Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

Yesterday's national accounts were really encouraging for Australia because they showed that we have growth which is stronger and broader, and that growth is very welcome in our economy. It's the strongest growth for almost three years, and it's stronger growth than in any other major advanced economy. It's strong growth in business investment and dwelling investment and there's a welcome uptick in market sector productivity as well.

One of the reasons why these numbers were so welcome is that this provides a very strong foundation to work from as we now navigate this heightened sense of global economic uncertainty. A number of our challenges existed in the economy before the escalation of the conflict on the weekend, but, whether it's global uncertainty or our inflation challenge, we know that these international events put additional pressure on Australians. We're very focused on that as we continue to put the budget together for May.

That budget in May will be all about inflation, productivity and global economic uncertainty. It will be all about rolling out the tax cuts that those opposite opposed and all about making the superannuation system stronger and fairer. Today we passed legislation to make super fairer from top to bottom. That's a very good thing.

We know that there are challenges in our economy, but we face these challenges from a position of genuine economic strength. We prefer to work from that position of strength than to talk the economy down, which is all we get from those opposite. Yesterday we learned why that has been the case. Every time the shadow Treasurer talks down the Australian economy, he's been talking up his own investments. That's what was revealed yesterday in the House. I've got some additional information on this.

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