Federal Treasurer Scott Morrison says the economy remains “very sound” despite global volatility, with 300,000 jobs created in the past year.

 

A Deloitte Access Economics report has suggested Australia faces its slowest income growth for 50 years. Morrison says we are not earning enough as a country but the fundamentals of the Australian economy are very sound.

 

Economist Chris Richardson says the Treasurer needs to explain to Australians that while the economy is okay, “the budget is not”.

 

Resources Minister Josh Frydenberg says the resources sector will continue to provide billions of dollars to the economy, even if it was less than previously.