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

This government has helped engineer the biggest nominal improvement in the budget in the history of this country—a $233 billion improvement in the budget. We've paid down $176 billion in Liberal debt, which saves us $60 billion in interest costs. We've delivered two surpluses. They promised a surplus every year and went none for nine, so we won't be taking lectures from them.

Now, I want to finish on this important point that was missed yesterday in the back and forth on this question. By the shadow Treasurer's logic, every extra dollar in government spending puts pressure on inflation. Those opposite took to the election bigger deficits this year and next year. So the onus is on the shadow Treasurer to inform the House: if this is his logic about government spending and pressure on inflation, he should tell the House how much higher inflation would be as a consequence of the member for Fairfax and the member for Hume taking to the last election a bigger deficit this year and a bigger deficit next year as well. As always, they've set a little trap for themselves on this question.

We know responsible economic management is paramount. We've found savings to date, there'll be more in the May budget, and that's consistent with the approach we've taken to managing the budget and the economy in the most responsible way. (Time expired)

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