Peta Murphy (Dunkley, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Prime Minister: Can the Prime Minister confirm that this Liberal government's record on wages growth is worse than any previous government? Is this a contributing factor to record household debt?

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

I thank the member for her question and I'm pleased to inform the House again that, in the most recent through-the-year figures in the national accounts, real wages growth was running at 0.7 per cent a year.

Opposition Members:

Opposition members interjecting—

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

I note the interjections of those opposite, who seem to think that 0.7 per cent is not satisfactory. Then what do they think about 0.5 per cent, which is what we inherited from the Labor Party when we came to office? The Labor Party condemn themselves from their own mouths—

Mr Brian Mitchell interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Lyons is warned.

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

when it comes to their own track record and when it comes to managing the economy.

Mr Brendan O'Connor interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Gorton is now warned.

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

Maybe the member opposite wants to look up the size of the deficit when they left office or all the other matters in which Labor set fire to the budget when they were in office.

I'm also asked about household debt. The Treasurer gave, I think, a very good answer about the issues around household debt, but one of the things that I would also add to that is that households themselves are proving to be very effective in how they're managing their own debt. The House may not know that there is a three-year coverage in advance and people have been able to build offsets against their mortgages. They've been doing that in a very prudential way. One of the big differences between Australia's household debt and household debt in other places around the world is this: 30 per cent of Australia's entire housing market is owned by mums and dads who invest in investment properties. If those mums and dads didn't invest in those investment properties, we would not have the rental stock that is available to people to rent today.

What was Labor's policy when it came to rent at the last election? It was to whack a big, fat housing tax on mums and dads who were simply investing in the rental stock of Australians who are renting to put a roof over their heads. The Labor Party have never understood the economy. They have never understood how to manage money. The economy and the country's finances have never been safe in Labor's hands, and the Australian people know it.

Ms Ryan interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

Just before I call the next question, the member for Lalor will cease interjecting even now, and I remind her she is out of her seat. The member for Lyons has been warned, but he wouldn't have heard that because he was yelling.