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

My question is for the Minister representing the Treasurer, Senator Cormann. I refer to the national accounts released today. Can the minister confirm Australia has plunged into the worst recession since the Great Depression, almost a century ago?

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

Today is a very hard day for Australia. Many Australians have gone through a very difficult period over the last six or seven months as a result of this once-in-a-century global pandemic. The coronavirus pandemic has hit economies around the world very hard. It has hit the Australian economy very hard, and it has had a devastating impact on the livelihoods of too many Australians.

Opposition Senators:

Opposition senators interjecting—

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

I'm disappointed that the flavour of the interjections from the opposition again demonstrates the level of political smearing that, frankly, completely—

Opposition senators interjecting—

The Labor Party again tries to suggest there's no context to what is happening here. We are where we are as a direct result of the coronavirus pandemic. What we have today is because of the coronavirus pandemic. It is a very sad day for Australia, but that is the reality of it. I know that the Labor Party doesn't want to hear this. As bad as things are for Australia, we went into this period in a stronger position than others. We have gone through this period in a stronger position than others, and the impact on our economy is much less severe than it has been in other parts of the world.

The United Kingdom has experienced a contraction of more than 20 per cent in one quarter. That's the inconvenient truth that the Labor Party is not interested in. The Labor Party wants to come into this chamber and pursue a base political strategy, using this tragedy which is caused by an external event that is beyond our control as a way to score party-political points. You should be ashamed of yourselves. You should be absolutely ashamed of yourselves. The Australian people can see what you're doing. We know why we're here. The Australian people know why we're here. And we know what we need to do to— (Time expired)

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

Senator Wong, a supplementary question?

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

The national accounts released today show that the economy has contracted by seven per cent. Can the minister confirm this is the worst quarterly result since records began, plunging Australia into the first recession in three decades and ending 29 years of continuous economic growth?

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

Yes.

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

Senator Wong, a final supplementary question?

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

With the worst recession since the Great Depression, almost a century ago, and the worst quarterly contraction since records began, can the minister explain why the government has no plan for jobs and no plan for economic recovery?

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

That is a ridiculous proposition. I completely and utterly reject the premise of the question. As soon as this crisis hit, our government not only made decisions to protect the health of fellow Australians but also made decisions to support the economy and to support jobs. We have provided unprecedented levels of crisis-level fiscal support to the economy, trying to save as many businesses as possible and making sure that as many businesses survive through this period and that as many jobs as possible are saved through this period and indeed to ensure that as many Australians as possible remain connected to their employers. We are making decisions to encourage businesses to invest in their future success through our skills agenda. Senator Cash is the very effective minister pursuing our skills and training agenda— (Time expired)