Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

I am very happy to outline for the Ryan electorate what is happening with the national economy. The national accounts were released for the March quarter last week, and they showed that growth in Australia has kicked up, growing 0.9 per cent for the March quarter and 3.1 per cent through the year, which is a significant tick-up. Household consumption was moderate, and national growth was led by business investment. New machinery and equipment investment grew by 1.5 per cent and is 27.1 per cent higher through the year. Although private engineering construction fell in March, it remains 13.8 per cent higher through the year. Exports grew by 0.5 per cent, whilst imports grew by only 0.4 per cent. As a consequence of that, net exports did not detract from growth.

We are now seeing the Australian economy adjusting out of what was unsustainable housing investment and into business investment and we are beginning to see increasing export volumes. The good news about the growth in the national economy is that new jobs continue to be created, with 56,000 new persons given jobs in the month of May. All members of the House will welcome the fact that new jobs were created in the month of May. Over the last year, 172,000 new jobs have been created. I am asked about threats to the economy.

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