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

Thank you, once again, to the outstanding member for Moore for his question and for his focus on the big issues in our economy and in our society. This is a government that is focused on the big challenges in our economy, even if those opposite are not. Even though inflation is much lower than when we came to office, we know it is higher and more persistent than we would like it to be. We know productivity has ticked up a bit in recent quarters, but for two decades now our economy has not been as productive as we need it to be. And we know the global economy is unpredictable and volatile as well.

So these three challenges guide our economic plan. They're guiding our work on the budget as well. As I said in an earlier answer, we have made progress on budget repair—getting the Liberal debt down. But we know there is more work to do. We have made progress on policies to boost productivity. But, once again, we know there's more work to do, including in the next budget. And we're helping with the cost of living, because we know that people are still under pressure. We were reminded of that in recent data. That's why we're boosting bulk-billing. It's why we're boosting superannuation for low-income earners.

It's also why we are rolling out two more tax cuts for 14 million Australian taxpayers. From 1 July, every one of those taxpayers gets another tax cut, and they will get another one the year after as well. Those are the tax cuts the member for Hume opposed and said he would repeal if he got a chance. It was part of the member for Hume's election platform for higher income taxes, bigger deficits and more debt. That's especially relevant today, because it was the member for Hume himself who told David Speers, only in March, 'The best indicator of future performance is past performance.' That's what the member for Hume said. It should send a shiver up the spine of every Liberal and every Australian. That sense of entitlement that defines the member for Hume is matched only by the cloud of incompetence that surrounds him.

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