Joanne Ryan (Lalor, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How will the Albanese Labor government's plans for more affordable housing help address some of the broader challenges in our economy?

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

I thank the member for Lalor, the best thing to come out of the 2013 election. I appreciate the question.

Opposition Members:

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order, members on my left!

The member for Riverina! The House will come to order immediately. The Treasurer will not be distracted and get back to the question.

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

We were elected to take on some of the big challenges facing our economy and facing our country. Inflation is the No. 1 economic challenge in 2023. It was in 2022. That's why addressing inflation is the government's main focus through our three-point plan to provide responsible cost-of-living relief, repair our supply chains and show appropriate spending restraint in a responsible budget. That is the best way to go about this hard task.

As the Reserve Bank said on Friday, and as the Prime Minister said a moment ago, we are taking some of the pressure off inflation through our three-point plan to address the challenges in our economy. The Reserve Bank made it clear that somewhere between half and three-quarters of the inflation in our economy comes from the supply side. A lot of that is global, but a lot of it, as well, is the consequence of a wasted decade, where those opposite left neglected for too long too many of our economic challenges. Australians are now paying a very hefty price for the failure of those opposite to manage the economy well over the course of the last decade.

We see that in the energy market, with a lack of investment in cleaner, cheaper, more reliable energy. We see that in the labour market, with a lack of investment in skills and training. We see it as well in the housing market, with not enough done over a decade to boost housing supply in our economy. They racked up $1 trillion in debt and still did almost nothing about housing supply in our economy.

Honourable members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! There is far too much noise in the chamber. The member for Moreton is warned. When someone rises on a point of order, the House must come to order immediately. I'll hear from the Manager of Opposition Business.

Paul Fletcher (Bradfield, Liberal Party, Shadow Minister for Government Services and the Digital Economy) Share this | Link to this | Hansard source

On relevance: the question went to the challenges affecting Australia. It wasn't an invitation—

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Minister for Skills and Training is warned.

Paul Fletcher (Bradfield, Liberal Party, Shadow Minister for Government Services and the Digital Economy) Share this | Link to this | Hansard source

for the Treasurer to run through his normal fictitious list of excuses.

Milton Dick (Speaker) Share this | Link to this | Hansard source

I'm going to ask the Treasurer to return to the question.

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

No worries, Mr Speaker. Just like we've got a plan to fix the broken energy market and skills shortages, we've also got a plan to help address the housing affordability and supply challenges in our economy. We said we would tackle these challenges, and we will, because we know it's part of the broader inflation challenge in our economy.

The Housing Australia Future Fund, which will build more social and affordable homes under the oversight of the housing minister, will be a really important thing for us to do as a country. The new National Housing Accord, an agreement with state and territory governments, local governments, the building industry and the super sector, will also build a substantial number of new homes.

Michael Sukkar (Deakin, Liberal Party, Shadow Minister for Social Services) Share this | Link to this | Hansard source

More meetings with Jimmy!

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Deakin will be warned if he continues that behaviour.

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

It beggars belief that, after being such a big part of the problem for the best part of a decade, those opposite are now voting against the solutions. We are trying to clean up the mess they left, and once again they are standing in the way. We have an economic plan to deal with this inflation challenge and to build more affordable homes in our country. It's all about relief and repair, and it's also about restraint in the budget. They just have a political strategy to get in the way of us cleaning up the mess they left us.