Josh Dolega (Tasmania, Australian Labor Party) Share this | Hansard source

I rise today to speak in response to Senator Hume's matter of public importance regarding the cost of living. When Labor came to office there were huge deficits as far as the eye could see—a trillion bucks of coalition debt in a budget weighed down with nothing but rorts and waste. The Labor government, together with Australians, has made so much progress in the economy. Quarterly headline and underlying inflation is now at around four-year lows. Annual real wages have been growing, and they've been growing for seven consecutive quarters. I'll say that again: real wages are growing after a decade where wage suppression was government policy under those opposite. And the economy is still expanding.

People with home loans will have noted and felt the difference of interest rates that have been cut three times in the last six months. There was a quarter of a per cent in February, another quarter of a per cent in April and another quarter of a per cent in August. These interest rate cuts are making a huge difference for families with a mortgage. The cuts mean that a household with a $700,000 mortgage is now saving about $330 per month, or $4,000 per year.

We've created more than 1.1 million jobs since we came to government, a record for any government in a single term. I note that the average unemployment rate is the lowest of any government in 50 years.

When it comes to the Labor government budget, we've taken a disciplined and considered approach. I note my colleague Senator Polley pointed out that we've turned two Liberal deficits into two Labor surpluses, and then, in the third year, we halved the deficit. The budget position under Labor has improved by more than $207 billion. Debt is $177 billion lower in the 2024-25 year, saving $60 billion in interest costs as a consequence. Real payments growth is estimated to be averaged at 1.7 per cent per year, less than half the average under our predecessors. We have found more than $100 billion in savings, when our predecessors had none in their budget.

But the job is not finished. We know people are still under pressure, and that's why we're delivering more real, practical and ongoing help with the cost of living, including eight new changes that already came into effect on 1 July and three tax cuts for every single Australian taxpayer—one last year, one next year and another the year after that. Those opposite went to the last election opposing our tax cuts. They were going to repeal them. I think the average Australian saw through the policies of the other side for what they were, and they actually voted for higher living standards, higher wages, lower taxes and secure, well-paid jobs. That's what we're working towards every day, delivering for everyday Australians.

Today in this place we've started taking steps to make medicines cheaper for all—another key cost-of-living initiative that Australians supported at the last election. We're reducing the cost of PBS scripts from $31.60 to $25, the lowest that they've been since 2004. Labor built Medicare and the PBS, and Labor is making the system stronger and fairer.

We've delivered strong reforms to industrial relations. We made submissions to the Fair Work Commission supporting real, fair wage rises for the lowest-paid workers. We have levelled the playing field by closing loopholes for labour hire workers and casual workers, with same job, same pay. Just last week we legislated to protect penalty rates for award-reliant workers. This will ensure the wages of around three million workers do not go backwards. And, again, last week we announced that from 1 October more Australians than ever will be able to afford to buy their first home with a five per cent deposit. The five per cent deposit scheme will cut years off the time Australians require to save for a deposit. It will save people tens of thousands of dollars on lenders mortgage insurance. That's real cost-of-living relief.

We've seen an increase to super. We have supported parents, with more paid parental leave. Parents are getting super on paid parental leave.

How could I not mention that in the first sitting fortnight we legislated to slash student debt by 20 per cent. We've also raised the repayment threshold and lowered the payment rates. (Time expired)