Jess Teesdale (Bass, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. How will the Albanese Labor government's budget help ease cost-of-living pressures, help younger Australians get into their own home and make our economy more resilient for future generations?

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

I thank the fantastic member for Bass for her question. She came into this place as a former schoolteacher and understands that the kids she used to teach in those classrooms need to be able to aspire to their own home. Our budget helps Australians with the cost of living. Our budget backs aspirations—

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

The Prime Minister is going to pause. Member for Gippsland, you are not going to interject anymore. You've been yelling non-stop through yesterday's question time and today. You're on a warning. One more word and you're not going to be here for the remainder of question time. The member for Bass has asked her question; the Prime Minister is entitled to answer it.

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

Importantly, as well, it builds Australia's resilience. At a time of global instability and turbulence, we have managed today to have more fuel in Australia than we had on 28 February, and the package in this budget on fuel security will further help that. Those opposite said, 'Why are they bothering to talk in South-East Asia?' They took the same principle that they did in government, where they ignored our neighbourhood, where we live. They've taken that principle into their ever-diminishing opposition. Now, we've also—

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

On relevance, the question was very clear—

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

Resume your seat.

Resume your seat. Under the standing orders, you're entitled to raise a point of relevance, which you did. You don't need to explain what that is. I've got plenty of examples we can go through of former Speakers who have handled this exactly the same way, and I'm happy to list them to the member if he requires it.

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

We have cut taxes for 13 million Australians five times. The first one was the one that they said they'd reverse. Then, of course, our second tax cut, our top-up, begins on 1 July. The further top-up begins on 1 July next year. Then there is the thousand-dollar automatic tax deduction. Then, of course, there is our Working Australians Tax Offset. If you add all that up for average workers, they will be better off by around $2,800.

We've not only done that; we've put in place measures such as cheaper medicines and we've made permanent the urgent care clinics as part of Medicare—something opposed by those opposite, but now they all want one on their corner. We have made free TAFE permanent. We are making a difference, with cheaper batteries benefiting hundreds of thousands of Australians as well. But, importantly as well, we are giving Australians a fair crack at buying their first home, backing aspiration.

The coalition have already told us what they are against. In interview after interview, asked about helping young Australians into their own home, they've said they're against it. They'll repeal it now—they'll repeal it. It's a repeat of what happened one year ago, and we know how that ended. These geniuses are going to go to an election saying that they will repeal young Australians getting a fair go.

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

The member for Forrest will leave the chamber under 94(a) for that continual interjection and yelling during the Prime Minister's answer, and plenty of people will follow him today if that continues.

The member for Forrest then left the chamber.

Angus Taylor (Hume, Liberal Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Can the Prime Minister confirm that 35,000 fewer homes will be built as a result of Labor's new taxes?

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

What I can confirm is as a direct result—and it's there in the budget papers—is increasing housing supply by at least 30,000 as a direct result. The $2 billion Local Infrastructure Fund will support up to 65,000 new homes over the decade. Budget Paper No. 1, statement 4, on page 158, says:

The measures in this Budget are expected to improve home ownership and increase the overall supply of housing.

That is what we are doing. This additional $2 billion takes our Homes for Australia plan to $47 billion. Whether it's increased public housing through our Housing Australia Future Fund, opposed so strongly by those opposite, whether it is private rentals through our build-to-rent scheme, whether it be our shared-equity scheme, whether it be our support for local infrastructure or whether it be the changes that we are proposing, which will ensure that people who want to negatively gear an investment property in the future will invest in new supply, therefore benefiting not just themselves but the nation as well—all of those measures, every single one of them, are about boosting supply as we go forward.

We're doing more than that as well, because we're reserving a whole range of those houses for first home buyers alone, making sure that we deliver on successful programs that are underway right around the country. But in addition to that, of course, we're making sure that the workforce is there to build those houses. That's why we have free TAFE. That's why we have a $10,000 incentive for construction apprentices or for electrical apprentices as well. All of it is opposed by those opposite, who didn't even bother to have a housing minister during most of their time in office.

Now, we want to make sure that we continue to give Australians a fair crack going forward. Those opposite have blocked every single housing measure that we've put forward. They delayed a whole range of them, along with their friends in the Senate. What we're doing is moving forward. Labor is the party of aspiration, and this budget last night shows that.

Zhi Soon (Banks, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How will the Albanese Labor government's budget help to reform our economy and make Australia more resilient to economic shocks? How does that compare to other approaches?

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

A big thank you to the member for Banks, an absolutely outstanding and valued member of our team on this side of the House. He knows that this is a responsible budget which is all about resilience and reform at the same time—not resilience or reform but resilience and reform. It's all about getting Australians through this global oil shock and building an economy that works for more people. This budget helps Australians today and lifts living standards into the future by responding to the global oil shock; by taking pressure off Australians with cost of living and housing; by making our economy more productive over time; by delivering tax reform for workers, businesses, homebuyers and future generations; and by making sensible and responsible savings to make sure that the deficits are smaller every year of the forward estimates.

In this budget, when it comes to fuel, in addition to all of the good work done by the PM, the minister for energy and others, we've got a fuel security package which is investing in more fuel for more motorists and more industries to keep our country moving. We're also more than halving the fuel excise and reducing the Heavy Vehicle Road User Charge, as well as the fuel and fertiliser security facility. On housing, we're reforming the tax system to support more first home buyers, and we're investing in extra $2 billion to build up to 65,000 more homes in our plan which now goes to $47 billion, as the Prime Minister said.

We're rolling out tax cuts for every working Australian, in addition to the three tax cuts already on the way plus the instant tax deduction. This is a government cutting income taxes for working Australians five times, five different ways in just four years. We've got a comprehensive package to boost productivity, to save business more than $10 billion a year in compliance costs and to boost long-run GDP. We've got big investments in innovation and investment to make sure that we support all kinds of businesses, the dynamic part of our economy, which will create wealth and opportunity into the future.

And we're doing all of this while finding an historically high amount of savings in the budget—$63.8 billion of savings—with a net improvement to the budget of $25.1 billion for the first time in the history of this country. We are in two consecutive budget updates, banking every extra dollar of revenue when it comes to revenue upgrades. This is an ambitious budget. It provides immediate support to Australians. It delivers urgent economic reforms. And, very importantly, it also doesn't forget our obligations to future generations.