Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

What a juvenile question from the worst finance minister in the history of the Commonwealth! When we came into government in September 2013, the legacy that we inherited was a weakening economy, rising unemployment and a budget position that was deteriorating rapidly and, of course, in the 11 or 12 short weeks between Labor's last budget and their last pre-election budget update the budget position deteriorated by more than $30 billion—more than $30 billion! That is $3 billion a week!

We came into government with a plan to repair the budget, with a plan for stronger growth and more jobs. Of course since we came into government, in Australia we have faced a series of additional challenges—given global economic conditions. We have confronted the worst fall in our terms of trade in about 50 years. And if you consider the challenges that we have been facing as a trading nation, then the Australian economy continues to perform quite well and we are in a better position now to take advantage of future opportunities. We are in a better position now to be as resilient as possible in the face of future challenges as a result of the work that we have done over the last few years.

The senator asked me about the comments made by the Prime Minister. Let me just say that I am looking forward to working with the Prime Minister in putting Australia on a stronger economic and fiscal foundation for the future—on making sure that we put Australia in the strongest possible position to deal with the challenges that inevitably come our way from time to time, even if you are an open, trading economy—and to make sure that we are in the best possible position to take advantage of the opportunities that come our way in the Asia-Pacific.

Of course, a central part of that is the China-Australia Free Trade Agreement that we have concluded with China and that Labor is too weak to support, even though they know it is in the national interest. (Time expired)