What strong economic growth means for you

We learned today that our economy grew by 3.1% over the last year — and that’s great news. Here’s why.

Economic growth = more jobs

When our economy grows, so do the opportunities for all Australians to enter the workforce.

Growth in the March quarter was driven by exports, reflecting the strong international demand for Australian products and resources.

That means that as Australian businesses invest in increasing their capacity to meet international demand, they also need to invest in their Australian workforce.

CommSec’s chief economist Craig James said it best today: “it is hard to argue with a mountain of evidence. Exports, tourist arrivals, home prices, building approvals and car sales are at record highs. Unemployment is at two-and-a-half-year lows. Economy-wide sales are at six-year highs.”

Growth doesn’t happen by itself

Economic growth doesn’t just happen. Businesses need to be given the confidence to invest and pursue market opportunities abroad.

That’s why the Coalition has an economic plan which includes tax cuts for small business and opening up new international markets through our export trade agreements. Our focus on innovation will also help us transition from the mining and construction boom to a new economy.

By backing Australian businesses and innovators, the Coalition will keep our economy growing, give businesses the confidence to invest and create more jobs for Australians.

How do we compare to other economies?

We’re growing much faster than the US, the UK and at more than twice the rate of Canada, which is a comparable resources economy.

Pretty good, eh?

Are there any risks to future growth?

Anything that discourages businesses from investing or limits export potential will risk future economic growth.

Labor has a plan for more than $100 billion in new taxes and will deny thousands of Australian small businesses much-needed tax relief. This will reduce the capacity of businesses to invest, grow and employ more Australians.

Our export agenda is also at risk under Labor. Labor and their union mates campaigned against the China Free Trade Agreement which gives our farmers a competitive edge and opens doors for our services industries.

In an uncertain global economy, Labor’s policies will put our economy, jobs and future prosperity at risk. We can’t afford to take that chance.