A transcript of the 2018-19 Budget speech, delivered by
Treasurer Scott Morrison on May 8, 2018.
Thank you Mr Speaker, I move that this Bill now be read a second
What have you achieved? What are you going to do now? What does
it mean for me? These are the questions Australians want answered
tonight. So let me get to it.
A stronger economy. More jobs. Guaranteeing essential services.
The Government living within its means. That is what this Budget is
The Australian economy is now pulling out of one of the toughest
periods we have faced in generations.
The Global Financial Crisis was significant. But coming off our
once in a hundred years mining investment boom had an even bigger
impact, ripping $80 billion out of our economy.
This directly impacted Australians and their families, including
holding back wages.
During this difficult time, the Government has been working to
strengthen the Australian economy and get the budget back on
And weve been making real progress.
The Australian Bureau of Statistics figures show that almost a
million jobs have been created since we were first elected, as
promised. This includes 415,000 jobs last year alone. More than a
thousand jobs a day, three quarters of which were full time.
Businesses are responding to improved conditions by investing
again, confidence is up. More new businesses are being started.
Weve backed small and medium sized businesses with legislated
tax cuts and investment incentives.
We have invested at record levels to build the roads, railways,
airports and energy infrastructure Australia needs for the
Landmark export trade deals are backing our farmers, miners,
manufacturers and service industries to crack new markets.
We have made responsible Budget savings $41 billion legislated
since the last election to get spending under control.
We are no longer borrowing money to pay for everyday expenditure
like welfare payments.
We have retained Australias international AAA credit rating from
all three agencies, one of only ten countries in the world to do
Our national economy is strengthening, but it is also true that
the benefits are yet to reach everyone. This will take more
That is why it is important to stick to our plan. There is more
We cannot take a stronger economy for granted.
We live in a very competitive world. If we make the wrong calls,
other countries will cut our lunch.
There is a lot to gain and much to lose. We cant ease off.