Ted O'Brien (Fairfax, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question goes to the Prime Minister. With inflation running well above the RBA's target band and markets indicating the next rate move will be up, the Treasurer's economic failure is exposed. With 28 days until Christmas, what does the Prime Minister say to struggling mortgage holders paying $1,800 more in interest in December and every month thereafter than under the coalition?

Government Members:

Government members interjecting—

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

Order! Members on my right.

Ms Bell interjecting—

The member for Moncrieff interjected nine times during the last answer. I'm going to ask the member for Moncrieff to assist me with the House, if she's a team player. The Prime Minister has the call.

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

My goodness, Mr Speaker. The shadow Treasurer, of course, had coverage of the nuclear policy that was going to cost $600 billion and deliver something in the 2040s. He was so good at that that they've now put him in charge of their economic plans.

What he came up with then was the revelation that there was this thing called COVID that flattened economies globally, that led to a cash rate of 0.1 per cent, that led to interest rates around the world declining, throughout every advanced economy, and that led to emergency measures, supported by the opposition, with me as leader, being responsible and backing measures, including to keep people in work—unlike what they would have done, each and every day—and he has the hide to ask: why isn't everything the same as it was under COVID? That is what he's had to say.

The truth is that, when it comes to interest rates, there have been three decreases this year.

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

Order! The deputy leader has asked his question.

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

Inflation is half of what it was when we came to office. Employment has 1.2 million additional Australians in jobs. Wages have had eight consecutive quarters of rising, not falling, like occurred under them.

Ted O'Brien (Fairfax, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

Real wages have gone down, haven't they, Jim?

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

Order! The Prime Minister will pause, because—

Honourable members interjecting—

Order! The Deputy Leader of the Opposition and the Treasurer are welcome to take their conversation outside. Order!

Order! Well, the deputy leader is now able to leave the chamber under 94(a).

The member for Fairfax then left the chamber.

Order! There is far too much noise. We're going to take the temperature down.

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

He's off to say g'day to the member for New England, Mr Speaker. They were on 42, now they're on 41. We'll see if we can get them into single figures by 10 past three.

What we have been doing is delivering cost-of-living measures to make a difference to people—whether it's free TAFE, lifting wages, making sure that medicines are cheaper, making sure across the board that people can see a doctor through increased investment in Medicare, urgent care clinics or paid prac for nurses, teachers, social workers and midwives. More than a million Australians who, today, have been registered will be receiving text messages in coming days to cut 20 per cent off their student debt. All of these measures were opposed by those opposite. (Time expired)