In rising today to speak to this motion, I'll start by voicing what is so often lost in the economic debate. Firstly, resources are finite; need and expectations are not. Secondly, there is also an opportunity cost to inaction. Good government requires difficult trade-offs—balancing budget discipline with the community's legitimate expectation that the government will deliver essential services and invest in the nation's future. Responsible government is not about top-down cutting and developing a list of things to go on the chopping block in an effort to meet a statistical figure. It's about making careful choices for now and the future—and that's what we're doing.

Australians rightly expect governments to help keep inflation under control. Australians also expect governments to fund health care, strengthen Medicare, provide dignified and quality care for older Australians, support housing, provide a social safety net, invest in defence, respond when communities need support and ensure that workers are paid fairly. I cite the example just given by the member for Grey of his constituent Belinda, who he said was earning as little as $5 an hour when she took fuel costs and childcare costs into consideration. I don't know what Belinda does, but I can say to Belinda: if you were an aged-care worker, disability support worker or early childhood worker under a coalition government, then you would have been earning even less, because they voted against pay rises for those working in the care economy. Belinda needs the support of child care so that she can go to work. I say to Belinda: under a coalition government, you would not have received superannuation on your paid parental leave. This underscores the complexity and the difficulties of governance and balancing the budget, the priorities of fiscal discipline and the needs of the Australian people responsibly.

The challenge is always recognising that every decision has an opportunity cost. Every dollar is a dollar that cannot be spent elsewhere. But, equally, every dollar not invested can carry consequences for Australians who rely on essential services or on the long-term strength of our economy. Haphazard and ill-considered cuts mean future-building initiatives get overlooked. Cutting spending on programs supporting health, research and development, education, the social safety net and the care economy mean the economic circumstances of Australians like Belinda, who are at a higher risk of falling behind, will worsen. This is not fair, and this lack of investment will leave future generations with a higher debt burden. When constituents talk to me about the costs of groceries, insurance and fuel, they understand that global events play a role. They also say that this does not absolve governments of responsibility—and, in this respect, that is right. This government has been very clear—and repeatedly clear—that it has a role to play in the fight against inflation.

We've been honest about the combination of factors that drive inflation and have been clear about what tools we have available to address it. What this means is that governments must act responsibly in the areas they can control, which includes the budget, which is what this government has done. It has done this at the same time as it remains one of only nine countries with a triple A sovereign credit rating from all three major ratings agencies, with lower gross debt than every major advanced economy. Despite the commentary, this is a genuinely powerful endorsement of this government's fiscal and economic agenda, because the sovereign triple A rating is not just a measure of whether a country is good for the money; it's a measure of how it is faring politically, economically and financially.

S&P highlighted Australia's 'strong institutional settings', 'sound fiscal metrics' and Australia's strategic success in building our fuel security. Fitch said:

Australia's 'AAA' rating is underpinned by the high quality of institutions, a wealthy and high value-added economy …

Moody's said:

Despite facing successive shocks in recent years, Australia's economy has maintained a relatively stable growth trajectory compared with other advanced economies … fiscal strength is further supported by substantial private retirement savings under superannuation funds.

Is inflation too high? Yes. Are we pulling the levers to reduce it? Yes. Does this government's agenda have a laser-sharp focus on the financial and economic building blocks we need to shore up our short- and long-term economic growth and economic prosperity? Yes—and it will continue to do so.