Big thanks to the member for Chisholm for her question and also for her time earlier today discussing some of these issues. Tomorrow we'll get the inflation data for the September quarter and also the monthly data. What we expect to see there is that the war in the Middle East is pushing up the price of fuel and other prices in our economy, and that is making our domestic inflation challenge harder. This is being felt by every economy around the world in one way or another. Look at recent inflation data in other major economies, driven by higher oil prices. In annual headline terms, the US went up 0.3, Germany and the UK 0.4, France 0.8 and Italy 0.9. All of those numbers are annual headline numbers. The latest IMF World Economic Outlook shows global inflation is on the rise, and you can see that in interest rate expectations in every major advanced economy.

Here in Australia we have much lower debt than other countries and lower interest repayments. We have a stronger economy than almost all of our peers. But we do know that developments around the world are making our domestic challenges, like inflation, harder and that that is putting additional pressure on families and Australians more broadly. Markets aren't expecting to see a big jump tomorrow in our numbers like we've seen in some of those other countries, but they're also not expecting inflation to go down yet either. We know that budgets aren't the primary driver of prices in our economy, but they can play a helpful role. If you look at the last year of public final demand growth, you can see that it halved compared to the year before. So public demand is coming off in our economy. But private final demand growth tripled in that year compared to the year before.

This is why our responsible approach to managing the budget and managing the economy is so important. It's why we have found $180 billion in savings in the budget since we came to government. It's why the budget that we handed down from this dispatch box in May had the largest amount of savings in the history of the Commonwealth, more than $60 billion in savings. It's why we banked upward revisions to revenue and kept average real spending growth lower than those opposite. It's also why the mid-year budget update in December will have another savings package in it, just like the eight budgets and budget updates which preceded it.

This government has had savings in every budget and budget update—eight consecutive times. Those opposite didn't have a single savings measure in their last budget. So, despite all the volatility that is coming at us from around the world, Australia is better placed, we are better prepared and we've got a better plan to deal with it.