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 13 THE ECONOMY

Mr Baird, pursuant to notice, moved—That this House:

(1) commends the Government and the Treasurer on the strong performance of the Australian economy, in particular:

 (a) the strong rate of growth of the Australian economy which is currently running at 4%;

(b) the low rate of inflation, currently just 2.4%; and

(c) the low unemployment rate, currently just 5.7%;

(2) recognises that the Government has, through careful economic management, given the Australian economy the strength to withstand:

 (a) the Asian Economic Crisis of 1997-1998; and

(b) the slowing of the world economy and the recession in the United States of America in 2001-2002; and

(3) understands that the Government has, through effective government policies:

 (a) overseen the creation of more than 1.3 million jobs since this government came to office;

(b) achieved a massive reduction of mortgage interest rates, which were 17.1% under Labor and are currently just 6.5% under this government; and

(c) has achieved the repayment of more than $67 billion of Labor's debt.

Debate ensued.

The time allotted for private Members' business having expired, the debate was interrupted, and the resumption of the debate made an order of the day for the next sitting.