Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

We are seeing that here as well, and Australians are feeling that pressure at the bowser in particular. Inflation is lower than it was last year, but it is more persistent in the global economy and that makes it more persistent here as well. Oil prices are a bigger part of that story now, and we will see that in the inflation numbers that will be released next week. Governor Bullock talked about this today as well.

Our primary focus is on helping Australians with the cost of living in at least 10 ways: electricity bill relief, cheaper child care, increased rent assistance, more Medicare bulk billing, cheaper medicines, boosting income support payments, building more affordable homes, extending PPL, fee-free TAFE and getting wages moving again. This is helping to take some of the edge off cost-of-living pressures without adding to inflation. Treasury says that because of some of these measures, inflation is about three-quarters of a point lower this year than it would otherwise be if those opposite had had their way.

We're providing $23 billion in cost-of-living relief at the same time as we are getting the budget in much better nick—the biggest budget turnaround in the history of this country: from a $78 billion deficit to a $22 billion surplus in one year. Our budget position is now the fourth best in the word. Under those opposite it was the 15th best two years ago. In two years, we've taken the 15th best budget in the world and turned it into the fourth best budget in the world.

Opposition members interjecting —

Despite the nasty negativity of those opposite, we are providing cost-of-living help. We have overseen the creation of more jobs than any new government ever. We are upskilling Australians for better pay. We are getting the budget in much better nick, and we are cleaning up the mess that those opposite left behind. That's why it has been months since the shadow Treasurer has asked me a question about the economy.

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