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

My question is to the Treasurer. Given today's national accounts that show the economy grew at a slower pace last quarter than it did the one before, does he still stand by his guarantee that the budget is back in the black and the economy is back on track?

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

What I can confirm to the House is that the Australian economy continues to grow. The national accounts today show that it grew by 0.5 per cent for the December quarter and 2.2 per cent through the year. That is an increase on 1.8 per cent through the September quarter. We have delivered the biggest tax cuts in more than 20 years, the lowest welfare dependency in 30 years, the first current account surplus in more than 40 years and the first balanced budget in 11 years—and no-one can take that away from the coalition. The reality is that, under the Labor Party, where the member for Rankin was running around—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Treasurer will resume his seat. The Leader of the Opposition, on a point of order?

Anthony Albanese (Grayndler, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

Mr Speaker, the question actually didn't ask about the Labor Party; it asked about his commitment, his smug 'back in black', and whether he stands by it or not.

Tony Smith (Speaker) Share this | Link to this | Hansard source

I will say to the Leader of the Opposition that there are two issues here. The Treasurer has been referring generally to the economy and the national accounts, and he's able to do that because the question the Leader of the Opposition just repeated came after a preamble. Equally, this is one of those questions that doesn't ask for alternatives.

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

I can confirm that the budget is back on track. I can confirm that we've delivered the first balanced budget. And I can confirm that we'll continue to create more jobs and to lower taxes under our economic plan compared to what those opposite promise.