Garth Hamilton (Groom, Liberal National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Morrison government's clear record of strong, decisive economic management maintaining our economy's resilience through the COVID-19 pandemic for the benefit of Australian businesses and families, and is the Treasurer aware of any alternative approaches?

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

I thank the member for Groom for his question and acknowledge his experience as an engineer, a volunteer firefighter and someone who is a strong advocate for inland rail and the benefits that provides. Australia has had one of the strongest economic recoveries through this pandemic. We've seen a stronger recovery here than in Canada, the United Kingdom, Germany, Italy and Japan.

Today we got the September quarter national accounts, and they did show a contraction of 1.9 per cent in the September quarter, as our two largest states, New South Wales and Victoria, were in lockdown. But growth is up 3.9 per cent through the year. We saw that in New South Wales it contracted by 6½ per cent; in the ACT, 1.6 per cent; and, in Victoria, 1.4 per cent. None of this was a surprise, because 13 million of our fellow Australians were in lockdown.

The good news is that those delta lockdowns are now behind us. We've seen an easing of restrictions across New South Wales, Victoria and the ACT. Since the start of September, 350,000 jobs have come back. We saw in the retail trade numbers for October a 4.9 per cent increase. We've heard from retailers that they've started to see their customers come back, and with the Black Friday sales they say that more than $5 billion was spent—a 50 per cent increase on the previous year.

So too it is with investment intentions. The latest ABS CAPEX survey showed that investment intentions for non-mining investment were the strongest on record, with an expectation that more than $100 billion would be spent this year, supported by incentives that we have provided in consecutive budgets.

I am asked about alternative approaches. We know that, this week, the Labor leader will not stand up—

Andrew Wallace (Speaker) Share this | Link to this | Hansard source

The Treasurer will resume his seat. I would ask the Treasurer just to withdraw that comment. I spoke about that matter yesterday. The Treasurer will return to the dispatch box.

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

Mr Speaker, I was referring to the—

Andrew Wallace (Speaker) Share this | Link to this | Hansard source

I have asked the Treasurer to withdraw.

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

I am referring to the alternative proposed by the Leader of the Opposition, which is to deliver higher taxes to the Australian people. How do we know? Because of his shadow Treasurer. On the front page of the Australian it says: 'Jim Chalmers proposes Bill Shorten era family trusts tax hit'. That is what the Labor Party did at the last election. That's what they'll do at the next election. Only one side of this House can be trusted to deliver a stronger economy.