Mark Arbib (NSW, Australian Labor Party, Minister for Social Housing and Homelessness) Share this | Hansard source

We are increasing superannuation for workers from nine per cent to 12 per cent. We have increased the childcare tax rebate from 30 per cent to 50 per cent. We have expanded the education tax rebate to help parents with those expenses of kids going back to school. But, most importantly, we are keeping Australians in work. There have been 750,000 jobs created since we were first elected and there are 120,000 more Australians employed than there were 12 months ago. And not just that—the Liberal senators on the other side of the chamber will hate hearing this on interest rates—but, because of the government's fiscal strategy and because we acted when we had to during the global financial crisis, through the stimulus we have provided space and we have seen now an interest rate cut. The recent cut means that a family with a $300,000 mortgage will now pay $50 less a month in interest repayments. That is a saving of $590 a year. Interest rates are 2.25 per cent less under Labor than when the Liberals were in government. (Time expired)