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

This comes from a combination of spending restraint, savings and banking upward revision to revenue in our budget. Our progress and our strategy on budget repair have been welcomed by the IMF, the Reserve Bank, Fitch Ratings, Deloitte Access Economics, the OECD and others as making an important contribution to this fight against inflation. It has made room for $23 billion in cost-of-living relief, which took half a percentage point off inflation in the most recent data. Remember, this is the help that those opposite voted against.

We finish the parliamentary year not just understanding the pressure that people are under and the reasons why our economy is slowing but, most importantly, providing the responsible economic management to steer our economy through. Responsible economic management has been the defining feature of this government this year. It will be the defining feature of the mid-year update I released with Minister Gallagher. It will be the defining feature of the year ahead as well.

See this speech in context