Richard Dowling (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher, continuing the theme of her previous answer. Today, the Australian Bureau of Statistics released new consumer price index figures which showed prices were actually steady in October.

Hon. Senators:

Honourable senators interjecting—

Richard Dowling (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Check it out—zero per cent in October. But they ticked up in annual terms. You should be interested in this. Can the minister update the Senate on the latest economic data and the progress that has been made in the fight against inflation?

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

Order! Order! Senator Paterson, I've called order twice and you just completely ignored me. So disrespectful!

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

():  I thank very much Senator Dowling. It's great to have a respected economist on our side asking the questions around the Albanese government's management of the economy and indeed of the budget. New figures from the ABS today showed that inflation was steady in October but ticked up in annual terms. As I said in relation—

Anne Ruston (SA, Liberal Party, Shadow Minister for Health and Aged Care) Share this | Link to this | Hansard source

Ticked up!

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

It's not an unusual term to use, Senator Ruston—but anyway. As I said in answer to Senator Paterson's question, it is higher than we would like. The flat monthly result in October was driven by falls in electricity and fuel prices—those opposite may have missed that—and moderation in housing costs. The tick-up in annual terms in part reflects temporary factors such as the timing of state energy rebates and some of the volatile items such as travel prices.

But we also recognise that households are still under pressure, and that's why our continued, responsible cost-of-living relief is so important. When we look at the monthly results—and these are important; this is the first month, I think, of the full, complete monthly CPI figures—we think it is an important change that will help inform decision-making into the future and support the work of the government and indeed organisations like the Reserve Bank. Headline inflation was flat in the month of October but 3.8 per cent in through-the-year terms. Underlying inflation was 3.3 per cent in the 12 months to October. And, of course, when we came to office, Senator Dowling, headline inflation was 6.1 per cent and climbing. It peaked in the December quarter of that year, but it is now moderated substantially, which has given the RBA confidence to cut interest rates three times this year. Underlying inflation was hovering around five per cent when we came to government. It is now much lower than that.

Richard Dowling (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Addressing cost-of-living pressures is important for all Australians, and the Albanese Labor government is focused on delivering the relief that Australians need. What measures has the government delivered to ease household budgets while strengthening the economy?

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

I thank very much Senator Dowling for the supplementary. We are continuing to roll out real, practical and ongoing help with the cost of living for Australian households. I would remind those—I'm trying to think of one those opposite supported. I'm not sure there is one. When we talk about pay rises for minimum- and award-wage workers, they now receive a total increase under Labor of over $9,000 a year. The superannuation guarantee is being increased to 12 per cent and paid parental leave expanded to 24 weeks. Energy bill relief continues to flow. There are $10,000 bonuses for housing apprentices on top of their wages. We've got our home batteries scheme, which is proving to be very popular. There are paid pracs for nursing, teaching, social work and midwifery students. There is our boost to Medicare and, again, the tripling of the bulk-billing rate, which came in on 1 November, expanding that across the board to help all Australians. More choice, lower cost and higher quality care for Australian— (Time expired)

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

Senator Dowling, second supplementary?

Richard Dowling (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

The Albanese Labor government is focused on jobs, wages and cost-of-living relief for Australians. How is the government delivering for Australians and, most importantly, putting people ahead of politics?

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

I'm so glad Senator Dowling got to give that excellent supplementary. When we came to office, real wages were going backwards and had fallen for five consecutive quarters. Last week's wages data showed annual real wages have grown for eight consecutive quarters, the longest run of real wage growth in almost a decade. Since Labor was elected, inflation is down, debt is down, real wages are growing, unemployment remains low and interest rates have fallen three times this year. If those opposite had won the election, all the cost-of-living relief which we just talked about would have been on the chopping block. They are the party that wanted higher taxes—remember that? Did everyone enjoy Niki Savva's piece on that? That was the one that got away—the party that will ever be known as the party of higher taxes, that went to an election arguing for higher taxation. We are the party of lower taxes and higher wages. (Time expired)