A stronger economy is the key to creating more and better paying jobs. It is the key to keeping Australians safe and being able to pay for essential services.
Australia’s economy (GDP) is growing at 2.8% - a stronger rate than the OECD average and all of the G7 economies, except the United States. (i.e stronger than Canada, Germany, France, Italy, UK and Japan).
Our 2013 promise for one million new jobs to be created within five years was delivered ahead of schedule.
(As at November 2018) More than 1.2 million more Australians are in jobs since this Government was elected. Nearly 60% of these have been full time jobs.
412,300 more jobs were created in 2017 alone – the most jobs in any year on record.
100,200 more jobs for 15-24 year olds were created in the 12 months to June 2018. This was the strongest result of any financial year on record (since 1979).
The unemployment rate is now 5.1%. When Labor left office, unemployment was 5.7%.
We are working to build a stronger economy, by:
- Backing small businesses. Tax relief has been delivered for businesses with an annual turnover up to $50 million (that’s 3.3 million businesses, employing around 7 million Australians). A $20,000 instant asset write-off is helping small businesses invest in the cost of machinery and equipment.
- Record infrastructure investment. $75 billion is being invested over a decade in highway upgrades, congestion busting roads, rail projects, inland rail, improved local roads and a new airport. This will cut travel times and create jobs.
- Fixing the Budget. Labor racked up $240 billion in deficits over six years. Without action, debt would have been on track towards $1 trillion. We have halved the growth in spending – from 4% per year under Labor, to 1.9% (the most restrained of any Government in fifty years). The Budget deficit is the lowest it has been in 10 years. We are on track for a balanced budget in 2019-20.
- Tax Relief for working Australians. We are making taxes lower, simpler and fairer. In 2018-19, around 4.4 million Australians will get tax relief of $530 per year. Over 10 million taxpayers will get some tax relief. Our legislated plan means that after seven years 94% of taxpayers will pay no more than 32.5 cents in the dollar.
- Fairer taxes. New laws have closed loopholes for multinationals. An additional $4 billion was raised from multinationals last year. A new major bank levy will ensure the big banks pay their fair share. We will fight Labor’s plan for $200 billion in higher taxes – on retirees, workers, housing, electricity and family businesses.
- Welfare to work. The percentage of working age Australians on welfare has fallen to 14.3% – the lowest rate of welfare dependency in 30 years. In 2017-18, there were 90,000 fewer working age Australians on welfare than the previous year.
- Affordable, reliable electricity. A number of new measures will reduce power bills for households and businesses. These include a price safety net to protect customers, a big stick to stop companies ripping off customers and a program to underwrite new reliable energy generation.
- Tackling union lawlessness. We have restored the Australian Building and Construction Commission to tackle CFMMEU thuggery. We have banned secret and corrupting payments between businesses and unions and created a Registered Organisations Commission that will make unions more transparent.
- Boosting exports. Australia’s exports reached $404 billion in 2017-18, up from $307 billion in 2012-13. In 2017-18 Australia had a trade surplus of $8.1 billion (compared to a $20.1 billion deficit in 2012-13). We are locking in the benefits of historic trade agreements with China, Japan and South Korea. Australian exporters will benefit from the new Trans-Pacific Partnership – an Agreement between 11 major economies in our region (worth $13.7 trillion).
- Boosting our Defence Industry. The previous Labor Government ran down our Defence Force and failed to commission a single ship for our Navy. We are building up to 54 new ships. This will boost Australia’s Defence Force and create thousands of new skilled jobs.
- Putting Aussie jobs first. When Bill Shorten was Workplace Relations Minister, the number of foreign workers under 457 visas rose – from 68,000 (Dec 2011) to 110,000 (Sept 2013). We have replaced 457 visas with improved temporary skilled visas to ensure Australians get priority for jobs.
- Investing in skills. A new $1.5 billion Skilling Australians Fund will support up to 300,000 more apprentices over four years. This will be partly funded by employers that sponsor migrants under the new temporary skill shortage visa.
- Ideas and innovation. Our tax incentives for early stage investors (announced under the National Innovation and Science Agenda in 2015) have already seen over 3,000 new investments in over 300 early stage innovation companies. According to the ABS, venture capital investments in Australia have increased by around 75% since we formed government (from $265 million in 2012-13 to $463 million in 2016 17).
- A Fairer GST System. $9 billion in extra funding will now be delivered to the states and territories over 10 years, with a fairer and more sustainable funding formula. All states will benefit, but especially Western Australia, which in recent years has received GST revenues of just 30 cents of every dollar of GST raised.
Information current as at January 2019