Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I thank Senator Crossin for her question. Last week, the International Monetary Fund delivered another strong endorsement of this government's economic management. While we understand that not everyone in Australia is doing it easy, reports like these demonstrate again why all Australians can be proud of what the nation has achieved.

The IMF reiterated its projection of a sound and solid outlook for the economy, with growth faster than any other major advanced economy. The report provides an overwhelmingly positive assessment of the Australian economy—an economy underpinned by low unemployment, low interest rates, contained inflation, strong public finances and a strong investment outlook. Despite those opposite doing their best to talk down the economy, we know that new business investment is expected to reach a 50-year high as a proportion of GDP at the end of the forecast period.

Because of the government's fiscal discipline, we have already seen that this has given room to the Reserve Bank to move to deliver the equivalent of six interest rate cuts since November last year. Because of these cuts, Australians on a $300,000 mortgage are paying around $4½ thousand less per year than they were when those opposite left office. In fact, official interest rates are lower now than at any time under the Howard government, under the government of those opposite. Who can forget them promising to keep interest rates low and then seeing 10 interest rate rises in a row up until 2007? Interest rates under this Labor government are lower than at any point under those opposite. (Time expired)