It's in Rude Health

Today, the Adelaide Advertiser reported that ‘the Australian economy has bounced back’; that we’re seeing ‘the best economic growth in four years’ made front-page news in The Australian.

In the final quarter of the 2010-11 financial year, the Australian economy experienced a 1.2% leap in GDP; a figure outshone only by the 6.5% rise in real gross domestic income last financial year, ‘the largest growth since 1987-88’ according to the Australian Bureau of Statistics.[1]

What this means, is that our economy is strong, with high investment, sustainable consumption and low unemployment.

What this means, is that the naysayers in the Liberal Party and the National Party were wrong when they talked down the economy.

What this means, is that the Australian Labor Government is managing our economy responsibly, and working to keep people in jobs.

Watch the Treasurer’s Ministerial Statement on the Global Economy. 

But we know that in spite of our strong economy, there are many Australians out there who are doing it tough, especially those on lower incomes. When I speak to Novocastrians, I hear of low consumer confidence and they tell me that they’re putting any extra money they make into savings.  

I want you to know that we’re on track to return the budget to surplus in 2012-13. When we look outward from our shores, we can take confidence in our economy, our unemployment rate, and our strong financial position compared to Europe and the US.  

When I took part in a parliamentary delegation to Europe last year, I saw shop fronts boarded up or their front windows smashed in. A permanent protest stood continuously outside the Irish Bank in Dublin, and in Italy, unions protested outside the parliament against harsh cuts.  

After coming home to Newcastle and speaking with the Treasurer, I was proud that our unemployment rate was, and remains as Minister Evans commented today, ‘the envy of the industrialised world’, and confident that this Labor Government’s strong track record of investment in our local region will continue.  

Sharon

PS. Leaked Coalition frontbench documents have shown that the Liberals have been identifying widespread cuts to pay for their $70 billion black hole, and Joe Hockey is unapologetic about what this will mean for the services such as the School Chaplain program and payments on which Novocastrians rely.