Senate debates
Wednesday, 4 December 2019
Questions without Notice
Economy
2:28 pm
Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source
My question is to the Minister representing the Prime Minister, Senator Cormann. Today's national accounts figures have revealed that the Australian economy continues to grow at less than two per cent per annum, at just 1.7 per cent. Can the minister confirm that under the Morrison government economic growth remains at its lowest levels since the global financial crisis?
Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source
What I can confirm is that the growth in our economy is stronger than it would have been if there had been a change of government at the last election.
Scott Ryan (President) Share this | Link to this | Hansard source
Senator Walsh, a supplementary question?
Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source
Today's national accounts reveal household spending up just 0.1 per cent. Isn't this because under Scott Morrison and Josh Frydenberg Australians are experiencing the worst wages growth on record and the RBA has declared that lower wage rises have become the new normal? Given Minister Cormann considers low wages to be a deliberate design feature of the government's economic policies, is this a case of mission accomplished?
2:29 pm
Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source
The last part of that question is manifestly false. That is not what I consider and not what I've ever said. It is a continuous misrepresentation by those opposite in respect of much more appropriate comments. We, of course, want to see stronger wages growth, but we also understand that stronger wages growth relies on stronger economic growth, stronger productivity growth—all things that we're working to achieve.
Let me say to the senator again: the economy is stronger, jobs growth is stronger, wages growth is stronger than it would have been if there had been a change of government. Indeed, her assertion that wages growth is the weakest ever is also false. Real wages growth is right on the 20-year average of 0.6 per cent. In fact, real wages growth is stronger than it was when Labor lost government. The minimum wage has had real increases in every year that we've been in government. People had real wages cuts— (Time expired)
Scott Ryan (President) Share this | Link to this | Hansard source
Senator Walsh, a final supplementary question.
2:30 pm
Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source
Despite the minister's attempts to spin today's results and put lipstick on a pig, growth with a 'one' in front of it is nothing to celebrate. When will the Morrison government finally implement a comprehensive plan to turn around the economy that is floundering under its watch?
Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source
The only thing that is floundering is the attempts by the shadow Treasurer to get Albo's job. The only job that Mr Chalmers is interested in is the leader's job. He doesn't want to keep doing the shadow Treasurer's job. Everybody knows that he's already out there campaigning. Everybody knows that.
But let me say again: our economy continues to grow. Many other economies around the world are shrinking. If you actually look at the international context and the global economic headwinds we're facing in the domestic economy, the fact that our economy continues to grow is good news for the Australian people. The alternative, with Labor's high-taxing socialist agenda, would have been a weaker economy, fewer jobs, higher unemployment and lower wages.