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

My question is to the Prime Minister. Recent IMF analysis found that Australians lead the world in mortgage pain, paying a higher share of their income on mortgage payments than any other advanced economy. Why has the Prime Minister been solely focused on his divisive Canberra Voice proposal rather than dealing with the surging cost-of-living pressures facing Australian families?

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

I get a question from the shadow Treasurer because he's incapable of asking a question of the Treasurer. Poor Jim! He'll be bringing his doona and a pillow in here, just waiting to get a question about the economy. I'm asked about the IMF, and I did see some figures from the IMF. The IMF, according to their figures, found that in 2023 Australia is expected to have the fourth-strongest budget balance as a share of GDP among all the G20 countries, ahead of Germany, ahead of Japan, ahead of the UK and ahead of the United States. What did we inherit from 2021, you ask?

Government Member:

A government member interjecting

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

I'm asked from behind. We were 15th in 2021. We've gone from 15th down to fourth. You ask about the IMF—

Honourable members interjecting—

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

Order! The Prime Minister will pause. The Minister for Home Affairs will cease interjecting so I can hear the point of order.

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

It's on relevance, Mr Speaker. I asked about the cost-of-living pressures bearing down on—

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

Resume your seat! The question began with IMF analysis about economic data. I'm just going to listen to the Prime Minister carefully. I don't think there was a specific time or reference you made in the question, but I'll listen to the Prime Minister carefully.

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

The IMF was what the question was about, but I'm happy as well to talk about what we've done on cost of living because all of it has something in common. It was targeted and effective, and it's being rolled out. Our cost-of-living measures include cheaper child care, which began on 1 July; cheaper medicines, the first component of which began on 1 January; the 60-day dispensing, which was opposed by those opposite; our energy price relief plans—$3 billion—which they voted against; and affordable and social housing, which they voted against. They voted against the idea of housing supply. There is also all of the strengthening of the social safety net that we've put in place—

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

The member for Barker is warned.

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

as part of our very clear plan. Every measure was opposed by those opposite. There's something else we've done to take pressure off inflation, and that is to turn around the $78 billion deficit that those opposite left and turn that into a $22 billion surplus. That's a $100 billion turnaround, which is the biggest nominal improvement in Australian history. This is what S&P Global had to say:

The improvement in fiscal outcomes is a key factor in our AAA ratings because it will reduce the Government's annual borrowing needs and provide a buffer to absorb future economic shocks.

Those opposite apparently think that inflation has nothing to do with cost of living. That's what the interjections are saying. (Time expired)