Peta Murphy (Dunkley, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Albanese Labor government helping to ease cost-of-living pressures on Australian families and small businesses, and what barriers are there to that support being delivered?

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Dunkley for her question. That's her first question to me this week about the cost of living, but it's more than the shadow Treasurer has asked me this week.

On this side of the House, we understand Australians are under pressure from a combination of moderating but still-too-high inflation and higher interest rates and the impact of global turbulence. That's why this Prime Minister's and this government's highest priority is rolling out billions of dollars in cost-of-living help for Australians doing it tough, and we're doing that in a way that takes some of the edge off these cost-of-living pressures without adding to inflation in our economy. We're doing that by targeting the relief to where the pressures are most acute—like rent and out-of-pocket health costs and electricity. We're doing that at the same time as we're getting the budget in much better nick—as the Prime Minister said, a $100-billion turnaround in the cash balance for last year—and we're investing in the foundations of a stronger economy and a better future for more of our people.

When we came to office, quarterly inflation was higher, unemployment was higher, deficits were bigger, debt was higher—and that was costing Australians more in interest. Our responsible economic management is seeing some progress made, but we know that times are still tough, our economy will soften and the pressures on the budget are intensifying rather than easing. But it remains the case that the wasted decade presided over by those opposite made Australians more vulnerable to the shocks that are coming at us from around the world.

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

The Treasurer will pause. The Acting Leader of the Opposition is getting closer—it may be a bit far away, but I'm hearing her get louder and louder. I'll ask her to cease interjecting for the remainder of this answer.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Those opposite made a mess of the economy and a mess of the budget, and now they are refusing to help us clean it up. They were part of the problem when it comes to the economy and now they refuse to be part of the solution. We know that because, at almost every turn, they have tried to block our efforts to help people through difficult times. They had a chance to vote for caps on gas prices. Instead, they voted for higher energy prices. They had a chance to help people with their electricity bills. Instead, they voted for higher electricity bills. They had a chance to help people with the cost of their medicine. Instead, they want to vote for even more expensive medicine for people with chronic conditions. They had a chance to help build more homes. Instead, they voted for fewer homes and therefore higher rents. If those opposite really understood the pressures that people are under, they wouldn't have voted again and again against helping them with their energy costs and their medicine costs, and they wouldn't have hidden, as the member for Hume did, the higher electricity costs from the Australian people.

If those opposite had any economic credibility whatsoever, they would acknowledge that rates were rising and quarterly inflation peaked back when the member for Hume was the worst minister in the worst government since Federation. If they had any credibility, they would acknowledge that inflation is moderating, we've got billions of dollars of help rolling out, we've got the first surplus in 15 years, and we've got half a million jobs created on our watch. The cost of living is the highest priority of this government, even if those opposite couldn't give a stuff. (Time expired)