Wendy Askew (Tasmania, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. How much extra will an average mortgage holder be paying in monthly repayments as a result of the recent interest rate increases?

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

We went to this yesterday, I think, in question time but I'm happy to repeat it. Essentially, depending on the loan—the size of the loan—people will be paying a couple of hundred extra dollars a month in payments.

Opposition Senator:

An opposition senator interjecting

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

Well, I can go exactly to it if you want to break it down. Of course, these increases that they'll be paying are on top of the increases that have occurred over recent months from when the RBA started increasing interest rates on 1 May. If you'd like it by state or by size of mortgage, I can I give it to you, but essentially the cumulative increase in monthly repayments for an average mortgage holder in New South Wales is, I think, about $330 extra per month. There is a significant impact on households, no doubt, and we know this stings households, absolutely. But we are living in a highly inflationary environment and the RBA are increasing interest rates. They are increasing interest rates to deal with higher inflationary costs across the economy.

The factors that led to this occurred prior to the last election. As to the factors that led to this, we inherited an economy with an inflation issue and rising interest rates, and these are hitting mortgage holders, without a doubt. That's why our economic plan is more important than ever: to invest in the productive side of the economy to put downward pressure on cost-of-living impacts for households.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Askew, first supplementary?

Wendy Askew (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Minister, on top of the cost of interest rate increases, how much extra will it cost a family to fill a 60-litre tank of petrol once the government ends the reduction in fuel excise?

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

It was your policy!

Opposition senators interjecting—

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

It's an idiotic question.

Sue Lines (President) Share this | Link to this | Hansard source

Order! Senator Sterle and Senator Wong!

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

Talk about leading with your chin again! This is a policy that the former government put in place to expire, the former Treasurer saying it was targeted and temporary—and made it very clear—because of the significant costs to a budget that is already heaving with a trillion dollars in Liberal debt.

Sue Lines (President) Share this | Link to this | Hansard source

Minister, please resume your seat. Senator Askew?

Wendy Askew (Tasmania, Liberal Party) Share this | Link to this | Hansard source

A point of order on relevance: it was actually a question about a dollar figure; it wasn't asking about consideration of previous policies.

Sue Lines (President) Share this | Link to this | Hansard source

Thank you, Senator Askew. The minister is being relevant to the question but I'll continue to listen and ensure that relevance continues.

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

The former government, at the time when they designed the policy to be a six-month exemption, noted the significant cost to the budget—$3 billion over a six-month period. I've heard Senator Hume talking about the need to be fiscally responsible, while on the other side, depending on who you're talking to in the coalition, it's all about spending more and adding more to the budget problems that we have inherited. The petrol excise changes were for six months. The budget cannot afford to continue these concessions at a time when we are dealing with the increasing cost of— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Askew, second supplementary?

Wendy Askew (Tasmania, Liberal Party) Share this | Link to this | Hansard source

The Albanese government was elected on grand promises to fix the cost of living. What precisely is the government's plan to help senior Australians, young Australians and Australian families, including the majority, who do not have children in child care, with the cost of living?

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

I welcome the opportunity to talk about Labor's economic plan. Our plan is a comprehensive plan that does include cheaper child care for 1.2 million families.

Hon. Senators:

Honourable senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

Minister, please resume you seat. Order! Minister Wong. I'm waiting for quiet from both sides of the chamber. Minister, please resume.

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

Labor's economic plan is about making sensible investments into the productive capacity of the economy, including cheaper child care for 1.2 million families. It is important. Talk to anyone with children. That is a huge impact on your household budget. That is what we are doing. Cheaper medicines—

Hollie Hughes (NSW, Liberal Party, Shadow Assistant Minister for Climate Change and Energy) Share this | Link to this | Hansard source

What about people without children?

Murray Watt (Queensland, Australian Labor Party, Minister for Agriculture, Fisheries and Forestry) Share this | Link to this | Hansard source

Why do you hate children?

Opposition senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

Minister, resume your seat. Senator Watt, it's disorderly to make comments across the chamber. Order on my left! Senator Henderson. Minister.

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

For those families without children—but this helps families with children as well—cheaper medicines. For skills and training, helping those with children and those without children, free TAFE and more uni places. Investing in cleaner and cheaper energy—again, helping all households across Australia. This is a core part of Labor's economic plan and we'll implementing it as quickly as we can. (Time expired)