Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Yesterday's data confirms that, in the final quarter of 2025, public demand grew faster than private demand. At the same time, inflation started resurging. Does the Treasurer still deny the link between government spending and driving inflation higher?

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

Thanks to the honourable member for his question. First of all, for public demand in the December quarter, the key driver was defence spending. Those opposite have called for more of that, not less of that. That's the first point.

The second point is, when you look at the story of 2025, the big story was the private sector driving growth and the public sector taking a step back. Private demand grew faster and contributed over three times more to economic growth than public demand in annual terms. Within a year, annual private demand growth more than tripled, but annual public demand growth more than halved compared with 2024. Those are the facts of the matter. When it comes to the link between spending and inflation, I have said on a number of occasions that we take our responsibility seriously in the budget. That's why we found savings, delivered surpluses and got your debt down by $176 billion, because we manage the budget and we manage the economy in the most responsible way that we can.

Yesterday's national accounts were overwhelmingly good news for our economy: stronger growth than any major advanced economy, the strongest growth in almost three years, and stronger per capita growth, the strongest per capita growth in more than three years. But those opposite always want to talk the economy down. One of the reasons they always want to talk the economy down, as was revealed yesterday, is that the shadow Treasurer has held shares—

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

The Manager of Opposition Business, on a point of order?

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) Share this | Link to this | Hansard source

It goes to standing order 104(a), which says that a question must be directly relevant to the answer. You are not being in any way—

Government members interjecting—

Sorry, the Treasurer—sorry, but the noise coming from there, Speaker, is making it very hard.

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

You've definitely made the point and have read the standing order, and I appreciate that.

A government member: He incorrectly read it.

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) Share this | Link to this | Hansard source

If you could just bring the Treasurer back, that would be wonderful.

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

Yes, we'll get there. The Leader of the House on a point of order?

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

What he just read out is not the standing order. I think he read it backwards.

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

The manager is entitled to raise his point of order, and he's done so. The Treasurer wasn't asked about alternative policies. I know the line that he's going down, but, on this occasion, he won't be able to go too far into opposition policies or opposition persons, because he wasn't asked about that. He was asked about the link between government spending and inflation and also the data that was released yesterday. So, to make sure that he is directly relevant, he won't be able to go down that line that he's trying to probably get into the record.

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

I was asked about yesterday's numbers. I was asked about public spending. I've dealt with that in detail. I've explained the defence spending in the last quarter that those opposite have called for more of, not for less of. I've explained what's happened through the course of 2025. But what I'm trying to establish is that, when it comes to yesterday's national accounts, they were a good story—not a negative story, as those opposite are trying to paint for the people. We know that one of the reasons for that is that the shadow Treasurer has bet against Australia and has bet against Australians. There's an important part of this that the House needs to know about.

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) Share this | Link to this | Hansard source

Point of order!

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

You don't have to shout at me, mate. I'm right here.

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

Order! The Deputy Leader of the Opposition in the House of Representatives doesn't need to assist anyone at this moment. He's welcome to take a point of order, but, at this stage, I'll deal with the Manager of—

Government members interjecting—

Order, members on my right. The manager is on his feet. He's going to be heard in silence.

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) Share this | Link to this | Hansard source

Speaker, I don't know whether it was a ruling you gave the Treasurer, but your instructions were very clear that he had to be directly relevant to the question. He was trying to defy the advice that you gave him, and I think he should listen to the Speaker, like all of us do.

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

I appreciate that endorsement, Manager of Opposition Business. If the Treasurer can conclude his answer by not going down that path and by being directly relevant, that'll help the House.

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

This side of the House has been managing the budget in a responsible way. That's how we delivered two surpluses that those opposite were incapable of. They said they'd deliver a surplus every year. They went none for nine. We've delivered two already. We found $114 billion in savings. We've got the debt down by—

Honourable members interjecting—

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

Resume your seat. I'm moving to the next question. We're not turning this into some sort of yelling match.

Dan Repacholi (Hunter, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. What do the recent economic figures mean for the upcoming budget and the Albanese Labor government's economic plan? How does this compare to other approaches?

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

Yesterday's national accounts were really encouraging for Australia because they showed that we have growth which is stronger and broader, and that growth is very welcome in our economy. It's the strongest growth for almost three years, and it's stronger growth than in any other major advanced economy. It's strong growth in business investment and dwelling investment and there's a welcome uptick in market sector productivity as well.

One of the reasons why these numbers were so welcome is that this provides a very strong foundation to work from as we now navigate this heightened sense of global economic uncertainty. A number of our challenges existed in the economy before the escalation of the conflict on the weekend, but, whether it's global uncertainty or our inflation challenge, we know that these international events put additional pressure on Australians. We're very focused on that as we continue to put the budget together for May.

That budget in May will be all about inflation, productivity and global economic uncertainty. It will be all about rolling out the tax cuts that those opposite opposed and all about making the superannuation system stronger and fairer. Today we passed legislation to make super fairer from top to bottom. That's a very good thing.

We know that there are challenges in our economy, but we face these challenges from a position of genuine economic strength. We prefer to work from that position of strength than to talk the economy down, which is all we get from those opposite. Yesterday we learned why that has been the case. Every time the shadow Treasurer talks down the Australian economy, he's been talking up his own investments. That's what was revealed yesterday in the House. I've got some additional information on this.

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

Order! We'll get to it. The Treasurer is just going to pause. We're going to do this in a really ordered manner. The Manager of Opposition Business is now going to be heard.

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) Share this | Link to this | Hansard source

The point of order goes to standing order 90, which is on reflections on members. We do not want to head down this path—

Government members interjecting—

No, we don't, because two can play this game. You want to be very, very careful.

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

I'll just remind the Treasurer of that standing order. But he is entitled to answer the question any way he wishes regarding it. When he was asked about how this compares to other approaches, he'll need to refer to other answers or perhaps there are articles which he was reading yesterday about this topic. He just can't get up and give an opinion about another member, because that would be imputing motive. So I'm just going to draw the Treasurer to that part of the standing orders. We'll listen carefully to how he answers.

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

Thank you, Mr Speaker. You're quite right that this was reported in the Guardian and the Australian Financial Review.

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

Order! The member for Berowra is on his feet. People can take points of order in the moment when it's occurring, but we're just not going to have a free-for-all on this.

Julian Leeser (Berowra, Liberal Party, Shadow Minister for Indigenous Australians) Share this | Link to this | Hansard source

Mr Speaker, I draw your attention to standing order 68. The member for Goldstein has given a personal explanation on this matter to correct the misrepresentation, and I ask you to draw the member's attention to that because they're repeating the matter contained. I ask you to intervene on that.

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

I did give guidance to the Treasurer beforehand, and he will take that into consideration. The matter was dealt with yesterday at the conclusion of question time—not in the most appropriate way, but we did deal with it. So I want the Treasurer to be very specific, rather than giving any opinions about this matter.

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

Thank you, Mr Speaker. Actually, what I'm about to say refers to the personal explanation that was given yesterday, so I appreciate the prompt from the shadow minister. What the shadow Treasurer said yesterday was:

I can inform the House that on Monday I submitted a statement of declaration that I had removed those shares, but it has not been published.

I have here the shadow Treasurer's Register of Members' Interests, which shows that that was not submitted until today, 5 March 2026.

Government members interjecting—

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

We'll hear the point of order. The Treasurer will pause. Order, members on my right!

Andrew Hastie (Canning, Liberal Party, Shadow Minister for Industry and Sovereign Capability) Share this | Link to this | Hansard source

This point of order is on relevance. The member for Hunter asked about the recent economic figures and what they mean for the budget. He then asked the Treasurer to compare their economic plan with other approaches, not delve into people's financial arrangements.

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

Resume your seat. For the benefit of the House, the question did contain the question, 'How does this compare to other approaches?' so that is why the Treasurer is being directly relevant.

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

Thank you, Mr Speaker. The contrast I'm drawing is this: we are working hard on the economic challenges that we confront together, but we also recognise Australia's economic strengths; those opposite keep talking the Australian economy down. We are optimistic about the future, even if they are not. To paraphrase the late, great Dennis Cometti, the shadow Treasurer came into the week optimistically; he finishes the week misty-optically. That's what we're seeing with the shadow Treasurer.