Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Brandis. I refer to the Treasurer, who says that monetary policy has 'exhausted its effectiveness', and reports which indicate that the Treasurer opposes the Reserve Bank of Australia making further interest rate cuts. Is this the government's position?

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

Senator Ketter, at last—a policy question! I can always rely upon you, Senator Ketter, as a good Villanova man, to ask a decent question—unlike your colleagues. You are certainly a class above most of those who sit beside you!

I am advised by Senator Cormann that when the Treasurer made the remarks, which I myself have not seen, to which you have referred, he was merely echoing the remarks of the Governor of the Reserve Bank. But since you have raised the broader question of economic policy, it gives me the opportunity—

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

It's monetary policy!

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

Would you stop interrupting, please, Senator Wong? It gives me the opportunity to remind the Senate of the very great achievements of the Turnbull government in the field of economic policy.

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

Order, Attorney-General. A point of order, Senator Wong?

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

Mr President, on direct relevance. The question is about the Treasurer's statement about monetary policy.

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

I do believe the Attorney-General answered the question up-front.

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

Monetary policy is an aspect of economic policy, Senator Wong, as you know. But being Australia's most unsuccessful finance minister, perhaps you do not even know that!

So, Senator Ketter, in the last year our economy has created 180,000 new jobs—180,000 new jobs!—directly as a result of the Turnbull government and the administration of the Treasury portfolio by Mr Scott Morrison. During that time, Senator Ketter, since you cared to ask about economic policy, our economic growth has been 3.3 per cent, an extraordinary rate of economic growth—

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

Order! A point of order, Senator Wong?

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

Mr President, he has eight seconds and this is on direct relevance. There was only one question: 'I refer to the Treasurer, who says that monetary policy has exhausted its effectiveness, and reports which indicate the Treasurer opposes the RBA making further interest rate cuts. Is this the government's position?'

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

That isn't what the Treasurer said.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

I take the interjection from the Minister for Finance that that is not what the Treasurer said. If that is the government position, the Leader of the Government in the Senate should talk about that.

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

Thank you, Senator Wong. I did hear the Attorney-General say at the commencement of his answer that the Treasurer was merely echoing the Governor of the Reserve Bank, which I think answered the question that was asked.

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

So that rate of economic growth of 3.3 per cent is the envy of the world. It is fast— (Time expired)

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

Senator Ketter, a supplementary question.

Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

I refer to the joint statement on the conduct of monetary policy released on 19 September 2016 by the Treasurer and the Governor of the Reserve Bank which confirms the independence of the Reserve Bank. Is the Treasurer's statement consistent with the joint statement?

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

Yes, it is—entirely consistent.

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

Senator Ketter, a final supplementary question.

Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

Given the government has failed to address job losses in manufacturing, the lowest wages growth in decades and substantial underemployment, why is the government now seeking to increase cost of living pressures for Australians?

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

(—) (): I am surprised, Senator Ketter, that you raise the question of jobs growth and employment statistics when, as I pointed out to you a moment ago, not only have 180,000 new jobs been created in the last year but the rate of job growth in Australia today is more than twice the rate of job growth in the last year of the Labor government—during which, of course, Senator Wong, Australia's most unsuccessful finance minister, was a member of the Treasury team. The National Australia Bank's monthly business survey has found that business confidence over the past 12 months has increased by five per cent. The ANZ's measure of confidence is at 117.5 points, which is a high level by that metric as well. Our exports, Senator Ketter, have grown and are 9.6 per cent higher today than they were a year ago. (Time expired)

Mr President, I ask that further questions be taken upon notice.