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

I am asked by the shadow Treasurer right on cue. I'm very fortunate. He asked me about prices. Since the middle of last year electricity prices have gone up about 3½ per cent. If they'd had their way when they voted against our plan, electricity prices would have gone up more than 18 per cent. When they voted against our cost-of-living help, they voted for higher inflation in our economy. Because of our efforts, inflation is coming down and wages are going up. This helps ensure that people earn more and keep more of what they earn. This is more important than ever in uncertain times, with our economy slowing, with consumption flat and with uncertainty in the world.

That's why the focus on the next budget shifts a little bit, but not a lot. It doesn't shift away from what is responsible and what is affordable, but it recognises that we've got this inflation challenge but we've also got a growth challenge in our economy. Our fiscal strategy will shift a little bit as well, as we have a bigger emphasis on investment in the drivers of future growth in the economy. There will still be a primary focus on inflation, but not a sole focus on inflation. The reason why the first two budgets were successful is that they were aligned with the economic conditions, and the third one will be as well.

See this speech in context