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

For those of you wondering why the shadow Treasurer cuts such a comical, almost cartoonish figure in this place, that's your answer. We are working through serious economic challenges and serious economic opportunities, and the best way to do that is in the considered, methodical, consultative way that defines this government. If the shadow Treasurer wants to ask me about unemployment, he needs to acknowledge that the average unemployment rate under this government is the lowest of any government in half a century. Under those opposite, unemployment averaged 5.6 per cent and under this government 3.9 per cent. So I find it odd that the shadow Treasurer would want to highlight that in question time in the House of Representatives—and similarly when it comes to inflation.

Now, I will take advice from a whole range of places in the course of my job as Treasurer, but I won't be taking advice on inflation from those who left us with an inflation rate that was 6.1 per cent and rising fast. Inflation on their watch was twice what inflation is now, and it was rising fast. One of the reasons for that that we now know about, whether from the COVID review or from other places, is that when inflation was absolutely galloping in our economy in 2022—6.1 per cent and rising fast—they were pouring more and more fuel onto the flames. We know that. That is an economic fact, and that is their legacy. That is why they have no economic credibility, especially when it comes to inflation, especially when it comes to employment and also when it comes to real wages.

I'm asked about government spending as well. Those opposite promised a surplus every year they were in office. They delivered nine consecutive deficits. On this side of the House—we've been here for three full years—we've delivered two surpluses and one much smaller deficit than we inherited from those opposite. They had spending in the economy as almost a third of the economy; we got it down to closer to a quarter of the economy. They had real spending growing by 4.1 per cent; we've got it growing by 1.7 per cent. This is why the questions from those opposite lack any credibility whatsoever, because we remember your record. We know that when we came to office inflation was roaring, interest rates were rising, real wages were falling, living standards were falling, you'd only delivered deficits, and there was $1 trillion in Liberal debt. We've spent every day of our three-and-a-bit years in office cleaning up the mess they left us.

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