There is now an economic consensus in Australia that the “better days ahead” I spoke about in this year’s Budget are materialising.
The evidence supporting the improvement in our economy can give us all confidence, as we put some tough years behind us, and look towards an exciting new growth phase ahead.
This renewed optimism is being supported by the Turnbull Government’s growth agenda, and the improved economic conditions we are seeing across the globe.
Global confidence is back, and is the spirited message being broadcast by governments, central banks, the IMF and economists the world over.
Australia has just recorded the strongest period of job creation in decades, adding 371,500 jobs in the last year.
Our economy has entered its 26th year of consecutive growth, and despite wage growth remaining subdued, households are increasingly confident about their future, with more optimists than pessimists.
The case for confidence is even stronger for business. Company profits are up 18 per cent over the year, business conditions are the highest in almost a decade, and capital expenditure expectations are above average.
The next challenge will be the pay rise many Australians have been waiting for.
The better days are materialising before our eyes, and we should embrace them.
This message of positive economic momentum is woven through the fabric of five keynote speeches I have given in the last three months. Each speech is built upon the four foundations of this year’s Budget: stronger growth to deliver more and better paid jobs, guaranteeing the essential services that Australians rely on, putting downward pressure on the cost of living, and ensuring we live within our means.
Holding the line on those core issues, in an economy that is improving every day, will protect Australia’s living standards and lead to higher wages both now, and into the future.