Julia Gillard (Lalor, Australian Labor Party, Prime Minister) Share this | Hansard source

I had the opportunity last night to address the forum that the member for Goldstein is speaking of and had the opportunity when I was there to talk to them about the strength of the Australian economy. Amongst other things, I talked about the strength of investment in Australia. I think it is important to have the facts on the table, so let us get them on the table.

Mr Hockey interjecting—

Since the government came to office in late 2007, there has been a staggering $919 billion of private business investment that has been happening despite the global financial crisis. New private business investment has been growing by more than 20 per cent over the year since last September—its fastest rate in a decade. Let me repeat that for the member for Goldstein: since last September it has been growing at its fastest rate in a decade. In the March quarter of this year private business investment as a percentage of GDP reached its highest level in the past 40 years, at 16.7 per cent, and we expect it to rise further this financial year and next financial year. We are seeing a huge investment pipeline into our country and there is more to come.

Of course, because of this huge investment pipeline and because of the strength of our resources sector we have also seen a considerable appreciation in our currency, a very strong Australian dollar. When you talk to people in manufacturing it is the strong Australian dollar that they identify as putting pressure on them. The government has been working with the manufacturing sector for some time now. For example, we have been co-investing with some manufacturers to ensure we continue to make cars in this country, something the opposition wants to slash and burn. We have been investing in skills because they are so important to manufacturing. We have been rolling out the National Broadband Network, because the best of new technology is important to manufacturing.

Mr Hockey interjecting—

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