Dennis Jensen (Tangney, Liberal Party) Share this | Hansard source

I thank the shadow Treasurer for this opportunity to discuss the very strong economic leadership the coalition has provided over the last two years. How appropriate it is that he should pick today, of all days, to bring this up. To pick a day when a free trade agreement with the world's most populous nation has passed through this place highlights just how out of touch the Labor Party is. The coalition has concluded three free trade agreements that the previous Rudd-Gillard-Rudd Labor government could not do in six years

Free trade is just natural trade. It is the normal default state of affairs for trade. People have wants, needs and desires—some demanding, others supplying. This is how it should be before meddling governments get involved for selfless or selfish reasons. Strong leadership is providing sustainable spending programs that deliver real and efficient results for all Australians. Strong leadership is about growing the wealth of the nation. Strong leadership is knowing that a rising tide lifts all boats.

Australia must rely less on higher taxes to fund ever-increasing public expenditure. We have an expenditure problem, not a revenue problem. We must reduce the burden of tax on individual taxpayers as well as business, especially small business. Paying less tax is good for the economy and is due reward for the hardworking men and women of Australia. Tax is a disease—every economy needs a little bit, but too much and the economy dies.

We must encourage Australians to work, save and invest. If they work, save and invest to grow new business, open new markets and develop new products, they will be able to hire more Australians and promote more trade, especially with the growing middle class of Asia. We cannot wait for it happen and we cannot just expect it to happen.

Our coalition government have reduced real growth in government expenditure from the 3.6 per cent it was under Labor to 1.5 per cent per annum over the 2015-16 forward estimates. That is strong leadership. We have implemented a total of 332 budget measures out of a total of 402. Again, that is leadership. We are taking on the big end of town with respect to our response to the Murray financial services review. Again, that is leadership. At every turn there are examples of strong economic leadership from this coalition government.

Earlier this year the Intergenerational report outlined how Labor's debt negatively impacts economic growth, wastes significant resources on interest payments and leaves Australia exposed in the event of an economic downturn. This is precisely why savings measures are so important. Since the 2013-14 MYEFO, savings measures have improved the budget bottom line over the relevant forward estimates period by more than $85 billion, with $64.3 billion in reduced spending and $20 billion in revenue.

What we are seeing in real terms is pro-growth policies vis-a-vis the infrastructure funding commitments, with responsibility achieved through fiscal consolidation. Yet Labor continues to block about $13.6 billion in budget repair measures which we have put forward. This only demonstrates that Labor is not responsible, capable or credible when it comes to economic management. I do offer the opposition one suggestion. It is simply this: park the politics of envy and put forward some real solutions.

This is a terrific day for the many businesses and families in my electorate of Tangney. Today I am particularly proud that our government has a plan and is getting on with the job of providing strong economic leadership.

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