Labor is for Growth and Opportunity
Labor is delivering reforms for the future from a position of economic resilience.
When the toughest global economic conditions in more than 75 years hit, Labor got it right and kept Australia from going into recession.
By getting these big calls right, Australia’s economy has shown a resilience and a recovery which is now the envy of the world.
Australia's economy has recorded solid growth and is now over 13 per cent larger than when Labor came to office in 2007, while many advanced economies are struggling to return to pre-Global Financial Crisis levels.
Unemployment is low, with around 900,000 jobs created since Labor came to office in 2007 compared to the 28 million added to unemployment queues around the world over the same period.
Inflation is contained under Labor, which has enabled low interest rates. The average Australian paying off a mortgage is now paying around $5000 a year less than they were when the Coalition left office in 2007.
There is record business investment in Australia, with nearly $270 billion under construction or committed in the resources sector alone.
This strong foundation means Labor can put in place the big reforms we need to set up our country for generations to come.
Of course, the future isn’t assured, and we still feel the aftershocks of the Global Financial Crisis.
Continued global uncertainty and the high dollar have taken a sledgehammer to government revenues.
But Labor has said very clearly that we will not put in place savage cuts that would put our economic fundamentals at risk – we will never risk jobs and growth.
Jobs and growth have been at the heart of Labor's economic plan since we came to office.
When the GFC hit, it was jobs and growth that Labor put first when putting in place the recession-beating stimulus package. And Labor has jobs and growth front and centre today during this period of ongoing global economic uncertainty.
Labor will continue to run a disciplined and sustainable fiscal policy that makes room for future Labor reforms, which is why we’ve already made over $150 billion of responsible savings since coming to office.
Taxes will continue to be lower under Labor than they were under the Coalition, with a typical Australian family paying more than $3500 less a year in personal tax than when we came to office.
And Labor will always do the right thing by releasing all policies and costings to the Australian people consistent with the Charter of Budget Honesty.