Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer to recent claims about jobs growth during his time as Treasurer. Treasurer, isn't it the case that average monthly jobs growth has slowed to just a third of the level it was before the budget smashed confidence? When will the Treasurer admit that the budget has hurt jobs and the economy?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I say to the member for McMahon that this year job growth has been running at twice the speed that it was last year under Labor.

Mr Bowen interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for McMahon!

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

And now, as you can see through the results of the national accounts, where we have seen an acceleration in the transition in the Australian economy, where we have seen a massive transformation in the number of jobs in the mining sector move to other parts of the economy, of course there have been job losses, but we are the only ones who have a plan to get more jobs. We are the only ones who actually have an agenda to deliver more jobs. Getting rid of the carbon tax is going to help to deliver more jobs—

Ms O'Neil interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Hotham!

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

because getting rid of the carbon tax actually improves economic growth.

Mr Perrett interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Moreton!

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Getting rid of the mining tax actually helps with more jobs, because the mining tax was a sovereign risk associated with the previous government that ultimately raised no money for this government and was a handbrake on the intentions of mining investment. And of course we are the ones who are delivering the free trade agreements. The agreements focus so much on the services side of the economy.

Now, mining is a big part of the economy; it is a big part of exports. Mining and agriculture combined represent around 12 per cent of Australia's GDP, but they represent a massive part of Australia's exports, particularly in iron ore and coal. So, what we have to do is fire up the other 70 per cent of the Australian economy that is in services—in tourism, in financial services, in health services, in education services, in a range of different services. Many Australians are employed in those areas, retail being the largest. If we can fire up those sectors, which represent just 17 per cent of Australia's exports, we are going to see a wave of prosperity that Australia has not witnessed ever in our history. That will inevitably come about because of the emergence of the middle class in Asia which wants what we have. They want excellent health services, they want excellent education services, they want a better quality of life, they want better homes—

Ms MacTiernan interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Perth is warned!

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

They want to have the quality of life that we have. Australia stands ready to give that to the emerging two billion people who are going into the Asian middle classes in the next 30 years. That is the most exciting opportunity our nation has ever had, because there is still going to be increased demand for our energy, our LNG, our coal and our uranium. There will still be increased demand for our iron ore and all our copper and gold. But, most of all, there will be demand for what Australians do best, and that is the best news for Australia's future.