Don Farrell (SA, Australian Labor Party, Shadow Minister for the Centenary of ANZAC) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Brandis. Can the minister confirm that in the March quarter GDP grew by only 0.3 per cent, with annual growth falling to well below trend at 1.7 per cent?

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

Senator Farrell, what I can confirm is that last week Australia broke the world record for economic performance: 26 years of continuous economic growth without a recession. And since we began the day in the spirit of some bipartisanship, I think it is fair to say that the honours are shared between your side of politics and mine, although at the moment, us having, as it were, gone through the ribbon on the watch of a coalition government, I guess we get to receive the garland.

But, nevertheless, Senator Farrell, what has achieved Australia's world-beating performance, the most successful economy in modern times, is that at critical times neither side of politics has shirked from the reform task. If we are going to continue for a 27th and a 28th year, and years beyond that, of economic growth, we must never shirk from the reform task, and that lies in the hands, more than any other group of people in this country, of those who sit in this Senate. One of the next stages of reform is the government's enterprise tax plan, Senator Farrell. By reducing the tax of small business and then medium business and ultimately businesses of all sizes—

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

Pause the clock. Point of order, Senator Farrell.

Don Farrell (SA, Australian Labor Party, Shadow Minister for the Centenary of ANZAC) Share this | Link to this | Hansard source

Mr President, I asked a very simple question, and I will repeat it: can the minister confirm that in the March quarter GDP grew by only 0.3 per cent with the annual growth falling to well below trend at 1.7 per cent—yes or no?

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

Thank you, Senator Farrell. That is exactly the question you asked. Despite the fact the Attorney-General was very glowing with his remarks towards your side, he has not answered the question. I remind him of the question.

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

The statistics are the statistics, Senator. The statistics that you quote I think are right, and what they show, Senator Farrell, is that the Australian economy continues to grow. The pace varies from time to time, because these are fluctuating indicators—of course there are—but the big story is that the Australian economy has grown for more than a quarter of a century, and the point I make to you, Senator Farrell, is that that is due to reform and governments with the spine to take up the reform task from one generation to the next. (Time expired)

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

Senator Farrell, a supplementary question?

Don Farrell (SA, Australian Labor Party, Shadow Minister for the Centenary of ANZAC) Share this | Link to this | Hansard source

Can the minister confirm that the year-on-year GDP growth rate of 1.7 per cent takes GDP growth to the lowest level since the global financial crisis?

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

I do not have that figure in front of me, so I am not able to confirm that. But I will take you at your word, Senator Farrell. You look like an honest man to me.

Government Senators:

Government senators interjecting—

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

Order on my right!

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

I am sure, unlike some of your colleagues, you would not misquote the evidence. Nevertheless, the point I make to you—

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

A point of order, Senator Farrell?

Don Farrell (SA, Australian Labor Party, Shadow Minister for the Centenary of ANZAC) Share this | Link to this | Hansard source

The Attorney-General cannot compliment me like that!

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

There is no point of order.

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

It has been said against me, on occasions, that I am a terrible judge of character! Senator Farrell, if those are these statistics, so be it. But the reality is that the Australian economy has grown for more than a quarter of a century because governments have not shirked the reform task. Some of them have, but most of them have not. This government does not shirk the reform task. That is why, if we are to going to continue to grow and if we are to improve the annualised figures, then what we need is to continue the reforms, in particular, as embodied in the enterprise tax plan, which will free up— (Time expired)

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

Senator Farrell, a final supplementary question?

Don Farrell (SA, Australian Labor Party, Shadow Minister for the Centenary of ANZAC) Share this | Link to this | Hansard source

In March, the Attorney told the Senate:

If you want to get a picture of the state of the Australian economy, look at the major indicators. Look at the economic growth.

Given that the major indicator of economic growth is at its lowest level since the GFC, isn't it clear that the Australian economy is continuing to suffer under a Turnbull government?

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

I think it is a trite thing to say. I am sure I did say it, but if you want to get a sense of the health of the economy, you look at the economic indicators. I think we would all agree on that. So let me acquaint you with an economic indicator, Senator Farrell: in the past 12 months, on this government's watch, more than 195,000 new jobs have been created. In the last year of the Labor government, between September 2012 and September 2013, only 81,800 new jobs were created. This government has been responsible for more than twice the rate—2½ times the rate—of job growth in the last year than the last year in which you had the stewardship of the economy. Nevertheless, let me come back to the main point that I make to you: we need to continue the reform. We need the enterprise tax plan. We need the industrial reforms that have been championed by my friend Senator Cash. We need to continue that reform so we do not fall into the doldrums. (Time expired)