House debates

Wednesday, 3 April 2019

Questions without Notice

Economy

2:13 pm

Photo of Josh FrydenbergJosh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

Last night I announced to the House that Australia is back on track and Australia is back in the black. That is the result of hard but necessary decisions that this side of the House have made over the last six years. This is good news for the people of Goldstein because, as a result of the measures announced last night, more than 24,000 small businesses in the member for Goldstein's electorate will be able to access an increase in the instant access write-off, which is now at $30,000 and now applying to companies with a turnover of up to $50 million. And more than 73,000 people in the electorate of Goldstein will now get tax relief as a result of the measures we announced.

I remind the House that when we came to government, unemployment was higher and growth was lower than they are today. But, as a result of the decisions we have taken, Australia's budgetary position is stronger. We were able to announce last night a surplus of $7.1 billion for 2019-20, a surplus in the next year of $11 billion, a surplus in the next year after that of $17.8 billion and in the year after that a surplus of $9.2 billion—$45 billion of surpluses over the next four years! A $55 billion turnaround from the budget mess left by the member for Lilley. That is the result of good economic management.

Ms Swanson interjecting

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