Sarah Henderson (Victoria, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Birmingham. Can the minister inform the Senate on how the Morrison government's economic recovery plan is working to create more jobs and strengthen Australia's economy?

Simon Birmingham (SA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I thank Senator Henderson for that question. She is a strong champion of small businesses across Australia and is, I know, deeply concerned to ensure the security of employment opportunities for all Australians.

Against a backdrop of enormous global uncertainty—the first global pandemic in 100 years and, indeed, the greatest economic shock to the world since the Great Depression—our government has sought at every juncture to ensure the economic security of Australia, and Australians, and its economic recovery from the shock of COVID-19. Our budgets handed down last year and this year framed the direction for our economic recovery plans, to make sure that we kept as many Australian businesses as strong as possible, that we kept as many Australians in work as possible and that we continued to grow employment opportunities wherever possible.

In the face of these enormous global uncertainties it is pleasing to see the strength across the Australian economy. Australia's economy today is now larger than it was going into the pandemic. This is a feat that no other major advanced economy has achieved to date—to have recovered their economy to a bigger size than it was pre-pandemic. Over the last three quarters we've seen some growth of 8.7 per cent—the strongest growth in Australia in more than half a century. And today we have seen the dividend that that creates for Australian workers, with the unemployment rate falling to 5.1 per cent in May. There are now fewer unemployed persons in Australia than there were prior to the pandemic. We have seen jobs growth of 115,000 people for the month—well above expectations—demonstrating that across Australia the economic recovery is going strongly and creating opportunities for Australians.

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

Senator Henderson, a supplementary question?

Sarah Henderson (Victoria, Liberal Party) Share this | Link to this | Hansard source

Can the minister outline some of the key job-creating measures that underpin the government's economic recovery plan?

Simon Birmingham (SA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

In the last budget we announced our plan to get more people back into work. Budget projections show 250,000 further jobs to be created, and that plan is working. It's working strongly. It's underpinned by policies that drive investment by the private sector across the Australian economy. Our full expensing measures are all about encouraging Australian businesses to invest in their competitiveness, their productivity, and creating jobs for Australians across those sectors. And it's paying dividends.

We have equally, of course, put money back in the pockets of hardworking Australians and their families by bringing forward income tax cuts and by providing the financial support for families to be empowered, to make their own decisions and to get and keep more from their hard work. On this side of the chamber we are resolutely committed to lower taxes as a continued driving vehicle for economic growth, for business investment and to support Australian families. It's a stark contrast to the uncertainty on taxes of those opposite. (Time expired)

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

Senator Henderson, a final supplementary question.

Sarah Henderson (Victoria, Liberal Party) Share this | Link to this | Hansard source

Minister, can you outline how the government's commitment to reducing taxes is creating more jobs and is strengthening Australia's economy?

Simon Birmingham (SA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

We're providing 10 million low- and middle-income earners with additional taxation relief to help with the economic recovery, to help create the support across the Australian economy to keep this jobs growth going. With the jobs growth we're seeing and the unemployment rates that have been achieved, it's little wonder there's a fair bit of silence from those opposite, because, of course, we can all recall the mayhem and catastrophe, the doomsday predictions, that were coming from those opposite. The doomsday predictions of those who said that millions more would find themselves unemployed, that millions more would be in difficulty. Those opposite had no faith in Australia, Australian businesses, Australians or the economic plans that have been proven to work—

Senator Wong interjecting—

Economic plans that have been proven to work, Senator Wong! I know it breaks your heart to see record numbers of Australians in jobs, but we are proud to have record numbers of Australians in jobs and to have the Australian economy coming back so strongly. (Time expired)