E&OE...
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Good morning.
The economy continues its longest expansion on record with the latest national accounts showing annual growth of 3.8 per cent. That's much higher than most other industrialised economies and it's at a time when we have the worst drought in 100 years.
Australia's economic fundamentals are in great shape. Real wages - that's your pay packet after inflation - have increased more than 20 per cent since 1996.
Exports are growing; inflation remains low; business and consumer confidence is high; and unemployment is falling.
The jobless rate fell from 4.4 per cent to 4.2 per cent yesterday - that's the lowest figure since November 1974. It's the 13th consecutive month that unemployment has been below five per cent. These are the great human dividends of 11 years of prudent economic management.
They are also an endorsement of the Government's workplace reforms and an important reminder that any movement away from Australian workplace agreements, back to collective bargaining with unions pushing wage claims across the whole economy, could undermine the current prosperity.
The removal of the unfair dismissal laws has encouraged small business to take on more staff - that's one of the big reasons why unemployment has fallen.
Labor, sadly, would put a stop to all of this by bringing back the unfair dismissal burden for small business, if it were elected to office.
Listen to this Speech (MP3 - 1.64Mb - 107secs)