Hollie Hughes (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 advise the Senate of what the June 2021 national accounts demonstrate about Australia's economic performance during the COVID-19 pandemic, and how the Liberal and Nationals government's plan continues to protect Australians and support Australian jobs and businesses in the face of current challenges?

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

[by video link] I thank Senator Hughes very much for her question. Although we continue to be in the middle of a global pandemic, the greatest economic shock that Australia, and indeed the world, has faced since the Great Depression, the Australian people and the Australian economy continue to show enormous levels of resilience. As we look at the recent period of time reflected in the national accounts figures released today, we see that during that quarter, even with 29 days of lockdown occurring across at least one part of the country—indeed, including five out of eight jurisdictions across that quarter—we still saw strong economic growth, with real GDP growing by 0.7 per cent in the quarter, to be a record 9.6 per cent higher throughout the year. This was clearly well above median market expectations. This rise in GDP was broad based, encompassing household consumption, public final demand, business investment and dwelling investment, all contributing to growth across the quarter.

Our economy does of course continue to face significant challenges at this point in time, especially across those states still in lockdown, but it is an economy that remains bigger than it was before the lockdown. Although the delta virus is challenging us, just as it's challenging those who struggled with COVID last year, such as the US and the UK, or challenging those struggling with the delta strain this year, such as our friends in New Zealand and others, we absolutely have the economic support in place—some $311 billion providing income support, business support and assistance—which will ensure that Australia sticks to the plan: getting vaccinated and reopening. We're going to continue to have health and economic outcomes very much the envy of the world through these most challenging of times.

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

Senator Hughes, a supplementary question?

Hollie Hughes (NSW, Liberal Party) Share this | Link to this | Hansard source

Minister, how does Australia's economic and health performance during the COVID-19 pandemic compare internationally?

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

Australia's health and economic performances have been world leading, and we were the first advanced economy in the world to see the size of our economy, our GDP and our employment market jobs levels surpass the pre-pandemic levels. More than one million jobs have been created across the Australian economy since May last year, with an estimated 160,000 more Australians in work than before the pandemic, notwithstanding the current lockdown challenges and difficulties. Our unemployment rate decreased for nine consecutive months, falling to 4.6 per cent in July.

In terms of health outcomes, while we've tragically seen millions of deaths occurring overseas and still significant daily deaths around the world, in Australia we've saved an estimated 30,000 lives as part of that health response. Tragic though the loss of life is in Australia, there is much to be proud of in the way we have managed this pandemic and managed to do so saving the lives and livelihoods of so many of our fellow Australians. (Time expired)

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

Senator Hughes, a final supplementary question?

Hollie Hughes (NSW, Liberal Party) Share this | Link to this | Hansard source

How can all Australians play their part in delivering the national plan agreed by national cabinet, and why is this critical to ensuring confidence in our recovery and securing Australia's future?

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

Our national plan is about safely opening up and safely ensuring that Australia can return to a greater level of pre-COVID normality than was the case. It's about a plan to provide confidence for business and confidence that states doing it tough right now, like New South Wales, can see restrictions ease as vaccination rates climb, but equally confidence that states like my own—South Australia—Western Australia or elsewhere, which have continued to successfully suppress COVID-19 in highly suppressive ways, are equally able to see a normalisation, including ultimately a normalisation of travel arrangements, as they too hit higher and higher vaccination rates. How Australians can help us get there is to keep turning out in record numbers and getting vaccinated. Yesterday we saw huge numbers of vaccinations occur across the country yet again, with more than 330,000 doses administered, running at a per capita rate in excess of what the UK or the US have achieved at any point of their vaccination rollouts. It's a rate we're determined to help continue. (Time expired)