E&OE...
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Good morning. Last Wednesday, the national accounts - that's the quarterly snapshot of how our economy is going - turned out to be much stronger than most people expected. Above all they showed the Australian economy has demonstrated enormous resilience in the face of the very severe drought we're now experiencing.
The fundamentals of our economy remain extremely strong. Inflation has come down and the economy continues to grow and create real jobs. Unemployment remains at a 32 year low and Australian workers enjoy increasing real wages supported by higher productivity.
This strong performance is a remarkable achievement in the face of a one-in-a-100-year drought and a tribute to the Government's economic management and the commitment of all Australians to our economic growth and development.
Another benefit of responsible economic management is the scope it leaves for the Government to spend money on important infrastructure to help maintain the prosperity we now enjoy years into the future. For example, this week I announced a program to improve access to broadband services, particularly for Australian families and small businesses. It is one of many infrastructure investments that will be needed to help secure and promote our future economic growth.
These projects are made possible, and they are affordable, because of the success of the Government in running the economy over the past 11 years. The fact that we can undertake these projects is a reminder that if the economy is managed well, we can plan for the future with great hope and much optimism.
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Listen to this speech (MP3 - 1.8Mb - 115secs)