My question is to the Minister representing the Prime Minister, Senator Wong. The Business Council of Australia has released analysis showing 'labour productivity has gone backwards by an average of 0.1 per cent a year' under your government and 'the 2020s are on track to be the worst decade for Australia productivity growth' since records began in 1960. What is the government's assumed rate of productivity growth over the forward estimates?

Obviously, productivity is a challenge and has been a challenge for many governments. It is the case post the Hawke and Keating era that we have seen governments of both political persuasions struggle with trying to lift productivity. We do have more work to do when it comes to productivity. In relation to what is assumed in the budget, I will see if I have that. What I can say to you is: we know that productivity fell for seven quarters in the lead-up to the pandemic. We know that we have progressed 15 productivity reforms in the budget to help attract and absorb more investment. These will make a meaningful difference, including cutting regulatory costs by $10.2 billion a year.

Those productivity measures include incentivising investment and innovation, reducing red tape, removing barriers to trade, building a single national market, making it easier to engage with governments through digital ID and 'tell us once' reforms, simplifying building regulations with free standards and a simplified construction code, modernising energy markets, better recognising skills with a national credit recognition framework and reformed migration points test, unlocking data and AI opportunities, investing in science and innovation, accelerating approvals, strengthening the superannuation performance test, better coordinating government investment through specialist investment vehicles and driving ongoing regulatory reform, including further Productivity Commission focuses on priority areas like housing productivity.

Senator Hume, first supplementary?

The Business Council calculates that, even if Treasury's assumption that productivity growth returns to 1.2 per cent is achieved, average productivity growth across the 2020s will still only be 0.2 per cent a year. Does the government agree with the BCA's calculation?

As Senator Hume said, there is a long-run assumption as to productivity, which is at 1.2 per cent. My recollection is that was revised down in the first term of government, which reflected Treasury advice. I would again make the point that I have made—that productivity has been challenging for governments across the board. In fact, as I said, for some seven consecutive quarters productivity growth fell under the coalition in the lead-up to the pandemic. We do know we have more work to do as a country when it comes to productivity, and I think you are seeing, in the context, particularly, of AI and the work that not only Treasurer Chalmers is doing but Minister Ayres is doing, that we are very focused on this. Minister Gallagher and the regulation agenda obviously has a— (Time expired)

Senator Hume, second supplementary?

Labor has delivered the single largest fall in annual productivity ever. It is a fact that we are less productive today than we were when Labor was elected. Minister, what is Treasury's current estimate of average labour productivity growth for the 2020s, and what rate would be required to make up for the lost productivity under Labor and the 2020s becoming the worst decade for productivity growth since records began?

One thing this government is not going to do is to engage with or implement the agenda that is advocated by those opposite. I note, Senator Hume, that you are well known for your antipathy to and opposition of tax cuts. That is not the way we deal—

That is ridiculous.

Order, Senator Hume!

I'll take the interjection. I think I've just been called stupid. I'd say to you, Senator Hume, that I think that is probably what people described your position as being when you chose the shadow finance minister to lead the coalition into an election, telling people you were going to increase their taxes and increase their debt.