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

I thank Senator O'Neill for a question on the economy because those on this side of the chamber understand how important a strong economy is for delivering services and improving living standards for all Australians. I take this opportunity to remind those opposite that, when we came to office, we inherited huge deficits, $1 trillion of Liberal debt, high inflation, falling real wages and falling living standards. That is the situation that we inherited.

Senator O'Neill is right to draw our attention to the International Monetary Fund's report on Australia's economy, including on our budget and fiscal strategy. It is a powerful endorsement of the approach that we have taken. Inflation is around a third of its peak. Debt is down. Real wages are growing. Unemployment is low. We've seen the creation of more than 1.2 million jobs.