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

These national accounts show how resilient our economy is at a time of very substantial global economic volatility. But the biggest story from these national accounts was the contribution made by the private sector and, particularly, business investment. Private sector investment in our economy is booming in these March national accounts. Economic growth was driven by strong growth in business investment, solid consumption and ongoing growth in dwelling investment as well. Those opposite haven't mentioned any of that, because they're determined to talk the Australian economy down and the Australian people down, but these are the facts in today's national accounts.

The biggest contributor to growth was business investment. It's the fastest quarterly growth in nearly a decade and a half. New business investment grew 5.7 per cent. It's more than 10 per cent higher through the year. It made a big contribution to quarterly growth as well. The outlook for investment is encouraging. The capex survey last week upgraded the level of nominal spending in investment to around $200 billion each year, when that capex number came in six times higher than expected. Most importantly, as a share of our economy, business investment is now 12.9 per cent. It was 11.3 per cent when we came to office. Annualised average new business investment is growing at 5.2 per cent under this Labor government. It was going backwards by an average of 1.3 per cent under those opposite. When it comes to these numbers, the pick-up in the private economy is the most important part of the story, and our budget, whether it's the productivity package or our focus on resilience and reform, is all about responding to these challenges and also making the most of our opportunities at a time of considerable uncertainty in the world.

There will always be those who want to talk down the Australian economy and the Australian people for partisan political purposes, and I can hear those opposite chirping away, outing themselves as the guilty party when it comes to talking down the Australian economy. Their strategy is to talk down our economy, to talk up division in our society and to vote against tax cuts and a fair go for first home buyers. This side of the House is cutting taxes, boosting wages and making the housing market fairer for first home buyers. (Time expired)

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