Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Finance, representing the Treasurer, Senator Cormann. Can the minister update the Senate on how the Turnbull government's economic policy agenda is supporting the creation of more jobs in the Australian economy?

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

Yes, I can. What a great and important question by Senator Slade Brockman. Congratulations on your appointment to the Senate and your first question. The Turnbull government is pursuing a pro-growth, pro-opportunity, pro-jobs agenda. We are pursuing an economic agenda which supports free enterprise and reward for effort and which encourages people to stretch themselves to work hard in the pursuit of opportunity and success. All of this is underpinned by an appropriately generous and well-targeted welfare safety net which looks after those in need of support.

Our policy agenda is all about achieving equality of opportunity for Australians to get ahead, not equality of outcome. Our focus on growth, jobs and opportunity is delivering. The ANZ job advertisements index showed another strong result in August, increasing by two per cent, the sixth straight rise. The number of job advertisements in August increased to more than 181,000. Those opposite are not interested. That is 13.3 per cent higher than last year, and it's the highest level of job ads in over 6½ years. Employment also has continued to grow, increasing by two per cent over the past year, stronger than the average rate of the past decade of 1.6 per cent. This year over 240,000 new jobs were created. The most recent monthly jobs statistics show that full-time jobs growth over the last six months was the strongest in almost 40 years. In fact, since we came into office in 2013, 736,500 new jobs have been created, compared to just 201,000 new jobs over six years of Labor.

Businesses aren't just employing more people; they're also paying them better wages. Recent ABS data shows that the amount earned by Australians in the June quarter rose by 1.2 per cent, the strongest rate of increase since 2013. (Time expired)

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

Senator Brockman, a supplementary question.

Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

Thanks to the minister for the answer. What else is the government doing to ensure that the Australian economy continues to grow and that hardworking Australians have the best possible opportunity to get ahead?

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

As a result of the pro-growth and pro-jobs economic agenda of the Turnbull government, our economy and our jobs market are heading in the right direction, despite the global economic headwind that we have had to deal with in recent years. There is, of course, much more work to be done. We have already been able to reduce the business tax rate for businesses generating up to $50 million a year in turnover down to 25 per cent, but we need to do more. We call on the Senate to support the government's legislation to reduce business taxes to 25 per cent for all businesses across Australia, because, as the current Labor leader used to say in years gone by, a more competitive business tax rate will drive additional investment, increase productivity, increase the number of jobs and increase real wages over time. That is precisely what Bill Shorten used to believe before he embraced the socialist agenda of the past. (Time expired)

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

Senator Brockman, a final supplementary question.

Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

Is the minister aware of any alternative approaches to economic policy and their implications for jobs, growth and the opportunity for Australian families to get ahead?

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

It's very important for all Australians to be very well aware of what the two proposed approaches are when it comes to economic policy: under the Turnbull coalition government, policies to drive opportunity for families to get ahead; under Labor, a return to the failed socialist agenda of the past, a damaging socialist agenda which would hurt our economy and lead to fewer jobs and lower wages. While you have Mr Shorten out there sneering at millionaires and talking about supposedly increasing the tax burden on millionaires, who is he pursuing?

He is targeting the aspirational middle class across Australia. People earning $180,000 a year and more are not millionaires. They are not millionaires; they're hardworking Australians working hard to get ahead. He's targeting Australians that manage their affairs through trusts. He is targeting hardworking small business owners across Australia. Mr Shorten hates success. When you go after— (Time expired)