Vince Connelly (Stirling, Liberal Party) | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer explain to the House how the Morrison government's economic plan is ensuring the largest and the fastest improvement to the budget bottom line in over 70 years, as well as the equal lowest unemployment rate in 48 years? And is the Treasurer aware of any alternative policies?

Honourable members interjecting

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

Just before I give the call to the Treasurer, the level of injections is far too high. I have been extraordinarily lenient. If members continue to interject, they will be removed under 94(a).

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

I thank the member for Stirling for his question and acknowledge his longstanding service not just to his community but also to our country in many different capacities, including in the area of defence.

The budget I delivered earlier this week shows that the economy is strengthening and growing, that the unemployment rate is coming down and that wages are strengthening. And we are now banking the dividend of that stronger economy, where the unemployment rate is at the equal lowest in 48 years, and we have printed a number with a three in front of it which will see unemployment at its lowest level in some 50 years. This has seen a more than $100 billion improvement to the budget bottom line, the fastest consolidation that we have seen in Australia in more than 70 years. The deficits as a share of the economy more than halve over the forward estimates and then more than halve again over the medium term. Gross debt peaks four years earlier than was previously forecast and more than five percentage points lower than what was previously forecast.

We have taken the hard decisions. We ended the emergency-level economic support like Jobkeeper. The Leader of the Opposition criticised us when we did that. He said, in his own words, that the economic roof would come crashing down. Well, within three months after we ended Jobkeeper, 120,000 more people were in work. And now our economic plan is delivering a stronger economy and a faster and stronger recovery than we've seen across major advanced economies. That is what you get with an economic plan that is working, and we outlined our plans for future economic growth, with more investments in our regions, backing small business with new tax deductions to go and purchase new digital equipment as well as skilling their workers.

I'm asked about alternative approaches, and we know the Leader of the Opposition—who's never held a Treasury portfolio, who's never delivered a budget, who thinks a version of an economic plan is tabling his year 10 economics assignment—tonight has an opportunity to put an alternative budget, but we will see very little except personal criticism and slagging off of the leader of the government. The reality is that we have delivered more jobs, as we promised. We have delivered a stronger economy, as we promised. We have delivered lower taxes, as we promised.