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Monday, 19 October 2015
Page: 11567

Economy


Mr BOWEN (McMahon) (15:00): My question is to the Treasurer. In question time last week, the Treasurer said:

When we think about revenue, we think about how we are going to grow the economy ...

Was growth for this financial year revised up or down in the Abbott-Turnbull government's last budget?


Mr MORRISON (CookTreasurer) (15:00): I thank the member for the question because it does go to the key issues that confront the budget, and that is: how will revenue grow and how will we be able to control expenditure? Revisions are made—

Ms Macklin interjecting

The SPEAKER: The member for Jagajaga is now warned.

Mr MORRISON: to economic growth. The shadow minister is at liberty to quote them from here until the end of time, but the issue is: what will revenue growth and what will economic growth be growing forward and what do we need to do as a country to achieve that? What the Australian people want to know is: what is the plan? The plan to ensure that we have economic growth going forward into the future is to ensure that we can inspire innovation for an agile economy. It is to ensure that we have the trade agreements in place to grow the revenue that is necessary for this economy to continue to grow. It is important that we have the budget strength to protect our AAA credit rating. It is important that we have a competition policy framework that can drive the productivity gains that we need in the states and territories and in the Commonwealth. It needs all of these—

The SPEAKER: The Treasurer will resume his seat. The member for Hotham on a point of order.

Ms O'NEIL: Mr Speaker, I rise on a point of order on relevance. The minister was asked quite a specific question about revenue and he is yet to get to that question. If he does not know the answer, he should probably sit down.

The SPEAKER: The member for Hotham will resume her seat. If you listened to the question, it had a long preamble. The Treasurer has the call.

Mr MORRISON: I notice the member for McEwen is not troubling the Mensa membership list today with his interjections.

The SPEAKER: The Treasurer will return to the answer.

Mr MORRISON: The challenge here is: how are we going to grow the economy? We need to be growing it higher than we are now and higher than we were two years ago and one year ago, and we need to grow it more in the future, because that is the way that Australians can have confidence in their jobs. On this side of the House, we have a strong plan and a strong platform to grow the economy and to grow jobs. On that side, we have a very small view of Australia's future, a very small view of the aspirations of Australians, that they would somehow be indulged in the diminished rhetoric of those opposite—

The SPEAKER: The Treasurer will resume his seat. Before I call the member for McMahon, there can only be one point of order called on relevance. If it is a frivolous point of order, I will have to deal with the member for McMahon. The member for McMahon on a point of order, and he can state the point of order.

Mr Bowen: Mr Speaker, I rise on a point of order. The answer is down. If the Treasurer does not know it, he should just acknowledge that.

The SPEAKER: The member for McMahon will leave under 94 (a).

The member for McMahon then left the chamber.

Mr MORRISON: The government is aware of the forecast and the government is even more aware of the challenges that we face to grow our economy going forward. Those opposite had the best commodity prices in the history of our nation, the best terms of trade in the history of our economy, and they could not balance a budget with the best conditions of all time. Those on this side of the House know that we have to grow the economy to continue to grow jobs. More than 300,000 Australians have a job today. Youth unemployment fell in the last figures released last week. We are seeing tens of thousands of extra young people getting into jobs in this country. That is what Australians at home are worried about. They are not interested in the negative politics of the opposition.