Rob Mitchell (McEwen, Australian Labor Party) | Link to this | Hansard source

My question is to the Treasurer. What does today's national accounts data tell us about the resilience of Australia's economy, and how does the government's economic agenda compare to other approaches?

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

I thank the member for McEwen for his question and also for being an absolute champion of the working people in his communities in and around Melbourne and the outer suburbs. Today's national accounts, as the PM said, showed that the Australian economy grew 0.3 per cent in the March quarter and 2½ per cent through the year. This is a very solid outcome in the circumstances. We have our fair share of challenges in our economy, but we've also got sturdy foundations as well. This is the equal fastest annual growth in almost three years—

Milton Dick (Speaker) | Link to this | Hansard source

The member for Page is warned. The member for Page is just interjecting way too much. For the remainder of question time, I want you to assist the House. Control yourself. Do not interject any more.

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

These national accounts show how resilient our economy is at a time of very substantial global economic volatility. But the biggest story from these national accounts was the contribution made by the private sector and, particularly, business investment. Private sector investment in our economy is booming in these March national accounts. Economic growth was driven by strong growth in business investment, solid consumption and ongoing growth in dwelling investment as well. Those opposite haven't mentioned any of that, because they're determined to talk the Australian economy down and the Australian people down, but these are the facts in today's national accounts.

The biggest contributor to growth was business investment. It's the fastest quarterly growth in nearly a decade and a half. New business investment grew 5.7 per cent. It's more than 10 per cent higher through the year. It made a big contribution to quarterly growth as well. The outlook for investment is encouraging. The capex survey last week upgraded the level of nominal spending in investment to around $200 billion each year, when that capex number came in six times higher than expected. Most importantly, as a share of our economy, business investment is now 12.9 per cent. It was 11.3 per cent when we came to office. Annualised average new business investment is growing at 5.2 per cent under this Labor government. It was going backwards by an average of 1.3 per cent under those opposite. When it comes to these numbers, the pick-up in the private economy is the most important part of the story, and our budget, whether it's the productivity package or our focus on resilience and reform, is all about responding to these challenges and also making the most of our opportunities at a time of considerable uncertainty in the world.

There will always be those who want to talk down the Australian economy and the Australian people for partisan political purposes, and I can hear those opposite chirping away, outing themselves as the guilty party when it comes to talking down the Australian economy. Their strategy is to talk down our economy, to talk up division in our society and to vote against tax cuts and a fair go for first home buyers. This side of the House is cutting taxes, boosting wages and making the housing market fairer for first home buyers. (Time expired)

Angus Taylor (Hume, Liberal Party, Leader of the Opposition) | Link to this | Hansard source

My question is to the Prime Minister. The Prime Minister promised Australians they would be better off. Today's national accounts show living standards going backwards. Since Labor came to office, Australians have experienced the sharpest fall in living standards in the developed world. When will the Prime Minister admit his economic strategy has failed Australians?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

We see a global crisis as an opportunity to talk Australia up. They see it as an opportunity to talk Australia down. We have growth today of 2.5 per cent, which is higher than a majority of the OECD. The Liberal-One-Nationals over there say it's the worst in the world in the world—

Angus Taylor (Hume, Liberal Party, Leader of the Opposition) | Link to this | Hansard source

Worst in the developed—

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

The OECD, mate—the OECD is the developed world.

Milton Dick (Speaker) | Link to this | Hansard source

Order. Order! Members on my left.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

That's what it stands for. The OECD—it's this little body based in Paris. Now, we are growing faster than most of the developed world.

Angus Taylor (Hume, Liberal Party, Leader of the Opposition) | Link to this | Hansard source

Your immigration certainly is!

Milton Dick (Speaker) | Link to this | Hansard source

Order. The Leader of the Opposition is just going to cease interjection.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

We have Temu Abbott over here, trying to press buttons and divide Australia, as they always do, when the fact is: as a result of this week, we have an economy that's growing. We have private sector investment which is growing substantially and driving that economy. We have higher wages, as a result of the 4.7 per cent—something that those opposite, those in the Liberal One National coalition of the three parties, speak about: they speak about battlers, from time to time, but give a battler a wage increase and they hate it.

Milton Dick (Speaker) | Link to this | Hansard source

Has the Prime Minister concluded his answer?

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) | Link to this | Hansard source

Speaker—

Milton Dick (Speaker) | Link to this | Hansard source

The manager, on a point of order?

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) | Link to this | Hansard source

On relevance, Speaker: this question didn't ask anything about the opposition. It was about falling living standards, that are far—

Honourable members interjecting—

Milton Dick (Speaker) | Link to this | Hansard source

And I think that's the bit the Prime Minister is disagreeing with, in his answer, regarding the question. He is entitled to disagree with the question—as every prime minister and minister has done, certainly since I've been in the parliament, so he's not breaking ground there. Let's listen to the Prime Minister, because the Leader of the Opposition was heard in silence, so I think it will be in the best interests of the House if everyone just calms down and listens to the Prime Minister.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

When it comes to living standards, there are two issues we've seen this week: a 4.7 per cent increase for those people on the minimum wage, taking it, for the first time, to above a thousand dollars. They say, 'What's that got to do with living standards?'—people's wages; people earning more!

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

'Wages have got nothing to do with it'!

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

Those opposite—we know it's a long time since they saw a minimum wage! And tax cuts, which they're going to vote against on Thursday—

Honourable members interjecting—

Milton Dick (Speaker) | Link to this | Hansard source

Alright. Now the House has come to order, we'll hear from the honourable member for Blair.