House debates

Wednesday, 2 June 2021

Statements by Members

Economy

4:28 pm

Photo of James StevensJames Stevens (Sturt, Liberal Party) Share this | | Hansard source

Today, of course, we had the release of the national accounts, and it's absolutely unbelievable that, just 12 months after the economy in this country had to effectively be brought to a grinding halt in March 2020 with the closure of international borders, the restrictions in all states and territories on the trading of businesses et cetera, the accounts now for the March quarter show that the Australian economy is larger as at March 2021 than it was at the end of March 2020. This is a phenomenal testament to the unbelievable economic management of our government over the last 15 months since the challenge of COVID came upon us from economic and health points of view.

The Australian economy is the 12th largest on the planet, at more than US$1.6 trillion, which is unbelievable. Of course, on a per capita basis, we're even more substantial than that: in the top 10. This is before the recent budget measures, which were announced a few weeks ago by the Treasurer, will have their effect, continuing to lead the recovery of our economy post COVID. It's very exciting to see that the naysayers were not correct. Those who were hoping for the economic carnage of the last 12 months to give them a political dividend have not had that rewarded, and it's the coalition government that is safely leading our economy into the future.