David Van (Victoria, Liberal Party) Share this | Hansard source

I rise to take note of answers in question time that highlight the government's positive plan for a strong economy that creates more jobs for Australia. As Minister Cormann has stated in question time today, the fundamentals of the Australian economy remain sound. We have a AAA credit rating, record labour market participation and welfare dependency at its lowest level in three decades. We are in our 29th consecutive year of economic growth, a record unmatched by any other developed nation.

However, as the minister did outline, we do face headwinds. The IMF World Economic Outlook confirmed that global economic growth has slowed, with 'rising trade and geopolitical tensions' that are 'taking a toll on business confidence, investment decisions and global trade.' IMF global growth forecasts have been downgraded by 0.3 percentage points since their April update to three per cent for 2019, its lowest level since 2008-2009.

While Germany, the United Kingdom, Singapore and other economies experienced negative economic growth in the June quarter, the Australian economy remains resilient and continues to grow. But the international challenges are a stark reminder of why we must stick to our economic plan. It will deliver lower taxes so that Australians can keep more of what they earn. It will create more infrastructure, creating jobs, boosting productivity and returning the budget back to surplus so that we can meet the challenges ahead.

Not only is our economy strong; we are also focused on job creation. Unemployment growth is currently at 2.6 per cent, which is more than twice the OECD average and more than three times what the coalition inherited when we came to government. Labour force figures released last month by the ABS underline the continuing strength of the Australian labour market, with seasonally adjusted employment increasing by 34,700 jobs—exceeding all market expectations—and a record high of almost 13 million jobs in August 2019.

In my maiden speech I said the government must do as much as possible to ensure that there are fewer roadblocks to people being able to work, and I believe this is exactly what the coalition government is doing. A record number of Australians are in work, and the participation rate has never been higher. More than 1.4 million new jobs have been created since we came to office, and around eight out of every 10 new jobs over the past year have been full-time. The coalition government has a plan that supports the creation of more jobs, and small business plays a major role in this plan. They are the major supplier of jobs and the backbone of our economy. I wish more of those opposite had created jobs instead of being political hacks or unionists. According to the small business council report released in July 2019 by the Australian Small Business and Family Enterprise Ombudsman, around 98 per cent of all Australian businesses had 19 or fewer employees. Over 230,000 small businesses have been created since 2013-14, with 75,000 created in 2017-18 alone.

Good economic management runs in the blood of the coalition. We have a track record of delivering red tape savings. Between September 2013 and December 2016, for instance, our cutting-red-tape initiative resulted in $5.8 billion being reported as red tape savings. That means Australians are now investing $5.8 billion in their businesses or spending it elsewhere in the economy. This is good for small business, good for jobs and good for our economy. The government is also helping small business to invest and grow through increasing and expanding the instant asset write-off. This initiative now covers assets up to $30,000 for businesses under $50 million. Those on this side of the chamber are focused on ensuring that our strong economy is working. We're supporting small business— (Time expired)