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Exports are strong but the economy is weak



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MADELEINE KING MP SHADOW MINISTER FOR TRADE MEMBER FOR BRAND

EXPORTS ARE STRONG BUT THE ECONOMY IS WEAK

Australia’s successful export sector has not saved the Morrison government from presiding over the slowest rate of economic growth since the global financial crisis.

The release of ABS data this week showing Australia’s first current account surplus in 44 years was a welcome acknowledgment of the nation’s booming exports, led by our world-class producers of iron ore, natural gas and coal.

But this surplus does very little to boost overall confidence in our economy.

While exports are up, imports are declining - because consumer confidence is weak and Australians, who are already worried about their wages and job security, are cutting back on spending.

It’s further proof that the government has no plan and should be doing much more to stimulate the domestic economy.

Today’s national accounts further confirms that the government has no plan to protect our floundering economy against the very real threats of an external shock, such as from the US-China trade tensions.

The economy has fallen to its slowest rate of growth in a decade, growing by just 1.4 per cent in the 2018-19 financial year.

It was the strong contribution of exports that helped prevent growth slumping even further.

Relying on the exports to hold up growth is a poor strategy. The Morrison government needs a plan to safeguard the economy and it needs one fast.

WEDNESDAY, 4 SEPTEMBER 2019

MEDIA CONTACT: ANDREW BURRELL 0437 290 112