Economy

The majority voted against a motion to suspend the usual parliamentary rules (known as standing orders) so that a vote can happen.

Motion text

That so much of the standing and sessional orders be suspended as would prevent the Leader of the Opposition from moving the following motion immediately:

That the House:

(1) notes that:

(a) the International Monetary Fund has slashed its growth forecast for the Australian economy for this year by almost 20 per cent;

(b) the downgrade to Australia's growth forecast by the International Monetary Fund is four times worse than the downgrade to advanced economies;

(c) the Government has consistently ignored growing evidence that the Australian economy is floundering, including:

(i) the slowest economic growth in a decade;

(ii) the worst wages growth on record;

(iii) a record 1.9 million Australians being unemployed or underemployed;

(iv) a decline in GDP per capita last year, with flat growth in the last quarter;

(v) record levels of household debt;

(vi) consumer confidence at a four-year low;

(vii) business confidence well below average; and

(viii) sluggish productivity growth;

(d) the International Monetary Fund has called on countries, including Australia, to provide fiscal support, saying "Monetary policy cannot be the only game in town and should be coupled with fiscal support where fiscal space is available"; and

(e) the Government has no plan to address Australia's floundering economy and continues to ignore calls from the Reserve Bank of Australia and the International Monetary Fund to provide fiscal support, including by investing in infrastructure; and

(2) therefore, calls on the Prime Minister to be straight with the Australian people about Australia's floundering economy and develop a plan to stimulate economic growth, including by bringing forward infrastructure investment across the nation including in regional and rural Australia.