Chris Crewther (Dunkley, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister advise the House on developments in the economy over the last year and why strong economic leadership is vital to securing Australia's economic prosperity?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the honourable member for his question. The Australian economy has outperformed all expectations over the last 12 months. Strong economic leadership under my government is delivering more growth and more jobs. It is creating greater economic security for Australians and their families. A year ago, economic growth was two per cent. It is now 3.3 per cent. Our growth is higher than any of the G7 economies. A year ago the unemployment rate was 6.3 per cent. It is now 5.7 per cent. We want to see it lower, but employment has improved: nearly 220,000 more Australians are in jobs than just 12 months ago, and over 60 per cent of those new jobs went to women. Consumer confidence is 8½ per cent higher than a year ago and has now been above its long-run average for 19 weeks in a row. Business conditions are well above their levels a year ago and well above their long-run average. Exports are up 9.6 per cent over the past year, signifying the strongest export growth since the Sydney Olympics 16 years ago.

The fundamentals of our economy are strong. They are strong, but we cannot be complacent. That is why we need to do more and that is why we took to the election a comprehensive, clear national economic plan to generate growth and investment, deliver more jobs and open new markets for Australian businesses through our export trade deals, harnessing our biggest asset: the creativity, the imagination, the determination of 24 million Australians—their entrepreneurship. We seek to harness and inspire that through the National Innovation and Science Agenda. We have set up a defence industry plan that not only secures our nation for the future but supports the high-tech Australian jobs we need and supports innovation in our industry. We are backing the small and medium businesses with more competitive tax rates. What we are doing is increasing the return on investment so that you get more investment, and we are restoring the rule of law in the building and construction sector. Our record $50 billion land infrastructure package invests in roads and public transport at levels never seen before.

Because we know that we have to live within our means and we need to bring our budget back into balance, we are doing so with a savings bill presented last week. We look forward to the support of the opposition for the measures they supported in the election, and we do that because we need to guarantee funding for all of the essential responsibilities of government including health and education. We are getting on with the job—a stronger economy and a stronger nation.