Luke Gosling (Solomon, Australian Labor Party) Share this | Hansard source

Our government understands that family budgets are tight and that the impacts of cost-of-living pressures and inflation are being felt at kitchen tables around the whole country. That's why, from 1 July, we are delivering a tax cut for every Australian taxpayer and bigger tax cuts for workers.

As always, we will continue to do everything we can to help Australian families. Of course, this needs to be carefully calibrated to take into account the inflation challenges that remain in our economy and a budget that remains under significant pressure. We'll do what we responsibly can in the May budget. There will likely be additional cost-of-living help, but it won't be anywhere near the magnitude of the tax cuts. We are already providing a tax cut to every taxpayer and a bigger tax cut to more workers. Any extra help will be targeted, responsible and affordable—as it must be.

On top of our tax cuts, we are rolling out billions in cost-of-living relief across rent assistance, energy rebates, cheaper medicines, income support, Medicare bulk-billing incentives and much more. The Liberals, of course, those opposite, said no to cheaper medicines, no to energy bill relief and—as we know because the Deputy Leader of the Opposition told us—they will absolutely roll back our tax cuts. That will effectively, for most Australian workers, rip $800 out their pocket. When it comes to the cost of living, the Liberals, those opposite, always say no, while we've delivered the first budget surplus in 15 years, with a second one potentially in prospect, and overseen wages growth of 4.2 per cent, which is the fastest rate in 15 years, and three consecutive quarters of real wages growth.

I've noticed a tendency, in question time, for some of those opposite to yell out, 'Yes—but "real wages".' We've seen three consecutive quarters of real wages growth. We've seen around 790,000 jobs created since we came to government, which is a record for a new government in its first term. For unemployment, we've seen the figure recently and it has a three in front of it. Unemployment is back under four per cent, and that is below pre-pandemic levels, which is great news. Inflation is also moderating under us. But it's not 'mission completed' or anything like that, because we know that people are still under pressure, particularly those with mortgages.

The most recent CPI showed the quarterly inflation moderating to 4.1 per cent in the December quarter, down from 5.4 per cent in the September quarter. Headline inflation is now at its lowest level in two years. We know that monthly figures can bounce around a bit, as the Treasurer is always mentioning, but this is encouraging progress. The point is that inflation is moderating, and that's good news. It's not moderating as fast as we would like it to, but it is moderating. The Australian Bureau of Statistics also shows that our policies for electricity, rent and cheaper childcare are all directly putting downward pressure on inflation. That's why it's so baffling that those opposite voted against those measures.

But our budget strategy is working. We said we'd get wages moving again, and that's exactly what we've done. Real wage growth is back, and it's ahead of schedule as well, which is a good thing. Our government, under our Prime Minister, want to see Australians earn more and keep more of what they earn so they can look after their interest and their family's interest. Annual real wages grew at the end of last year, for the first time in almost three years. Since the election, nominal wages have been growing at four per cent, compared to 2.2 per cent under those opposite when they were in government. So we've turned that around in less than two years.

We are for jobs growth and we're getting wages moving, and inflation is moderating. We've delivered a budget surplus, the first in 15 years, but let's see how this next budget goes in May. We're getting on with the job and we're doing it for Australians.

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