Malcolm Turnbull (Wentworth, Liberal Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Treasurer. In explaining Australia’s strong performance relative to other economies, the OECD’s employment report does not mention the high Asian demand for our exports, well-regulated banks—and a consequent absence of any banking crisis—or large reductions in interest rates, let alone the starting points of zero public debt and the lowest unemployment in three decades. Does the Treasurer agree these factors are more important in explaining Australia’s strong economic performance, or was it all his own doing?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Australia’s strong economic performance is the result of the hard work of the Australian people, working with their government in putting in place economic stimulus to support employment, to support business and to support confidence. That is why the OECD has reached the conclusion that it has reached today—that Australia’s strong performance amongst OECD countries, advanced economies, is because the government, working with the Australian people, put in place a timely and powerful economic stimulus to support employment, to support business and to support confidence more broadly in the economy.

It is the case that there are also a variety of factors. There is no doubt about that—no doubt about it at all. But those opposite cannot run away from the fact that economic stimulus has been powerful in supporting employment in the Australian economy. If it had not have been for the economic stimulus put in place by the government, the economy would have gone backwards by 1.3 per cent in the year through to June. That is 200,000-plus Australians in jobs today and into the future as a consequence of that economic stimulus, and that would not have been the case if those opposite had had their way. If those opposite had had their way, Australia would be in a recession right now. That would have been the consequence of the policies that they have advocated in this House.

There is no doubt that Australia’s performance has come from a variety of factors, but the economic stimulus put in place by this government was powerful. That has been acknowledged by the OECD today. It has been acknowledged by the IMF. It has been acknowledged by the World Bank. It has been acknowledged by the Chamber of Commerce and Industry today. It has been acknowledged by the Ai Group. It has been acknowledged by the BCA. It has been acknowledged by everybody, bar those who sit on the other side of the House.