Rowan Ramsey (Grey, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Would the Treasurer update the House on the most recent national accounts data and how this affects the economic outlook provided in the budget? Is the Treasurer aware of any risks to these budget outcomes and the health of the Australian economy?

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

I thank the member for Grey for his question because, like all members on this side of the House, we went to the last election and we said to the Australian people, 'We will deliver jobs and we will deliver growth.' Since then, this government has presided over more jobs and more growth. Since the last election, what we've seen is a record year of jobs growth of more than a thousand jobs created every single day on average. We have seen the unemployment rate fall to 5.4 per cent. In particular, we have seen the number of young people getting jobs increase by over 80,000 in the last 12 months. That is the strongest rate of jobs growth for young people since 2008. More young people are getting jobs. More Australians are getting jobs. The reason for that is because businesses are out there investing, making things happen, and they're working under a policy environment that encourages them to do just that. The national accounts have shown that our rate of growth has tipped up over three per cent to put us on top, ahead of all the G7 advanced nations around the world today. We've seen non-mining investment grow by 10 per cent, which is five times the long-run average. That is an economy where businesses are investing, taking advantage of the conditions that are in front of them to go out there and employ more people and give them better opportunities so they can get ahead and get ahead for their own families.

The national accounts also, affirming that growth, have affirmed the budget. They have validated the budget and the budget outlook because our plan for a stronger economy is working, and that's why we need to stick to the plan. Only by a stronger economy can you deliver and guarantee the essential services, like Medicare and affordable medicines, that the Australian people rely on. That's why Moody's have moved, once again, to affirm the AAA credit rating for Australia. We are one of only 10 countries that have a AAA credit rating from all the three major ratings agencies.

I'm asked about risks by the member for Grey. The single greatest immediate risk to the Australian economy is the Labor Party, for one simple reason: these characters think putting $200 billion in higher taxes on the Australian economy is somehow to going to help businesses employ people and somehow help people get ahead. They think the economy is something to tax. We think the economy is something to grow, and that's what we are doing on this side of the House with our policies. You can take our policies and our budget to the bank—unlike what the Shadow Treasurer has put forward with his cruel retiree tax and his $10 billion thumping big black hole. He stuffed it up when he announced it, and he stuffed it up when he added it up.