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

have also taken about half a percentage point off the CPI.

We also know that it's not anything like 'mission accomplished', because people are still under considerable cost-of-living pressure. This is why our cost-of-living relief—including our tax cuts—is so important and it's why it has been designed to take the pressure off inflation rather than add to these inflationary pressures. It's also why we've ensured that we can fund tens of billions of dollars in cost-of-living help at the same time as we clean up the mess that those opposite left behind in the budget. People are under pressure—we acknowledge that—but because of our efforts people are earning more and they are keeping more of what they earn, inflation is moderating, the budget is in better nick, and the default market offer, as the energy minister said a moment ago, shows price reductions in the electricity market.

The Reserve Bank governor has said before that our efforts in the budget have been very positive and very helpful in this fight against inflation. The governor will have an opportunity to expand on and explain the decision that they have taken today at the press conferences that the Governor Bullock has undertaken to do after each decision. I think this is a really good change; it has been well supported and it has been well received. It's one of a number of really important initiatives that came out of the Reserve Bank review undertaken by this government, and I encourage the parliament to support the other review recommendations as well.

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