Charlotte Walker (SA, Australian Labor Party) Share this | Hansard source

This is a government that is committed to looking after our future generations. That has been evident in the work we have been doing so far. The opposition loves a good old scare campaign before they've even seen the facts. The opposition has been consistent in opposing our housing measures, but now they're all concerned about housing. Will the Real Slim Shady please stand up!

The budget will be unveiled tonight, and details will come in due course. This will be a big reform budget. This will be a responsible budget. But we need to acknowledge the impact that the situation in the Middle East has had on our nation. We need to continue to help Australians with the cost of living. That is why we are looking at all levers available. That is the responsibility of our government. We have always been up-front that we are looking into ways to make our tax system fairer and simpler and to ensure that it works in the interests of all Australians, businesses and future generations. This is a budget that will look after workers, first home buyers and small businesses. Responsibility is at the core of this budget. It's about making our economy more productive. That's why our budget will include $63.8 billion in savings and reprioritisation. That will bring it to a total of $177.9 billion since we were elected in 2022.

Our government is committed to doing the hard things, to making tough calls, to doing what is right and looking after our future generations. That starts with housing. For too long, it has been hard for young people to break into the housing market and get their foot in the door. That is why we are looking at all levers available. This budget will restore ambition for all Australians, and especially for younger people, in the area of home ownership. For too long, young people have been locked out of the housing market. This budget is about tackling this. Getting first home buyers into homes is enabled by making our tax system fairer. For too long this has been a systemic barrier to entering the housing market.

Good economic management is not about chasing headlines. It's about making responsible decisions that help people feel secure about their future. The opposition seems to be having a hard time conceptualising the difficulties that the situation in the Middle East is presenting to the world, including Australia. The Albanese Labor government has been working tirelessly to ensure our oil supply chains remain strong and resilient. I find it interesting that petrol prices are no longer dominating the headlines, thanks in large part to the Labor government's efforts. There hasn't been a peep from the coalition on this topic.

But the conflict in the Middle East doesn't just impact our oil and fuel supplies; it affects the global financial order as well. Nearly every country in the world is grappling with these ramifications, with inflation rising in basically every OECD country. Michele Bullock of the RBA said:

Australians are poorer because of this shock to oil prices and energy prices …

That's what this has done—this war on the other side of the world. That is the reality of the situation we all find ourselves in, and the Albanese Labor government is taking considered, measured steps to respond appropriately. We have invested more than $10 billion in the Australian fuel security and resilience package. We have brought forward $6.15 billion in capital for businesses, which we know have been doing so hard during this fuel crisis. We have halved the fuel excise for three months. These measures are helping Australians through this challenging time, and we'll be announcing more forward-thinking agendas this evening through the budget.