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

I thank Senator Dolega for the question. It's an important question about how this government has managed the budget over the last three years and the approach we will take going forward.

Responsible economic management has been a defining feature of the Albanese government. December's MYEFO was the only one on record that delivered a better bottom line in every year of the forward estimates, less debt in every year of the forward estimates and net policy decisions that improve the bottom line. On this combination of measures, it's the most responsible mid-year update on record. Since we've come to government, we've delivered the biggest nominal turnaround in the budget in history—$233.5 billion improvement across the budget on our watch. We've found $114 billion in savings since coming to government. Gross debt this year is $176 billion lower than what we inherited when those opposite lost government in 2022.

The progress we've made on the budget means that we've been able to avoid more than $60 billion in interest payments alone. We've been able to do that whilst at the same time making sure that we have seen stronger jobs growth across the economy. Getting the budget in better shape has been important to that. Getting wages moving again has been important to that. Making sure women get a better deal across the economy has also been a key priority for this government. We will continue with this approach.

It's in stark contrast to what we saw when those opposite were in government. We saw deficits and promises of surpluses never delivered. We have delivered two surpluses, we have lessened the deficit in every year from what we inherited in 2022, we have been finding savings and we have been able to manage and progress through more in important areas. (Time expired)