My question is to the Prime Minister. Last night, the Reserve Bank's assistant governor confirmed government spending is contributing to higher inflation and interest rates with government spending at a 40-year high outside the pandemic. Does the Prime Minister accept his treasurer's spending addiction is forcing the Reserve Bank to raise interest rates again?

I thank the member for his question. Under this government and under this treasurer, average real annual spending growth is 1.5 per cent over the eight years to 2930 from our election, less than half the 30-year average of 3.2 per cent and less than half of what it was before we were elected. We have produced the first back-to-back surpluses in almost two decades, and, importantly, when it comes to savings, we have improved the budget bottom line by $230 billion compared to what we inherited. Another fact is that debt in 2025-26 is nearly $198 billion less than was forecast at the 2022 election, and that is saving us around $70 billion in interest costs over the decade. Australia remains one of only nine countries with a triple A credit rating from all three major ratings agencies.

Now, our priority has been to invest in cost-of-living measures and the services that Australians rely on, but our priority has also been to make sure that we've produced savings in each and every budget and each and every MYEFO and economic statement that we have made. We have been making hard decisions, some of which are still before the parliament. One of which, on private health insurance, was rejected in the parliament just a short time ago, but that is one which we want the parliament to have the opportunity to give proper consideration to as well, because we do need to make difficult decisions that produce savings and that put the budget in the best shape that is possible. In spite of the global circumstances which we are in, we will continue to do what we can to make a positive difference. That is what my government and this treasurer will continue to be focused on.