Tyron Whitten (WA, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

My question is to the Minister for Finance, Minister Gallagher. We got some very bad news this week from the RBA. Inflation is at the top of the target band and moving upwards, unemployment is up and the RBA predicts wage growth will be zero by Christmas and negative in the New Year. Labor takes credit for every little scrap of good news on the economy. Will you accept responsibility for the disastrous figures from the RBA we have seen this week?

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

I don't agree with all of the language that was used by Senator Whitten in that question. But, of course, the government take responsibility for the decisions that we make and the fact that inflation has come down. When we came to government it had a 'six' in front of it, Senator Whitten. You weren't here then, but that was the reality. That is a fact. It is now half of that, and that makes a difference. That's why the decisions we took in the last parliament were focused on getting inflation down and back into band, and that's what's happened.

Debt is down. Again, what has an important role to play in the economy is how we manage our debt, which is why $188 billion less debt was an important part of our plan to respond. We're getting real wages growing again. That's a key priority of this government. After a decade of no wage growth or stagnant wage growth, we saw seven successive quarters of wage growth under this government because of the decisions we took. We take responsibility for those.

Unemployment is down. Unemployment is at historic lows, with 1.1 million jobs created under this government, including seeing women's participation in the labour market at record highs. Why do you think that is? It's because we're getting the gender pay gap down. It's because we're investing in early education and care so that women can make more choices. We're getting rid of things like the activity test and punitive restraints on women's economic participation. That is what we are doing. That is what we are doing. And interest have fallen three times. So there is more work to do. The Treasurer and I say that all the time. There is more work to do. Our work is not finished, but the Australian people have a government that will continue to invest and make the right decisions.

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

I just remind those on my left that your constant interjections are disorderly. I asked you to be quiet on several occasions; you completely ignored me. Not only that, this is not your question. It's Senator Whitten's—Senator McGrath!—and he is entitled to hear the answer. Senator Whitten, first supplementary?

Tyron Whitten (WA, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

Labor is driving up housing demand with their five per cent deposit scheme. Young Australians are taking out 95 per cent mortgages with massively inflated house prices. Many would be relying on further interest rate cuts. The current indicator suggests that an interest rate rise looks more like. Labor has handed young Australians a poisoned chalice. Is Labor driving young Australians into mortgage stress?

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

Thank you very much, and no—the short answer to that question is no. This is a government that is seeking to address some of those intergenerational inequities that exist across our economy, like in relation to HECS debt, for example. In the situation of young people and where there are areas where the government can help, we will look to help and address that inequity that we see. And, when it comes to housing, there is not enough supply of housing in this country. We are building housing. That is what we have to do. We have to continue to focus on supply so that we can provide the housing opportunities for younger people that I had when I was looking to buy my first home. That is what this government is about. That is why we are investing in every single aspect right along the housing continuum from homelessness all the way to homeownership, because it matters. That is what this government will continue to do.

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

Senator Whitten, second supplementary?

Tyron Whitten (WA, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

All of the numbers are pointing the wrong way. Inflation is up. Unemployment is up. Housing prices are up. Supply is inadequate. GDP per capita is down. Disposable income is down. Productivity is down. Australians are not thriving under Labor; they are suffering. Does Labor take responsibility for putting Australians, especially young Australians, in the path of a recession that we didn't have to have?

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

Here are some other statistics. Employment is up, the participation rate is up, the gender pay gap is down, the number of women employed full time is up, manufacturing jobs are up, annual wage growth is up, annual real wages are up, wholesale electricity prices are down, gas prices are down, and private business investment is up. These are the things that matter. We are focused on helping households. We're dealing with the inflation challenge. We are making sure that we help people with cost-of-living pressures where we can, and we will continue to do so.