Andrew Gee (Calare, National 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 progressing the national economic plan we proposed at the July election? And how will the government's plan support the successful transition of Australia's economy?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Calare for his question. Australians, at the last election, voted for jobs and growth. They voted for a national economic plan to drive jobs and growth and that is what they have been getting, and they have been getting it over the past three years. And they are continuing to get an increase in the numbers of jobs and an increase in economic growth, which is there to lift living standards and to ensure that Australians can plan for their future with confidence. And they will continue to get that because that plan is being implemented by us—unlike those opposite who, for the first 100 days, were going, if they were elected, to try and work out what they were going to do. They said it was going to take 100 days to come up with an economic plan. Well, from day one we have gone about implementing that plan.

We have secured some $11 billion in budget improvement measures just in the first few sitting weeks. In addition to that, we have initiated a five-yearly inquiry into Australia's productivity performance. This is important because productivity improvements are critical to lifting the living standards and earnings of the country. Those opposite think the way to raise revenue is to increase taxes. On this side, we know that the way to support the government's budget is to ensure that Australians earn more, that companies earn more and that Australians can get ahead, and you do that by lifting the productivity performance of the country.

In addition to that, we have moved on the financial systems inquiry which is making our financial and banking system stronger, to improve our economic resilience. So it is no surprise that, in just the first 100 days, not one ratings agency but two ratings agencies have affirmed Australia's AAA rating over the course of the last 100 days.

In addition, we have moved to ensure that we are cracking down on foreign investment applications that do not meet the standard—those who have sought to abuse the rules in foreign investment. We have been ordering the divestments, which now total some $96 million of additional properties that were bought under false pretences.

On top of that, we have introduced into this House tax cuts that are designed to do two things: to support Australians who are going to work every day and would be facing higher rates of personal income tax. Those on the average full-time ordinary earnings would have gone into the second highest tax bracket and, because of the measures introduced by this side of the House, they will not move into that zone.

We have also introduced into this House an enterprise tax plan that is designed to increase investment in our economy. Those opposite used to support lower tax measures to drive investment, to drive jobs and to drive growth. The only thing they stand for now is higher taxes—higher taxes on the Australian economy—and higher deficits. The plan they took to the election was a— (Time expired)