Big thanks to the member for Bonner for her question. She's my neighbour in a wonderful part of South-East Queensland and is doing wonderful work.

As the PM just said, global volatility coming from the Middle East is making our domestic economic challenges harder and compounding the pressures that people feel here at home. We understand that. Oil prices are near their highest since the war. That's pushing up inflation here and around the world, and that makes our economic plan more important than ever: making our tax system fairer; incentivising research and development; and getting the budget in better shape at the same time.

That's why this week we will introduce the next stage of our tax reform package, which is focused on supporting small businesses and start-ups and encouraging more research and development to drive productivity. The reforms include our innovative business CGT concession, giving early investors in startups with low cost bases big discounts on future CGT obligations, better targeting the R&D tax incentive and expanding incentives for venture capital. At the same time, we're making our tax system fairer and more sustainable, targeting the EV discount towards more-affordable vehicles and reforming the tax of discretionary trusts to fund income tax cuts for all Australian workers.

We can do this because we've been meticulous about finding savings and strengthening the budget bottom line—eight consecutive budgets and budget updates with savings in them and a ninth to come before the end of the year. We delivered the biggest budget savings package in the Commonwealth's history in May this year. In total we've found almost $180 billion in savings since we came to office, we banked the majority of revenue upgrades and we've kept average real spending growth much lower than our predecessors. All of this means the budget is in a much more sustainable position. But we know there is more work to do. Debt last year was $200 billion lower than we inherited. We're avoiding $70 billion in interest costs as a consequence. We're one of only nine countries with a AAA credit rating from all three major credit rating agencies.

So our plan is about taking on the big challenges, not because it's easy to do that but because it's important that we do that. It's why we're making the tax system fairer. It's why we're incentivising research and development with the legislation I'll introduce this week. And it's why we're getting the budget in better shape. And when it comes to the contrast between this side and that side of the House, we are taking every responsible step that we can to get the budget in better condition at the same time as we discharge our responsibilities to the Australian people at a difficult time.