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

I thank the shadow minister for finance for her question on the economy. Today's national accounts confirm that the Australian economy continues to grow. It remains remarkably resilient in the face of significant global and domestic economic headwinds. Economic growth has increased to 1.7 per cent through the year, with the economy growing by 0.4 per cent in the September quarter, within the range of market expectations. While other major developed economies like Germany, the UK, Korea and Singapore experienced negative quarters of economic growth this year, Australia's economy continues to grow and has now entered its 29th consecutive year of economic growth, a record not matched by any other developed nation.

I might also just say that household disposable income grew by 2.5 per cent in the quarter and is up 5.1 per cent over the year. This is the strongest quarterly rise in a decade, with the personal income tax cuts flowing through. The average compensation to employees rose 0.7 per cent in the quarter, to be 2.9 per cent higher over the year, and is now back above the decade average. Just imagine for one second, Mr President, what would have happened if the Australian people had chosen to vote for the alternative government, and $387 billion in higher taxes had hit our economy for six. Our economy today would be weaker—