is now 2.9 per cent per annum. The government of which you were a member left the rate of growth in the non-mining sector at 1.8 per cent per year. Exports are 9.6 per cent higher than 12 months ago. As I said in response to your colleague Senator Ketter, this is the highest rate of growth in exports in 16 years.

Jobs growth has been 220,000 in the last year—220,000 extra jobs in the last year. By comparison, Senator Cameron, the government of which you were a member, in its last year in office, recorded jobs growth of a paltry 86,000. That is almost 2½ times the rate of growth in jobs. Under the government of which you were a member, female labour force participation was stagnant at 58.6 per cent. It reached a record high of 59.7 per cent under the government led by Malcolm Turnbull. (Time expired)

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

Senator Cameron, a supplementary question?

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

I refer to the Reserve Bank of Australia's decision last month to cut the official cash rate to 1.5 per cent—the second time the RBA has cut rates since Mr Turnbull took over as Prime Minister. Given that former Treasurer Joe Hockey described a cash rate twice as high as being 'emergency levels', how does the minister describe the current cash rate?

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

I think most Australians—particularly, young Australians trying to get into housing—would be delighted at the fact that they can borrow money at such low interest rates as exist at the moment. If you want to have a debate about interest rates, Senator Cameron, bring it on. I can tell you that young Australians in particular—people trying to get into the housing market—are delighted that interest rates—

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

Senator Cameron, a point of order?

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

Yes, on relevance, Mr President. I asked a specific question, and that was that the former Treasurer Joe Hockey described the cash rate as being at 'emergency levels'. I simply asked the minister, 'How would you describe the current cash rate?'

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

The minister did describe it by saying that homeowners would be delighted. That is a description. The minister has been directly relevant.

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

And I say it again, Senator Cameron: you may not speak to young people, but I do and I know what is on their mind. What is on their mind in particular is the need to get into the housing market. People in their 20s and 30s want to get into the housing market and they are delighted that they can borrow money and get housing finance on more favourable terms today than they have been able to do for years. (Time expired)

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

Senator Cameron, a final supplementary question?

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

Given that at least four G20 countries have higher economic growth figures than Australia, is the reason the minister misled the Senate yesterday by claiming Australia's growth figures were 'the highest of any G20 nation' that he, like everybody else, is struggling to find any real achievements of the Turnbull government and so now he is just making them up?

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

Senator Cameron, I am delighted to talk about a 3.3 per cent annual economic growth figure because that is a better economic growth figure than any that was achieved in any of the six years during which the government of which you were a member was in power. Australia has one of the best economic growth performances in the world at the moment. That has absolutely nothing to do with the legacy of the government of which you were a member, and it has everything to do with the economic leadership of the Hon. Malcolm Turnbull and the Hon. Scott Morrison.

Senator Cameron, on every measure you care to think of—whether it be economic growth, whether it be exports, whether it be labour force participation, whether it be job creation—this government's economic performance has been outstanding.

Mr President, I ask that further questions be placed on the Notice Paper.