Katy Gallagher (ACT, 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 national accounts figures released on 1 March this year. Can the minister confirm that the household savings ratio fell for the December quarter fell a full 1.1 percentage points to 5.2 per cent, the lowest level of household savings since 2008?

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

What I can confirm is that the national accounts in fact show that Australia's economic growth rate is now 2.4 per cent, which is faster than any G7 economy. I can also confirm to you that the ABS statistics in relation to the labour force, another indicium of economic wellbeing, show that 27,100 additional full-time jobs were created—

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

Pause the clock. Senator Gallagher, a point of order.

Katy Gallagher (ACT, Australian Labor Party) Share this | Link to this | Hansard source

The question was very specific. I am aware of other results in the national accounts. The specific question was around the household savings ratio. Can the minister confirm what occurred in the national accounts and whether it was the lowest level of household saving since 2008?

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

Thank you, Senator Gallagher; you are correct. I will remind the Attorney-General of the question.

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

Thank you very much, Mr President; I am just trying to contextualise Senator Gallagher's observation about the health of the economy. As I was saying, 27,100 additional full-time jobs in the last month is one of the results that the Turnbull government has lately delivered—of 534,400 new jobs created in Australia since the coalition government was elected. That is another of the results since the Turnbull government was elected.

Turning directly to your question in relation to the household savings ratio, that is an indicator that goes up and down, as you know. To isolate that one indicator in the absence of an overall picture of the health of the Australian economy is surely an entirely irrelevant thing to do. If you want to get a picture of the state of the Australian economy, look at the major indicators. Look at economic growth. Look at business confidence. Look at the growth of the labour market. Look at the participation rate. Look at the big indicia. All of them tell the same story—a story of prosperity, a story of economic growth unmatched by anything that occurred during the unlamented period of your government. (Time expired)

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

Senator Gallagher, a supplementary question.

Katy Gallagher (ACT, Australian Labor Party) Share this | Link to this | Hansard source

Can the minister confirm that compensation of employees fell by half a percentage point in the December quarter, reflecting the impact of record low wage growth of 1.9 per cent, the lowest rate since the ABS first published the wage price index in 1998?

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

No, I cannot confirm that, Senator, but what I can confirm to you is the health of the labour market. I can confirm to you the health of the labour market as indicated by the statistics that I just recited to you—and, in case you were not listening, Senator Gallagher, let me say it again: 534,400 new jobs in 3½ years; 21,700 new full-time jobs in the last month. That is the health of the labour market under this government.

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

A final supplementary question, Senator Gallagher.

Katy Gallagher (ACT, Australian Labor Party) Share this | Link to this | Hansard source

Given that household savings are down and wage growth is at a record low, why is the government supporting a pay cut of up to $77 a week for up to 700,000 Australian workers with no corresponding improvement in other workplace entitlements?

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

Senator Gallagher, I assume that is an intended reference to the decision of the Fair Work Commission which we discussed in this chamber yesterday. May I remind you that the Fair Work Commission, created by your party when in government to be an independent umpire, to be an independent settler of pay and conditions, ought to be supported by both sides of politics. You might have a different view as to whether it ought to have made a particular determination on a particular case, but you ought to respect its independence and—from the point of view if only of the rule of law—you ought to respect its determinations.

Now, Senator Gallagher, there is one force in this country that is selling Australian workers, particularly low-income Australian workers, down the river, and that is the trade union movement, which you represent in this chamber, and particularly Mr Bill Shorten, who time and again when he led the ACTU took bribes and side payments that had the effect of reducing workers compensation. (Time expired)