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

I get it: I'm asked about productivity, living standards and tax, but the shadow Treasurer doesn't want me talking about productivity, living standards or tax! I'm asked whether I take responsibility for the government's part in the fight against inflation, and I do. I've said that, I think, on each occasion—each question time during the course of this week—and I say that again. I take responsibility for our part in the fight against inflation. That means taking responsibility for the fact that, when we came to office, inflation was 6.1 per cent—in the year we were elected, it was 7.8 per cent. It's half that now. I take responsibility for our part in that effort.

I take responsibility for turning two big Liberal deficits into two big Labor surpluses, and I'll tell you, by the end of the month, how big that second surplus is. I take responsibility for almost $80 billion in savings. I take responsibility for the fact that we've banked and not spent almost all of the upward revision to revenue. I take responsibility for the fact that the Governor of the Reserve Bank has herself said the couple of surpluses that we've already delivered are helping in the fight against inflation. I take responsibility, along with the Prime Minister and my colleagues, for the cost-of-living help that we are rolling out to people right now. I take responsibility for the fact that, despite the opposition of those opposite, every Australian taxpayer is getting a tax cut. I take responsibility for the fact that every household is getting energy bill relief. I take responsibility for the fact that early childhood education is cheaper, medicines are cheaper and real wages are growing again. I take responsibility for our part in the fight against inflation.

We are making progress, but we know that people are still under pressure. That's why it beggars belief that those opposite don't support help with the cost of living and want to pull another $315 billion out of an economy which is already weak.

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