Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

The shadow Treasurer is right to point out that non-mining investment also fell. He does not understand that, when an economy transitions, the investment follows the demand. What I outlined in my earlier answer, if he chose to listen, is that what we are seeing is a pick-up in the demand side of the economy. As the economy transitions, in the investment side of the equation, currently what we are seeing is them picking up and utilising existing capacity, and they are moving into that existing capacity as the demand picks up. And, as we continue to support policies that promote growth and jobs, then investment will follow at a later stage. That is what happens when an economy transitions.

Those opposite may pick out simple points of data to engage in their pessimistic view of the Australian economy. They may wish to do that. But the good news is that the majority of Australians are confident about our economy—and there are more optimists than there are pessimists about the Australian economy, according to the Westpac-Melbourne Institute survey. Those opposite may want to indulge in their parade of pessimism when it comes to the economy, but the Australian people are going to be backed by this government, because they are out there working and saving and investing, and we are going to back them to do that. Those opposite are simply going to seek to discourage them, and that is why they do not deserve to sit on this side of the House.

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