Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank Senator Dowling for the question and for his interest in the economy. I think it's the first question I've had all week, maybe all fortnight, on the performance of the Australian economy, so I thank you for your interest because it is an important area and a priority of the Albanese government. When it comes to our budget, we have delivered the biggest nominal budget turnaround in a parliamentary term on record, and at the same time we've invested in responsible cost-of-living support. The opposition has no economic credibility. The Liberals went to the last election promising higher income tax, more savage cuts and bigger deficits over the forward estimates. Labor's election commitments were fully offset. They improved the UCB in every year and cumulatively by more than $1 billion compared to the 2022 Pre-election Economic and Fiscal Outlook. We've delivered two surpluses and lowered debt and deficits, placing downward pressure on inflation. We turned two Liberal deficits into two large Labor surpluses—the first back-to-back surpluses in almost 20 years. The 2024-25 deficit is almost half what we inherited, and it is better in every year over the forwards compared to the 2022 PEFO. Debt is $177 billion lower in 2024-25, and no wonder they aren't interjecting—because this is their record. They broke the budget. They like to think of themselves as the party of good budgeting, but we know we have beaten them on every single measure.

The government has demonstrated significant budget restraint. We've got the budget more than $207 billion better off than what we inherited. We've banked 70 per cent of revenue upgrades coming into government. We've identified more than $100 billion in responsible savings and in reprioritising. (Time expired)