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

Indeed I can. Under our government, our economy is strong and continuing to grow. Our economy now is into its 28th year of continuous growth. Just last Tuesday the Reserve Bank of Australia not only noted the strong 3.4 per cent growth over the past year but also upgraded its economic growth forecast for 2018 and 2019 to an average 3.5 per cent growth over those two years.

This stronger economic growth has a real impact on real Australians. It means real jobs for Australian workers. Indeed, 1.15 million new jobs have been created so far since we came into office. Remember, when we came into government we inherited a weakening economy, rising unemployment and a rapidly deteriorating budget position. Today the economy is stronger, the economic growth outlook is stronger, employment growth is much stronger and the unemployment rate is well below where it was anticipated it would be. In the last financial year alone, 2017-18, about 350,000 new jobs were created in the Australian economy, and Australia's employment growth is stronger than in any of the G7 nations. The unemployment rate fell to five per cent in September. Back in December 2013 the shadow Treasurer was saying that the test was whether we could keep it below 6¼ per cent. I'm still waiting for his letter to confirm that we are the superior economic managers, because he, as Treasurer, left behind a weakening economy, rising unemployment and a rapidly deteriorating budget position.

We know that stronger growth and more jobs mean higher wages over time. We know that it means more revenue for government to pay for the important services provided by government. That is a key reason our final budget outcome last year was $19.3 billion better off than forecast. (Time expired)