My question is to the Minister representing the Prime Minister. Minister, wages are going backwards under the Albanese government. Right now, people in Australia are earning, in real terms, no more than they had in 2011, falling back to where they were 15 years ago, while people work longer, take on two jobs and see their lives getting harder. How do you explain the Albanese Labor government's failure to increase real wages?

Thank you, Senator Shoebridge. I'll take the opportunity to congratulate you, Senator Shoebridge and Senator Hodgins-May, on your election. It's a real honour to lead the party in this place, and I acknowledge your election.

In relation to real wages, we obviously have done an enormous amount of work to do what we could to improve Australians' wages, and you've seen the benefits of that. You've seen the benefits of that particularly in the care economy. You've seen the benefits of that for early childhood educators. You've seen the benefits of that in a whole range of care economy professions that Senator Walsh speaks about regularly. As a consequence of that, we have seen the gender pay gap reduce. That is a good thing. We have also, as a government, ensured that there have been increases in the minimum wage, and, unlike those opposite, we do not take the view that low wages are a deliberate design feature of our economy and that we want them to continue.

But you would know, Senator, that the government does not control inflation, particularly inflation that is primarily driven by the largest impact on global energy markets that the world has seen, with consequences throughout our economy. We also know that continuing to invest to remove the capacity constraints in the economy is a focus of this government—hence our investment in infrastructure and in human capital. There is no magic wand which will ensure that we can simply wave away inflation— (Time expired)

Senator Shoebridge, first supplementary?

Thanks, Minister. While wages are flatlining, the cost of almost everything else is on the rise—energy, food, rent, mortgages, insurance. And yet we see corporate profits on the rise, extracting more and more from people with less and less. Why has Labor doubled down on an economy where it's only corporate profits, not real wages, that increase on your watch?

That is just untrue. I did read some of your comments when you were first elected as leader, including on these and related issues and including in relation to One Nation, and I would make the point that, unlike you, I would actually work with you to ensure that they are politically defeated. You would rather attack Labor. That really does say something about who you're prepared to work with. Very progressive position to do that!

The reality is we have seen living standards that were falling when we came to office. We have seen that we have worked through the range of measures that I've outlined to increase real incomes. We're pleased that real incomes per capita have grown faster in this country than most of the G7 nations. There is more work to. (Time expired)

Senator Shoebridge, second supplementary?

Minister, thanks for the gratuitous advice, but, under the Albanese Labor government, inequality is at an historic high, with the top one per cent having hoarded more wealth than half the Australian population combined—more than half. You refuse to tax record profits and won't touch corporate tax or gas taxes or even consider a billionaire tax. Is it just a coincidence that those who benefit from your inaction also fund your election campaigns? Just a coincidence?

When we came to government, I think we were ranked 43rd in the world when it comes to gender equality. We're now ranked eighth, and that is because of the commitment on this side of the chamber and particularly the work of Senator Gallagher to try to improve equity in this country, because we are about fairness. No amount of political rhetoric will change that. You may have a different view. We happen to think that improving wages, particularly for women and workers in the care economy, is a progressive thing to do. Advocating for increases in the minimum wage is a progressive thing to do. Ensuring that we improve access to prescription medicine is a progressive thing to do. We will continue to do this because we believe in equity and fairness.