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

I thank Senator Bernardi for that question. What the national accounts data released today shows is that the Australian economy is strengthening and that we are successfully transitioning from the record resources investment boom to a broader based growth. What the national accounts released today show is that Australia is now heading in the right direction and that we are making progress.

GDP growth of 0.9 per cent in the last quarter is one of the fastest growth rates in the developed world. It now brings growth over the last year to 2.5 per cent, up from 1.9 per cent in the year to the end of June. Very pleasingly, the very strong result by international standards has been driven by a 4.6 per cent increase in exports. The growth in exports over the last quarter is the strongest growth since 2000, the good old years of the Howard economic partnership.

Senator Conroy interjecting—

I repeat this very slowly for Senator Conroy, who clearly does not get economic data: the growth in exports over this last quarter of 4.6 per cent was the strongest growth recorded since 2000, which was in the good old days of the Howard-Costello economic partnership—that very successful economic partnership.

Furthermore, domestic consumption is up. Dwelling construction is up. Employment growth is up. Job advertisements are up. The unemployment rate is down. So what I would say to the Senate is that, yes, Australia as we continue to work through this transition will continue to face further challenges, but we are getting through it. If you look at the national accounts data for the last quarter, our economy is strengthening and employment growth is strengthening. We have already seen this. We are now heading in the right direction, and we are making progress. (Time expired)