What no-one will dispute is that Australians are under financial pressure like many around the world. Interest rate rises, while aimed at reducing inflation, make things even more challenging when people are already doing it tough. Australian workers are dealing with the implications of events occurring around the world, including wars in Ukraine and the Middle East. People in our communities didn't ask for these events to take place, and the fact that the economic consequences are being felt almost universally around the globe does not take the sting out of the current situation.

In periods where there are significant changes to the price of some items such as fuel, the indicator of trimmed mean inflation can help us better understand what is happening and give us a clearer picture of the health of the economy. This indicator has remained steady at 3.6 per cent for the third consecutive month in August. Inflation continues to be a challenge, but it's helpful to know the broader situation behind the headline figures. The motion makes commentary about fiscal discipline. At a time of heightened global uncertainty, that is more important than ever.

The 2025-26 final budget outcome showed that the budget bottom line is better than what was forecast at the election and has improved again since the budget. To quantify it, over the last four years, the bottom line is $230 billion or nearing a quarter of $1 trillion better than what was projected before the 2022 election. The stronger our fiscal position, the less interest costs we pay. So far, we have introduced changes that will help us avoid $70 billion in future interest costs. We remain focused on improving the bottom line and addressing inflation.

We also remain focused on helping everyday Australians with the cost of living. Doing the hard work in government is what has allowed us to deliver $17 billion in cost-of-living support over the last financial year. This has included introducing targeted fuel excise and energy bill relief; the cheaper medicines program, which has saved constituents in my electorate of Banks more than $13.5 million; investment in bulk-billing; and establishing urgent care clinics, as well as further tax cuts for every taxpayer of up to $2,800 a year. We have also introduced the mandatory Food and Grocery Code of Conduct to stamp out price gouging and combat anticompetitive practices.

It is helpful to know what experts think of Australia's economic performance, particularly independent international bodies like credit rating agencies. S&P Global, Moody's and Fitch have all recently reaffirmed the Australian government's AAA credit rating. In fact, S&P said, 'Australia's fiscal performance is sound,' while Moody's identified that the Australian government's fiscal strategy is 'supported by expenditure reforms and a record of conservative budgeting'. These are not the words of politicians; they are the words of leading global credit rating agencies, and Australia is one of only nine countries with a AAA credit rating from all three of these credit institutions.

While these are the assessments of those agencies, we know many Australians are still finding their weekly shop tough and paying their bills difficult, and they have financial security concerns. This is why we are committed to improving our bottom line, putting downward pressure on inflation whilst providing cost-of-living relief where possible. While he and I were not members of this place at the time, it is worth the member for McPherson remembering that under the previous government inflation was north of six per cent and rising and gross debt was projected to be more than $600 billion higher by the end of the decade.

This is why this is so important for us that we work together to address the pressures of inflation and debt. It requires careful balancing to ensure everyday Australians are supported and the budget is strong so that we can continue to grow and thrive as a country despite the global circumstances.