James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

My question is to the minister representing the Treasurer, Senator Cormann. Can the minister update the Senate on the performance of Australia's economy under the performance of the coalition government?

Opposition Senators:

Opposition senators interjecting—

Scott Ryan (President) Share this | Link to this | Hansard source

I will again ask for silence during questions so that I may hear them.

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

After five years of coalition government, the economy is in much better shape than we found it in. More jobs are being created and the budget is in a stronger position. It should never be forgotten that when the Labor Party government in which Mr Bowen was the Treasurer and Mr Shorten was a senior minister in the education and employment portfolio lost government in September 2013 it left behind a weakening economy, rising unemployment and a rapidly deteriorating budget position.

Today, the economy is growing more strongly. The economic growth outlook is much better. Employment growth is much stronger than what it was. The unemployment rate is well below where it was headed. Indeed, the budget position is in much, much better shape and has a much stronger foundation and trajectory for the future. The national accounts for the June 2018 quarter showed 3.4 per cent growth in through-the-year terms, stronger than any G7 economy and stronger than the OECD. In year-average terms, which is what we publish in the budget, our economy grew by 2.9 per cent, above the forecast of 2.75 per cent published in the 2018-19 budget. Nominal GDP grew by 4.7 per cent on a year-average basis, also above the budget forecast of 4.25 per cent. In the period since we were elected to government in September 2013 more than a million new jobs have been created in the Australian economy. When Tony Abbott went to the 2013 election promising more than a million new jobs in five years, the Labor Party sneered at us and said it couldn't be done. Well, over five years of an Abbott and Turnbull led coalition government, we have delivered. Of course, the Morrison government, in strong coalition with Deputy Prime Minister McCormack, will continue to build on the achievements of the past five years. But of course the Labor Party still— (Time expired)

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Paterson, a supplementary question?

James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

How is the coalition government ensuring that the economy continues to grow to create more jobs and guarantee essential services?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

We will continue to pursue a pro-business, pro-jobs, pro-opportunity agenda where all Australians have the best possible opportunity to get ahead. On this side of the chamber, we understand that to create more jobs we need to provide the environment for business to be more successful into the future. That is why we have worked so hard to generate a more growth-friendly business tax system. That's why we have worked so hard as part of our ambitious free trade agenda to create better opportunities for Australian exporting businesses to sell Australian products and services around the world. That is why we have worked so hard implementing our ambitious productivity-enhancing infrastructure investment program. And that is why in the coming weeks and months we will continue to work hard to bring electricity prices down. Under Labor, electricity prices would go up and up. Under the coalition, electricity prices will continue to go down because that is good for households and businesses around Australia.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Paterson, a final supplementary question?

James Paterson (Victoria, Liberal Party) Share this | Link to this | Hansard source

What are the risks to ongoing job creation, economic growth and putting the budget on a stronger foundation and trajectory for the future?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

The biggest risk to our economic opportunity into the future would be a return to the discredited policies of the past from the Labor Party, because, of course, Bill Shorten and Chris Bowen were there at the scene of a weakening economy, rising unemployment and a rapidly deteriorating budget position. They were senior ministers in a government that left Australian families worse off on the back of lower growth, weakening growth, rising unemployment and, indeed, a rapidly deteriorating budget position.

Labor haven't learnt any of the lessons. They are going forward again with the same discredited, antibusiness, anti-opportunity higher-taxes agenda which would hurt the economy, hurt families and cost jobs. When they last were in government, they wanted to push up taxes on everything and everyone that moves. They are at it again. More than $200 billion worth of tax increases are already on the table targeting families, targeting business, targeting investment and targeting seniors. Everyone and anyone in Australia— (Time expired)