Australian Government Report Embarrasses Treasurer: Clive Palmer

Federal Member for Fairfax

Media release

The Why Australia Benchmark Report 2015 released by the Australian Government confirms that in the years 1992–2014, in developed economies, Australia has the world’s fastest growing GDP, Clive Palmer said today.

The report also confirmed that Australia, unlike most of the rest of the world, had no years of recession over that period (refer to Graph One).

In an embarrassing revelation for Treasurer Joe Hockey, the report confirmed that Australia’s debt level was one of the lowest in the world.

The Australian Government report quoted the International Monetary Fund that Australian debt would be 16.6 per cent of GDP in 2015, well below the 74.1 per cent forecast average for advanced economies (refer to Graph Two).

Mr Palmer noted that the German debt level was over 300 per cent more than Australia’s debt level.

One of the surprising results was the demonstration that Australia’s productivity had gone from the 100 per cent base in 1991 to over 150 per cent in 2014, while at the same time real unit labour costs had declined by more than 10 per cent (refer to Graph Three).

“The Australian people deserve to have a government that tells them the truth. Australians are not going to live in silence, they are not going to live in fear,’’ Mr Palmer said.

“Any problems Australia has, have been made by Australians and can be resolved by Australians, but politicians need to tell the truth.”


Graph One


Graph Two


Graph Three