Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Birmingham. Can the minister please advise the Senate on how the Morrison government is supporting jobs and investment by delivering on our plan for economic recovery from the COVID-19 pandemic?

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

I thank Senator Bragg for his question—indeed, he's a passionate advocate for investment in our economy, for the strength of Australian business. What we have been able to achieve in Australia amongst the most uncertain and challenging of global times is very much the envy of the world. Australia has managed to save lives and livelihoods like few other countries in the world. Indeed, for nations of our size, scale and standing, we stand head and shoulders above the rest of the world for the saving of lives of Australians through the management of this pandemic and through the saving of livelihoods through the management of this pandemic.

It has been the largest economic shock to the world since the Great Depression. But, pleasingly, Australia is recovering strongly and creating more opportunities for Australians. Under our economic recovery plan, the Morrison government has committed a record $291 billion of support to the economy to protect the livelihoods of Australians, to keep businesses in business and Australians in jobs. Our plan, laid out in successive budgets last year and this year, creates jobs, guarantees essential services and builds a more resilient and secure Australia. Our plan is based on ensuring that lower taxes create the opportunities for investment—investment by households and investment by Australian businesses—putting more money in the pockets of hard-working Australians, enhancing reward for effort, supporting household demand and creating investment incentives for business, which are leading to more investment, more productivity and, most crucially, more jobs for Australians. That is the No. 1 dividend that we wish to see and that we take pride in: more jobs for Australians, at record levels.

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

Senator Bragg, a supplementary question?

Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

Can the minister please inform the Senate about recent economic data and reporting, and what these figures demonstrate about the success of the government's plan for creating more jobs and supporting our economy?

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

Last week we saw unemployment fall for the seventh consecutive month, to 5.1 per cent, smashing all market expectations in seeing unemployment fall to such a low level. There were 115,000 new jobs created in that month, around 85 per cent of which were full-time jobs.

Now, it's not that long ago that the Leader of the Opposition and those opposite were suggesting that the economic roof of Australia would come crashing in at the end of JobKeeper. But since the end of that program we've seen 84,000 jobs that have been added to Australia's economy. Since the peak of the pandemic, 987,000 jobs have been created, with employment now surpassing its pre-pandemic levels. The March quarter national accounts saw growth at 1.8 per cent, again beating market expectations. In fact, the last three quarters of economic growth have been the strongest in more than 50 years.

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

Senator Bragg, a final supplementary question?

Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

Finally, can the minister outline the importance of lower taxes, reducing red and green tape and a 'technology, not taxes' approach to emissions reduction and generating jobs and investment? Are there any risks to Australia's continued economic recovery—

Hon. Senators:

Honourable senators interjecting—

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

I asked yesterday for silence during questions. I need to be able to hear the question. Please continue, Senator Bragg.

Andrew Bragg (NSW, Liberal Party) Share this | Link to this | Hansard source

Are there any risks to Australia's continued economic recovery if these measures are not implemented?

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

Indeed, our government has invested significantly in having lower taxes to help ensure households and businesses can drive the economic recovery of Australia, because we know that a genuine economic recovery comes from Australian business. It comes from policies that support business to invest and to hire more people—more Australians. That's why our government has got a commitment to lower income taxes. We can guarantee that we will deliver those lower income taxes now and into the future. Those on the other side won't make that same commitment to lower income taxes. We have delivered lower taxes for Australian businesses to encourage investment. Those on the other side have always stood against lower taxes when it comes to investment. Of course, Australians can be thankful that we won the last election and are implementing those lower tax policies, or else we would have seen $387 billion of additional taxes that those opposite took to the last election implemented at precisely the wrong time for Australia, which would have jeopardised— (Time expired)