Amanda Rishworth (Kingston, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on the ways the budget will fight inflation and help families meet the rising costs of living and whether there are any threats to the implementation of the government’s responsible measures?

Opposition Members:

Opposition members interjecting—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! There was no invitation to members on my left to collectively start chattering and talking.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

The budget that we brought down in May is a responsible budget that invests in the future and, most importantly, tackles inflation. It tackles the inflation legacy left to this government by the previous government. It tackles an inflation legacy that was produced by reckless spending and inattention to capacity constraints and an inflation legacy that is eating away at the living standards of working families and which we are determined to tackle. We understand that the price of petrol affects working families. An increase per litre from $1.30 to $1.60 has an impact of about $9 on working families. That is why we are so committed to delivering the tax cuts.

Andrew Laming (Bowman, Liberal Party) Share this | Link to this | Hansard source

Mr Laming interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! I warn the member for Bowman.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

A typical young family will be $51 per week better off as a result of the budget initiatives which will kick in from 1 July. That is about $1,000 in tax cuts. Compare that $51 to the $2.50 being offered by the Leader of the Opposition—completely uncosted.

Tony Smith (Casey, Liberal Party, Shadow Minister for Education, Apprenticeships and Training) Share this | Link to this | Hansard source

Mr Anthony Smith interjecting

Peter Dutton (Dickson, Liberal Party, Shadow Minister for Finance, Competition Policy and Deregulation) Share this | Link to this | Hansard source

Mr Dutton interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The member for Casey! The member for Dickson!

Tony Smith (Casey, Liberal Party, Shadow Minister for Education, Apprenticeships and Training) Share this | Link to this | Hansard source

Mr Anthony Smith interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Casey is warned.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Those opposite want to blow a $22 billion hole in the surplus, and nothing could be more guaranteed to put upward pressure on inflation and interest rates. Consumer confidence was mentioned before. Eight interest rate rises in three years were delivered courtesy of those opposite—10 in total under the previous government. They went on a reckless spending spree and put upward pressure on inflation and interest rates. D-day has arrived for the opposition.

Scott Morrison (Cook, Liberal Party) Share this | Link to this | Hansard source

Mr Morrison interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Cook is warned.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

It is D-day in the Senate today because, if they delay the budget beyond 1 July, it will not be able to go through until September—and Treasury estimates that that will impact on the budget surplus by $280 million.

Andrew Laming (Bowman, Liberal Party) Share this | Link to this | Hansard source

Mr Laming interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Bowman will leave the chamber for one hour.

The member for Bowman then left the chamber.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

This is completely reckless and irresponsible. Those opposite were talking before about their record in government. When petrol hit $1.35 a litre in June last year, what were the three stooges opposite saying—the Leader of the Opposition, the member for Wentworth and the member for Higgins, who are scattered across the front pages of the Fairfax papers? They were saying, ‘Working families have never been better off.’ They did not think petrol prices were a problem. Those opposite want to blow a hole in the surplus, put upward pressure on inflation and put upward pressure on interest rates. It is completely irresponsible, and they should be condemned for such economic irresponsibility.