Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

Prime Minister, since Labor came to government, interest rates have gone up 11 times, core inflation is amongst the highest of advanced economies, real wages have fallen off a cliff, consumer confidence is tanking and economic growth is half the OECD average. The result is Australians are working harder for less. Will the Prime Minister admit that under Labor Australians are worse off?

Government Members:

Government members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! Members on my right. The Treasurer will cease interjecting as well.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

It is good. I congratulate the shadow Treasurer on getting a question on the economy this week. It doesn't go to the Treasurer, but I'm happy to step in. Once again, we saw the catastrophising from those opposite, who always want to talk down Australia and talk down our economy. The facts are these: the highest inflation rate this century was on their watch, at 2.1 per cent in the March 2022 quarter. The inflation rate in the last quarter was 0.8 per cent. 0.8 or 2.1? Unemployment when we came to office was 3.9; now it's 3.5—fact. Women employed full time is 3.9 million under us; under the previous government, 3.6 million—fact. Long-term unemployed was 133,000 under them; 100,000 under us—fact. On industrial disputes, 128,000 days were lost in the last quarter in which they held office. Remember? Australia was going to stop if the industrial relations legislation went through. What's the figure for the March quarter of this year? 7,700—fact. Annual wage growth was 2.4 per cent under them; it's 3.7 per cent under us. Private business investment was 10.8 under them in the March quarter; it's 11.3 per cent under us.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Acting Leader of the Opposition will cease interjecting.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Of course, taxes under their year, 2021-22, were 23.2 per cent; they're lower under us as a percentage of GDP. The doozy is the budget: a $78 billion deficit under them; a surplus of around $20 billion under us. Responsible economic management is making a difference. Those opposite promised a surplus in their first year and every year thereafter but didn't deliver in the whole decade.

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

There is far too much noise on my left. A general warning has now been issued for members. That level of noise will not continue.