Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

I thank the member for Dunkley for her question. That's her first question to me this week about the cost of living, but it's more than the shadow Treasurer has asked me this week.

On this side of the House, we understand Australians are under pressure from a combination of moderating but still-too-high inflation and higher interest rates and the impact of global turbulence. That's why this Prime Minister's and this government's highest priority is rolling out billions of dollars in cost-of-living help for Australians doing it tough, and we're doing that in a way that takes some of the edge off these cost-of-living pressures without adding to inflation in our economy. We're doing that by targeting the relief to where the pressures are most acute—like rent and out-of-pocket health costs and electricity. We're doing that at the same time as we're getting the budget in much better nick—as the Prime Minister said, a $100-billion turnaround in the cash balance for last year—and we're investing in the foundations of a stronger economy and a better future for more of our people.

When we came to office, quarterly inflation was higher, unemployment was higher, deficits were bigger, debt was higher—and that was costing Australians more in interest. Our responsible economic management is seeing some progress made, but we know that times are still tough, our economy will soften and the pressures on the budget are intensifying rather than easing. But it remains the case that the wasted decade presided over by those opposite made Australians more vulnerable to the shocks that are coming at us from around the world.

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