Peter Hendy (Eden-Monaro, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister update the House on the performance of the Australian economy and what policies can be put in place to strengthen the economy into the future?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Eden-Monaro for his question and I acknowledge the work he has done over the years to strengthen our economy, including his work at the Australian Chamber of Commerce and Industry. The national accounts figures have been released. I can report to the House that in the December quarter GDP grew a little above the expected rate, at 0.8 per cent. In this quarter, household consumption is also up by 0.8 per cent and export volumes are up by a strong 2.4 per cent. As the Treasurer said earlier today, there are positive signs emerging in the economy. As well as these encouraging national accounts, total private building approvals increased strongly in January by 6.6 per cent, taking approvals to the highest level since 2002. The ANZ job advertisement series rose sharply in February, by 5.1 per cent, and the National Australia Bank Monthly Business Survey also showed a rise in confidence. It is now above the long-run average.

There are lots of challenges, but this government has a plan that will make it easier for the people and the businesses of Australia to rise to them in the future. Our plan means getting taxes down, it means getting red and green tape down, it means getting productivity up and it means building the infrastructure that this country needs, because infrastructure, particularly roads, is the muscles and sinews of our economy. We will scrap the carbon tax, which this House should surely know by now is a $9 billion a year hit on jobs. We will scrap the mining tax, which is a brake on investment in this country. We will give businesses a $1 billion a year red and green tape cost reduction. I am so pleased to remind the House that, thanks to the good work of the Minister for the Environment, some $400 billion worth of new projects have been given environmental approval since last year's election.

So this is a country which is open for business. This is a country which is well and truly under new management, and that should give the people and the businesses of our country much more confidence in the weeks and months ahead.