Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

I thank the member for Swan for her question. Indeed, we are taking action on the cost-of-living, because that is our No. 1 priority, and the recent budget showed that. I'm glad that we get some questions about the economy, and the budget, of course, which is the focus on this side of the House.

On 1 July, in less than a month now, there will be lower taxes for every single Australian taxpayer—all 13.6 million of them, not just some. There will be $300 in power bill relief for every single household and more for small businesses; stronger Medicare in every community, with 29 new urgent care clinics being added to the 58 that we have already opened; more homes in every part of the country, with our $32 billion Homes for Australia plan; a better deal for every working parent, with superannuation on paid parental leave; HECS relief, wiping $3 billion off student debt; as well as help for people who are renters, the first back-to-back increase in Commonwealth rent assistance in more than 30 years. We're making these responsible decisions to fight inflation—investing in our skills, our energy security and our supply chains. Of course, we're delivering the second consecutive budget surplus, the first time that has happened in nearly two decades. It comes on the back of the cost-of-living relief we provided in our first two years: cheaper child care, energy bill relief, cheaper medicines that have saved $370 million.

I'm asked how this compares with the major economies around the world, the G7 countries. Australia has faster economic growth than Canada, Germany, Italy, Japan and the United Kingdom. We have a lower unemployment rate than Canada, France, Italy and the United Kingdom. We have faster employment growth than Canada, France, Germany, Italy, Japan, the US and the UK. We have a higher participation rate than Canada, France, Germany, Italy, Japan, the US and the UK. Of course, Australia has a budget which is in surplus, unlike every single G7 country, and we have the smallest gross debt. This is all a direct result of the conscious decisions that we have made to make sure we provide cost-of-living relief while continuing to put that downward pressure on inflation, whilst also planning for future growth through our Future Made in Australia plan.

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