Ross Vasta (Bonner, Liberal Party) Share this | Link to this | Hansard source

Will the Treasurer update the House on how the government's national economic plan to boost exports, drive investment and build new economic infrastructure is creating better days ahead for the Australian economy?

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

I thank the member for Bonner for his question and his interest in the issues that matter to the Australian people, which are growing our economy, creating more jobs, seeing exports drive from this country to lift the incomes of Australians working all around the country. That better days are ahead is the emerging economic consensus in this country, and that is being reinforced day after day, week after week, month after month by the improved economic data we are seeing.

Just today we have learnt about more exports. Export volumes rose 2.7 per cent in the quarter, despite the effect of Cyclone Debbie, and export volumes grew 4.3 per cent through the year. That was particularly supported by a service sector, which was up 5.4 per cent, and our rural sector. We know that the growth in our rural sector exports are flowing through the main streets of regional towns all around the country. Today we also saw more business investment. Capital imports, the predominant form of imports to the country over the period of the last 12 months, rose almost 25 per cent over the past year. That reinforces the strong figures I referred to yesterday on the resurgence in non-mining investment. So we're seeing more investment. We're seeing more exports flowing through these numbers, particularly on those capital import numbers. That is the strongest annual growth since around the peak of the mining investment boom some five years ago. So that is more business investment and more growth. The shadow Treasurer has absolutely no interest in this topic. In fact, he hasn't asked me a question since the end of May. He asked me 11 questions defending the banks; 11 out of 12 questions since the budget, and 11 of them were defending the banks.

We've seen more public investment as well—which rose 12 per cent in the June quarter. An important part of that was that Defence procurement rose 30 per cent in the quarter. So our Defence industry plan, which is creating jobs in manufacturing and right across the supply chain, is making a difference in this country. This is all part of the national economic plan that the Turnbull government is implementing and that is driving jobs and growth. The Labor Party opposite remain opposed to this plan. They continue to oppose the tax cuts that we've put in place that are already driving investment. They are going to walk away and turn over the legislated tax cuts for small- and medium-sized businesses up to $50 million. The Leader of the Opposition has no plan to drive jobs and no plan to drive growth in this country; he is just on one big, long whinge.