Shayne Neumann (Blair, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Albanese Labor government cutting taxes for workers and making the budget more sustainable? How does this compare with other approaches?

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

There is no finer local member in this parliament than the member for Blair. I thank him for his question and, on behalf of his friends on this side of the House, I send my best wishes to Carolyn, as well, as she recovers from some of her health challenges in recent times.

This government is hard at work putting our fifth budget together. There will be a major focus on inflation in the near term and productivity over the medium term and also on making our economy more resilient at a time of extreme global uncertainty. Developments in the Middle East are an important reminder of volatility in the global economy right now, and we are closely monitoring implications for oil prices in particular.

Annual inflation was steady in January—much lower than we inherited but already higher than we'd like, because of a combination of temporary and more persistent pressures. That's why we are helping with the cost of living in ways that those opposite don't support, and it's also why we are improving the budget in ways that they were incapable of. We've found $114 billion in savings. We've delivered two surpluses. We've got their debt down by $176 billion. We improved the budget position in the MYEFO in December, but we do know that there is more work to do. We are strengthening the budget at the same time as we are cutting income taxes for all 14 million taxpayers. Because of our combined tax cuts, the average taxpayer will keep an extra $50 a week to help with the cost of living.

If the new opposition leader had his way, Australians would not be getting a tax cut this year or next year, and deficits would be bigger in both years as well. He was the shadow Treasurer responsible for their policy of higher taxes for every taxpayer, bigger deficits and more debt. Not content with being the worst minister in the Morrison government, he was also the worst shadow Treasurer in memory, so they made him the Leader of the Liberal Party. This is why they can't release their election review. I've seen it. I refer you to page 21 of the unreleased election review, which says—

Hon. Members:

Honourable members interjecting—

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

Order! The Deputy Leader of the Opposition in the House, rising on a point of order?

Andrew Hastie (Canning, Liberal Party, Shadow Minister for Home Affairs) Share this | Link to this | Hansard source

It's relevance, standing order 104. The member for Blair asked about tax cuts and budget repair. He also mentioned other approaches. He didn't ask for an impression of Paul Keating, where he just goes on the attack—

Honourable members interjecting—

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

Order! I will remind the Deputy Leader of the Opposition in the House that he needs to state the point of order. That was an abuse of your point of order process, but we're going to deal with this. The Treasurer wasn't asked for an alternative approach; he was asked how it compares with other approaches, so there was a difference. It is the Treasurer's birthday, along with the Prime Minister's, so I'm feeling generous today. But the rules still apply to everyone, so I'll remind the Treasurer to be directly relevant to the question he was asked.

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

That's very kind of you, Mr Speaker, but not as kind as the shadow minister. What a gift on my birthday! Thank you very much. The point I'm making is we're for lower taxes and smaller deficits; they're for higher income taxes and bigger deficits—

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

Order! The member for Forrest is now warned.

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

and that's why their election review says that that's what cost them their economic credentials. It says that on page 21; I refer everyone to it. The member for Hume is the economic and political genius who is responsible for the mess that they're in right now, and by electing him their leader they've shown they haven't learned a thing and they haven't changed a bit.

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

I think the member for Page was on a point of order regarding correct titles. I didn't want to interrupt the flow. I just remind all members, including the Treasurer, to refer to the everyone by their correct titles.