Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

I thank the honourable member for his question. I have in my hand the statement by the Governor of the Reserve Bank relating to the decision to lower the cash rate by 25 basis points to 1.75 per cent today. I draw honourable members' attention to the governor's remarks, which support the economic case that the government is making and support our commitment to strong growth and jobs and continuing the successful transition from a mining construction boom to a more diverse economy. The governor's remarks underline the risk posed by the opposition to that successful transition. I will quote from the Reserve Bank governor's statement:

In Australia, the available information suggests that the economy is continuing to rebalance following the mining investment boom. GDP growth picked up over 2015, particularly in the second half of the year, and the labour market improved. Indications are that growth is continuing in 2016, though probably at a more moderate pace.

So the successful transition is continuing.

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