Sussan Ley (Farrer, Liberal Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Inflation has once again risen under Labor and economists are now warning that interest rates may be forced up again—devastating news for families already cutting back this Christmas. The Prime Minister promised the Australian people that we had turned the corner on inflation, and his Treasurer assured them that the government had inflation under control. Today's numbers show that Australians were misled. Prime Minister, why do Australians have to pay the price for Labor's economic failure?

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

The latest figures confirm that Australian households are still facing cost-of-living pressures. We know that that is the case. When it comes to inflation, we also know that the work is never done, which is why my government is very focused on cost-of-living measures and on putting downward pressure on inflation. When you had the withdrawal of state energy subsidies, you were always going to get a lift.

But if those opposite are deeply concerned about inflation with a three in front of it, they must have been devastated when it had a six in front of it, which is what it had when they were in office. When it had a six in front of it, we had the most profligate budget handed down; in 2022, when it was at six and rising, they poured fuel on that fire.

We on this side have ensured from day one that we've been focused on delivering cost-of-living relief while bringing inflation down and getting the budget in better nick. That's why we produced one budget surplus and then a second budget surplus and then a reduced budget deficit, And in May this year the coalition managed to come up with the extraordinary formula of a commitment to increase everyone's taxes but, at the same time, increase the deficit—quite an achievement from those opposite.

On this side, of course, we have now had eight consecutive quarters of high wages, and we know that people's living standard is about income in as well as payments out. We have lowered taxes for all taxpayers, not just some, as those opposite wanted. And remember the Leader of the Opposition's claims that she would roll that back. When we made that announcement she was against all of it and said that she would absolutely oppose it. Of course, when we announced another two income tax lowerings on 25 March, we saw them oppose that as well and go to an election saying that they would increase income tax for every single Australian taxpayer. We on this side will continue to do cost-of-living measures, because we understand that we want to give people assistance.