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Tuesday, 28 February 2012
Page: 1019

Economy

Senator MARK BISHOP (Western Australia) (14:31): My question is to the minister representing the Treasurer, Senator Wong. Can the minister outline to the Senate how the government has supported Australian jobs and delivered ongoing economic growth? How will the government keep delivering for working people into the future?

Senator WONG (South Australia—Minister for Finance and Deregulation) (14:31): Making the right economic choices for today and for the future is the core business of government and that is what this government is focused on. First, when it comes to the global financial crisis, we made the choice to support jobs, to support small businesses and to ensure the economy kept growing. As a result of that, we know that 200,000 Australians who would have been on the unemployment queues remained employed. We are also looking to the future when it comes to our skills package, ensuring that more Australians have the opportunity to get the skills they need, not just for jobs today but for jobs for the future.

Of course, today, as my colleague Senator Conroy has also spoken of, we are proceeding with the investment in the National Broadband Network, an investment that is about the economy of the future. Unlike those opposite, who seem to want to spend money to renationalise a copper network—something that is uncosted; I am not sure if Mr Turnbull's proposition actually went to the ERC, which now has Senator Sinodinos on it—we understand that you need a 21st century technology to be a first-rate economy. That is what we are going to be delivering with the National Broadband Network.

As a result of the decisions the government has made to date, we have seen over 760,000 jobs being created since November 2007. We understand on this side the dignity of work and the importance of pay and good working conditions that go with jobs. We understand what this means for working families right around this country. We understand the importance of supporting jobs, not only through the global financial crisis but also as our economy changes as the global economy changes. Unlike those opposite, we look to the future. Unfortunately, what we have in those opposite is a party led by a man whose only answer is no. You cannot build the future by saying no.

Senator MARK BISHOP (Western Australia) (14:33): Mr President, I ask a supplementary question. Can the minister outline to the Senate the challenges facing the Australian economy and how the government is managing these challenges?

Senator WONG (South Australia—Minister for Finance and Deregulation) (14:33): It is true that the task of ensuring Australia's economic strength is ongoing, but, as the Prime Minister has said, the nation is strong enough to bend the current transformations we are seeing in the economy to our own advantage. That is why the government is acting—acting to ensure that the benefits of the resources boom are spread to all Australians and are harnessed to ensure the prosperity of the nation, something opposed by those opposite. Those opposite would rather see wealthy miners pay less tax and small businesses pay more. That is why we on this side are investing in infrastructure, doubling the roads budget and committing more in urban public transport since 2007 than was invested by all previous governments since Federation. That is why we are investing some $3 billion in skills and training, to support labour force participation today and to give more Australians the tools to participate in tomorrow's economy. These are all decisions about the future prosperity of the nation. (Time expired)

Senator MARK BISHOP (Western Australia) (14:35): Mr President, I ask a further supplementary question. Can the minister further update the Senate on any significant risks in maintaining responsible economic management to deliver for the future? Is the minister aware of any alternative approaches that have been put forward?

Senator WONG (South Australia—Minister for Finance and Deregulation) (14:35): The alternative approaches that have been put forward are really only one, and that is to say no. That is the entirety of Mr Abbott's response when he is asked to outline his vision for the future of this nation. When he is asked to tell Australians what he would do to ensure their children have more opportunities, his only answer is no. His only answer is relentless negativity based on falsehoods. They are an opposition who have discarded any semblance of economic responsibility—an opposition with a $70 billion black hole. They will have to cut $70 billion of services just to get to the starting line. That is not my figure; it is the figure put out by their shadow finance minister and their shadow Treasurer. I welcome the announcement that Senator Sinodinos has joined the shadow ERC. Let us hope he can do better than the current incumbents. (Time expired)