Australia is the envy of the developed world after the final National Account figures showed our economy grew 2.7 per cent during the worst global economic downturn in 75 years.
Advanced economies contracted a record average 3.2 per cent as the global economy contracted for the first time since World War II this past year.
The National Accounts figures are a report card on the response of the community to the Government stimulus policy put in place to counter the global financial and economic crisis.
When most advanced economies went into recession, Australia continued to grow solidly underpinned in part by our fiscal stimulus and increasing recovery in private sector demand.
Public investment spending rose by 10.2 per cent, household consumption spending is up 0.7 per cent, new business investment is up 4.7 per cent and investment in new machinery and equipment is up 11.0 per cent on the back of falling unemployment, higher levels of confidence and our Small Business and General Business Tax Break.
I have seen first-hand the impact the school modernisation program when the official opening of the $2.125 million construction of a resource centre, multi-purpose hall and refurbished facilities at Millchester State School in Charters Towers and the $2.62 million construction of a resource centre, multi-purpose hall and new classrooms at happy Valley State School in Mount Isa.
As the Australian economy continues to strengthen the PM also announced our comprehensive plan to dedicate around one-third of GST revenue directly to health spending and shoulder a greater share of the growing cost of health.
This means for every dollar of GST you pay, 33 cents of it will be invested directly in a more efficient National Health and Hospitals Network that is nationally funded and locally run by Local Hospital Networks.
This is a massive economic reform. For the first time in history, the Australian Government will become the majority funder of the public hospital system – permanently reversing the decline in Commonwealth funding for public hospitals over the past decade.
The Australian Government will also take full policy and funding responsibility for GP and primary health care services in Australia.
We're determined to build a modern Australia where anyone can achieve their goals regardless of gender, and we'll continue to work for real progress in improving the working conditions and prospects of Australian women.
