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

My question goes to the Treasurer. Australia's debt is due to hit $1 trillion over coming months. The Treasurer has spent years dishonestly claiming others had hit this milestone, and yet, in truth, it is going to happen on his watch. Will the Treasurer confirm that, for the very first time in Australia's history, Australia's debt will soon hit $1 trillion?

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

The part of that question with the 'dishonesty' is not within the standing orders. We dealt with that earlier this week as well, so I'll just get you to withdraw that part. You can't accuse someone of being that.

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

I withdraw.

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

I thank the member. The Treasurer now has the call.

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

It was kind of you to refer to him as the deputy leader, Mr Speaker.

Opposition Members:

Opposition members interjecting—

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

Yes, for now it is. That's the point I was making.

Honourable members interjecting—

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

Order! I'm going to get the House to order, and I'll hear from the Deputy Leader of the Nationals.

Kevin Hogan (Page, National Party, Deputy Manager of Opposition Business in the House) Share this | Link to this | Hansard source

It's not a point of order, but I'm reminding you of your comments at the start of the week or yesterday when you said to ensure people are always treated with the highest standards of respect in this chamber. I would ask the Treasurer to reflect on that.

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

The member for Barker, I'm just going to have you help the House by not interjecting. I want to hear the Leader of the House.

Mr Tony Burke (Watson, Australian Labor Party, Leader of the House) Share this | Link to this | Hansard source

Under standing orders, somebody can't raise a point of order and then open with 'it's not a point of order' and then continue to go on.

Honourable members interjecting—

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

Can everyone please show some respect in this chamber. It is absolutely ridiculous. Everyone, realise where you are. The question was reflecting on the Treasurer. We dealt with that. It should never have been in the question in the first place. The Treasurer is just going to continue with his answer and refer to all members by their correct title.

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

The opposition has a lot of nerve asking this government about debt. This government has worked very hard for 3½ years to get the Liberal debt down by $176 billion. Debt in the last year is $176 billion lower than we inherited from those opposite, and that will save the people of Australia $60 billion in interest costs. They've got a lot of nerve. When we came to office, they had debt as a share of GDP at nearly 45 per cent. We've got it down to 37 per cent. And when it comes to the trillion dollars of debt that they left us—

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

Order! The Deputy Leader of the Opposition: we've dealt with disorderly behaviour, and I don't want to have to remove you, but I will if that sort of language continues.

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

Under the last budget, the pre-election outlook of those opposite, in 2022, they had debt crossing the trillion-dollar threshold two years ago. And because of our efforts, because of our surpluses, our spending restraint—banking the upward revisions to revenue—we've been able to delay that by a couple of years and get peak gross debt to GDP down from 45 per cent to 37 per cent. We've got $176 billion less debt than those opposite had, and that's saving the Australian people in interest. So, the idea that we would take lectures on debt from those opposite is preposterous, after the mess they've left us and the efforts we have put in to cleaning up that mess.

Now, I think the question from the member for Fairfax partly explains why, in all the commentary we've seen in recent days about the shambles over there, every long list of possible deputy leaders and shadow Treasurers, the member for Fairfax isn't on it. The member for Fairfax is the only person considered incapable of retaining his spot as the Deputy Leader of the Liberal Party. But he should take some comfort from the fact that the last guy who failed as shadow Treasurer now considers himself entitled to a promotion.

Tom French (Moore, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. What developments have there been in the economy and the Albanese government's economic plan? How does this compare with other approaches?

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

Thank you, once again, to the outstanding member for Moore for his question and for his focus on the big issues in our economy and in our society. This is a government that is focused on the big challenges in our economy, even if those opposite are not. Even though inflation is much lower than when we came to office, we know it is higher and more persistent than we would like it to be. We know productivity has ticked up a bit in recent quarters, but for two decades now our economy has not been as productive as we need it to be. And we know the global economy is unpredictable and volatile as well.

So these three challenges guide our economic plan. They're guiding our work on the budget as well. As I said in an earlier answer, we have made progress on budget repair—getting the Liberal debt down. But we know there is more work to do. We have made progress on policies to boost productivity. But, once again, we know there's more work to do, including in the next budget. And we're helping with the cost of living, because we know that people are still under pressure. We were reminded of that in recent data. That's why we're boosting bulk-billing. It's why we're boosting superannuation for low-income earners.

It's also why we are rolling out two more tax cuts for 14 million Australian taxpayers. From 1 July, every one of those taxpayers gets another tax cut, and they will get another one the year after as well. Those are the tax cuts the member for Hume opposed and said he would repeal if he got a chance. It was part of the member for Hume's election platform for higher income taxes, bigger deficits and more debt. That's especially relevant today, because it was the member for Hume himself who told David Speers, only in March, 'The best indicator of future performance is past performance.' That's what the member for Hume said. It should send a shiver up the spine of every Liberal and every Australian. That sense of entitlement that defines the member for Hume is matched only by the cloud of incompetence that surrounds him.

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

Order! The member for Bowman will cease interjecting.

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

That's why I'm not sure Senator Paterson was being especially helpful to the Liberal cause when he described the member for Hume as 'the smartest policy brain in shadow cabinet'! You can read that one or two ways. I don't know what's more worrying: that it's false or that it might be true. As the Minister for Climate Change and Energy says, we are focused on the big issues in our economy and the big challenges in our economy. We're focused on the numbers in the budget; those opposite are focused on the numbers in the Liberal party room. It reminds us once again that they can rearrange the clowns all they like over there, but it will still be the same three-ring circus.