He said proof of this lay in the clear facts and irrefutable data contained in the numbers.
"The national economy grew by close to 3% last year, and our debt to GDP in 2016 was at 29.4%, well below the limit of 35% and will reduce to 28.8% this year," O'Neill said.
"We can see a degree of common sense entering the oil market and greater price stability that we hope will continue. The oil price is more than double where it was this time a year ago, and investment in our resources sector continues to grow."
The farming sector had moved beyond drought and agricultural prices were rebounding.
"The government will continue to invest in strengthening supply chains for our rural producers so that we can get more goods to market."
He said as government operations resumed after the holiday break, and businesses ended their Christmas shutdown, global indicators were also positive for the economy.
"The New Year brings increased opportunity to expand positive growth, stimulate business and create jobs," O'Neill said.
"Our government delivered a very careful 2017 budget that did not cut core services, that continued to fully fund school fees and healthcare, and did not increase taxes on business. To be reducing government spending during an election year speaks volumes for this government's commitment to sensible economic management."