Jim Chalmers (Rankin, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Is annual economic growth of 1.7 per cent below average, below budget forecasts, below what it was before the election, below what it was when he became Treasurer, below what it was when the government was first elected, or all of the above?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Economic growth is at 1.7 per cent through the year, and at the budget we had it at 2¾ per cent for 2019-20, and we will make updates to our forecasts at MYEFO. But the bottom line is: the Australian economy continues to grow, and, no matter how many times the member for Rankin disregards the advice of the former member for Lilley and goes out there and talks down the Australian economy and puts Australian jobs at risk, the Australian economy is resilient and jobs are being created. The reality is: today's national accounts show the remarkable resilience of the Australian economy. While countries like the United Kingdom, Singapore, South Korea and Germany experienced negative growth this year, the Australian economy continues to grow.

Can you imagine if the Australian economy had been hit by $387 billion of higher taxes at a time when we are facing a punishing drought, which has reduced farm GDP; at a time when we're seeing trade tensions, which have reduced global consumer confidence; at a time when we've seen global trade volumes down, capital flows slow and investment decisions deferred? The Labor Party had planned to hit retirees, so-called people from the top end of town, small business, family businesses, people who save for their superannuation and people who want to get ahead by working an extra shift, by working a second job. They were going to hit them with higher taxes.

The Australian economy has continued to grow on our watch because of our infrastructure spending, because of our tax cuts and because we put the interests of the Australian people first.