My question is to the Minister for Finance, Senator Gallagher. It is clear the conflicts in the Middle East and Ukraine are creating a challenging environment and challenging global economic circumstances, but the Albanese Labor government is working every day to support Australians and grow our economy. How is the government's approach helping to strengthen our economy, repair the budget and provide cost-of-living support to Australians?

I thank Senator Ghosh for a question on the economy. The global economy is presenting challenges here at home, particularly—

I'm sorry. I can't hear over the yelling.

Senator McKenzie, I will name you.

It's just constant, President. I wouldn't mind it so much if it was an interjection, but a constant stream does make it a little bit difficult to concentrate. The global economy is presenting challenges here at home. In particular, people are feeling it with petrol prices and other cost pressures. While the initial impact from the conflicts came from fuel, we're now seeing it broaden into other areas of the economy.

We're seeing global headline inflation has increased 4.7 per cent this year. Here, inflation has come down considerably despite those global pressures being placed on it, particularly by the war in the Middle East. But the Australian economy has shown enormous resilience, as shown in the recent economic data. The government are focused on making sure we can provide cost-of-living help where it's responsible and doesn't add to inflation and getting the budget in better shape over time.

We have seen faster economic growth in Australia than in Canada, France, Germany, Italy, Japan and the United Kingdom and about the same as the United States. We have a lower unemployment rate than Canada, France, Italy and the UK. We've had stronger employment growth than Canada, France, Germany, Italy, Japan, the United Kingdom and the United States and a higher participation rate than many of those countries. Australia also has a smaller budget deficit as a percentage of GDP, around one per cent. We know it's much bigger in other countries around the world. So we do come to meet some of these challenges with those in our favour.

Senator Ghosh, first supplementary?

Despite heightened global uncertainty, how has the Albanese Labor government's actions ensured our economy is resilient and well positioned to respond to global pressures?

I thank Senator Ghosh for the supplementary. While there are significant challenges across the global economy and there are challenges here in our economy that we have been upfront about, our budget in May was carefully targeted to ease pressure on households while continuing to repair the budget over time and, indeed, respond to some of those challenges in the economy—for example, in the area of productivity. The budget was $44.9 billion better than the mid-year update and more than a quarter of a trillion dollars better than what we inherited. The fiscal discipline that we have shown over all of our budgets becomes even more important at a time of heightened global uncertainty, and we will continue to take the same approach, meeting the pressures that we have to meet but always looking for savings and being able to reduce the pressure on the budget and, indeed, lower the debt and lower the interest payments on that debt.

Senator Ghosh, first supplementary?

Why is the Albanese Labor government's approach to managing these global challenges and repairing the budget the right approach for Australians?

I thank Senator Ghosh for that supplementary. We've had to manage a higher inflation environment than we would have liked since coming to government. When we came to government, inflation was six per cent and rising. It peaked in the December of that first year. It's come down considerably since then, but it remains higher than we would like and has done so for longer than we would like.

We know that some of those pressures overseas are having an impact here, but we have been able to repair the budget. Significant budget repair—savings that we've brought to the budget, returning upward revisions to revenue, lowering debt and lowering the interest that we are paying on that debt have all been part of our approach, and we will continue to make those decisions because it's the right approach to get that budget in better shape. When you see it against those international comparisons, you can see that the work we've done over the last four years has been the correct decisions.

Senator Ghosh, second supplementary?

President, I've actually asked three questions. I'm happy to have a fourth, but—

No, thank you. Thank you for reminding me.