Richard Marles (Corio, Australian Labor Party, Minister for Defence) Share this | Hansard source

in the war on inflation was prudent economic management, which is why in our two years in office we have produced two surpluses putting downward pressure on inflation, and that is starting to work. We inherited from those opposite an inflation rate of 6.1 per cent. Indeed, in their last full quarter in office the quarterly inflation rate was 2.1 per cent—the highest this century. Now the inflation rate is down to 2.8 per cent annually, within the RBA band.

Our economic management stands in stark contrast to those opposite, who in every one of their nine attempts failed to produce a surplus despite promising it on each and every occasion. They had no idea how to manage the budget. There was never an issue they wouldn't throw money at.

Whatever Robert Menzies or John Howard might have imagined for their party, the sad truth is that for this bunch of Liberals economic management is not their strong suit, which is why the biggest risk to the household budgets of every Australian is a prospect of a future Dutton government.

When we have spent money, we have been focused on cost-of-living relief such as tax cuts for all and increasing the minimum wage. That has been done in the face of the opposition of this man. If the Leader of the Opposition had had his way, the average household in this country would now be $7,000 worse off. The only idea they have in terms of budget management is $315 billion worth of cuts—that's the age pension, that's bulk-billing, that's Medicare.

Australians should be under no illusion whatsoever: the single biggest risk to their household budget, the single biggest risk to their future, is sitting right there.

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