In March last year, the Treasurer told Australians that the Australian economy had 'turned a corner'. Well, this morning we found out which way it turned. Today inflation has a four in front of it and is rising. Prices are up 4.3 per cent over the year to September, which is up from four per cent in August. In South Australia, inflation is running at five per cent. The Treasurer did not turn a corner; he took a U-turn.

After the 2025 election, the Treasurer declared a shift in Labor's priorities. He said:

The first term was primarily inflation without forgetting productivity. The second term will be primarily productivity without forgetting inflation.

Treasurer, how is that going? Inflation had a two in front of it when you said we had turned a corner. Today it starts with a four and is galloping. On productivity, the Reserve Bank governor said just last month:

Productivity is doing nothing.

Treasurer, you promised not to forget either one. Instead, you have failed on both. Now the Treasurer says a big driver of inflation comes from the Middle East, but, as said by the Reserve Bank governor, inflation 'has been driven by domestic capacity pressures', with the Middle East 'in addition to this'. She says:

… we are consuming more than we can supply as an economy.

Prices set here at home are up 4.5 per cent. Australia's inflation woes are home grown, and Labor keeps feeding them. In France right now, people are rioting because of inflation, and it's lower than here. Government spending has blown out to almost 27 per cent of GDP, the highest in 40 years outside of the pandemic. In just four years, Labor has lifted annual spending by $170 billion. Spending grew 4.3 per cent in real terms last financial year, double the growth of the economy, yet the Treasurer recently spoke on a podcast and said he was not prepared to put a specific number on the optimal spending as a share of GDP. While the Treasurer will not put a number on spending, families have had to put a number on everything. They put a number on the weekly shop. Since Labor was elected, food has gone up 19 per cent. Eggs are up 39 per cent, milk 28 per cent and bread 22 per cent. They put a number on the power bill. Labor promised 275 bucks off, yet electricity is up 40 per cent. The only things Labor have cut are their promises. Ahead of the Melbourne Cup, Labor's inflation has told interest rates to giddy up. The markets have a 17th interest rate rise as the odds as favourite. Average Aussie mortgage holders, who are already paying about 31 grand a year more in interest under Labor, are set to lose yet again. The Treasurer keeps backing the same horse—more spending—and families keep paying for it.

How do you bring down inflation? You stop pouring fuel on the inflation inferno. The coalition has found $31 billion in savings. People ask what we will cut, and I'm more than happy to share—$9.4 billion from ending Labor's climate bureaucracy; $7.3 billion from ending corporate welfare, Labor's corporate mates; $4.3 billion from scrapping Labor's failed housing schemes; and $7.9 billion from breaking the illicit tobacco business model. We will cut Labor's waste, cut Labor's taxes and cut Labor's red tape. These savings more than pay for our tax-back guarantee while leaving the budget $22 billion better off over the four years.

Every family in Grey knows you cannot keep spending more than you bring in. You cannot spend your way out of a spending problem. Families have spent four years tightening their belts under Labor. It's about time this government tightened its own. Labor is addicted to spending, and Australians are left paying.