Daryl Melham (Banks, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer: Will the Treasurer update the House on how the government is making the economy stronger? How do these strengths position us to make the right choices for the nation's future?

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

I thank the member for Banks for his question, because our budget is all about putting jobs and growth first. Of course, the results are in. From day one we have always supported jobs and growth, and the consequence is an economy that is 13 per cent larger than it was at the end of 2007. There have been 950,000 jobs created during this government's period in office, but we face a transition in our economy and that transition brings with it challenges. There are the challenges of the higher dollar—and we have seen the consequence of that at Ford for the workers there and their families. But this government will do everything within its power to assist those affected with the consequences of that decision that has come from Ford.

We on this side of the House do have a commitment to supporting the workforce in these areas. But the budget I brought down over a week ago gets the big economic decisions right and, in particular, the long-term sustainability of the budget so we can make the right investments for the future to secure prosperity.

Of course one of the big decisions that this government has taken is paid parental leave, which is now rolling out to 280,000 Australian families. They are benefiting from paid parental leave because we have a responsible and affordable paid parental leave scheme which stands in very stark contrast to the scheme put forward by the Leader of the Opposition, who wants to pay $75,000 to the families of millionaires.

We have seen some commentary about this in the papers today from the banking industry. They are saying that, because the Leader of the Opposition is going to jack up company tax, they are going to jack up interest rates; they are going to jack up their margins; they are going to put up mortgages for the average Australian family—

Ms Anna Burke (Speaker) Share this | Link to this | Hansard source

The Treasurer will resume his seat. The Manager of Opposition Business has the call.

Christopher Pyne (Sturt, Liberal Party, Shadow Minister for Education, Apprenticeships and Training) Share this | Link to this | Hansard source

The question to the Treasurer had nothing whatsoever to do with the Leader of the Opposition, and the government should stop being obsessed about the opposition in their answers and answer the question.

Ms Anna Burke (Speaker) Share this | Link to this | Hansard source

The Manager of Opposition Business will resume his seat. The Treasurer has the call.

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

This was a question about growth and jobs and the right choices the government must make to support growth and jobs. In jacking up the company tax rate, the Leader of the Opposition is going to slug Australian companies, and the banks have said very clearly they are going to jack up interest rates between 10 basis points and 25 basis points. This should not be news to the shadow Treasurer over there, because he had this to say: 'Any additional taxes you put on banks they just pass straight through to consumers.' Perhaps he should have told that to the Leader of the Opposition, because what we have here is a fair commitment to support families when they have children. In particular, we support them in the early stages when they have children with an additional $2,000. The Leader of the Opposition is going to rip that away. The Leader of the Opposition is going to rip away the schoolkids bonus and the Leader of the Opposition is going to jack up interest rates, slugging Australian families yet again.