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

There is no finer local member in this parliament than the member for Blair. I thank him for his question and, on behalf of his friends on this side of the House, I send my best wishes to Carolyn, as well, as she recovers from some of her health challenges in recent times.

This government is hard at work putting our fifth budget together. There will be a major focus on inflation in the near term and productivity over the medium term and also on making our economy more resilient at a time of extreme global uncertainty. Developments in the Middle East are an important reminder of volatility in the global economy right now, and we are closely monitoring implications for oil prices in particular.

Annual inflation was steady in January—much lower than we inherited but already higher than we'd like, because of a combination of temporary and more persistent pressures. That's why we are helping with the cost of living in ways that those opposite don't support, and it's also why we are improving the budget in ways that they were incapable of. We've found $114 billion in savings. We've delivered two surpluses. We've got their debt down by $176 billion. We improved the budget position in the MYEFO in December, but we do know that there is more work to do. We are strengthening the budget at the same time as we are cutting income taxes for all 14 million taxpayers. Because of our combined tax cuts, the average taxpayer will keep an extra $50 a week to help with the cost of living.

If the new opposition leader had his way, Australians would not be getting a tax cut this year or next year, and deficits would be bigger in both years as well. He was the shadow Treasurer responsible for their policy of higher taxes for every taxpayer, bigger deficits and more debt. Not content with being the worst minister in the Morrison government, he was also the worst shadow Treasurer in memory, so they made him the Leader of the Liberal Party. This is why they can't release their election review. I've seen it. I refer you to page 21 of the unreleased election review, which says—

See this speech in context