House debates

Tuesday, 30 July 2019

Questions without Notice

Economy

2:07 pm

Photo of Fiona MartinFiona Martin (Reid, Liberal Party) Share this | | Hansard source

My question is to the Treasurer. Can the Treasurer outline to the House how a strong economy is delivering real benefits for all Australians, including in my electorate of Reid? Are there any alternative policies that could put this at risk?

Photo of Josh FrydenbergJosh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | | Hansard source

I thank the member for Reid for her question and acknowledge her background as a psychologist helping others and as a small business owner. It's that expertise and that experience that she'll be bringing to this place.

I can inform the House that the fundamentals of the Australian economy are sound and that the Reserve Bank governor last week made a speech in which he said: 'The underlying foundations of the Australian economy are strong.' That is what the Reserve Bank governor has said. And I can tell you what makes the Australian economy stronger, and that is the tax cuts that we have provided to the Australian people. I'll tell you what makes the Australian economy weaker, and that's the $387 billion of higher taxes that are still on the books of the Labor Party.

The Australian economy is in its 28th consecutive year of economic growth. We have an AAA credit rating from the three leading credit rating agencies, one of only 10 countries in the world to do so. As a government, we have helped create the conditions where 1.4 million new jobs have been created since we've come to government. Workforce participation is now at a record high. There are more women in the workforce today than at any previous time. In fact, the gender pay gap has narrowed. There are more young people in the workforce than ever before. And we will be delivering the first budget surplus in more than a decade—paying back Labor's debt. We've also had the longest consecutive run of months of trade surpluses since the 1970s.

A strong economy is not an end in itself; rather, it helps families get ahead, it helps small businesses grow and it helps seniors be confident about their retirement. For example, in Reid, there are going to be 26,000 small businesses that will be able to access our extended instant asset write-off. There will be more than 86,000 taxpayers in Reid that will get a tax cut, including 32,000 who will get the full $1,080. We are spending record amounts on schools, hospitals, aged care and—as announced in the budget—80,000 new apprentices. On this side of the House, we stand for more jobs. On this side of the House, we stand for lower taxes. On that side of the House, those opposite stand for $387 billion of higher taxes and a lower standard of living for all Australians.