Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

Earlier today the Senate passed a core part of the coalition government's plan for a stronger economy, more jobs and higher wages—a plan that is working as we have seen again today with the release of data in relation to the unemployment rate showing that the unemployment rate is down to five per cent. And that is important because, when we came into government five years ago facing a weakening economy, rising unemployment and a rapidly deteriorating budget position, do you know, colleagues, what the shadow Treasurer, Mr Bowen, said would be the test of whether we had succeeded or failed in terms of economic management? He said that we needed to ensure that the unemployment rate stayed below 6¼ per cent. So I'm looking forward to the speech later today by the shadow Treasurer in the other place in which he will recognise that the coalition government has indeed been the superior economic manager over the last five years, because not only have our policies delivered stronger growth—3.4 per cent growth in the 12 months of 2017-18—but also more than 1.1 million jobs were created under our government.

As a result of the legislation which passed the Senate today, there will be more investment, more growth and more jobs. And, as more jobs are created and the unemployment rate continues to go down and the excess supply in the labour market continues to reduce, wages will grow more strongly. Indeed, all of the respected economic commentators are already observing that there has been a pick-up in wages growth in recent times—something that we expect to continue on the back of stronger growth under the coalition.