Zoe McKenzie (Flinders, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. A family with a $750,000 mortgage is now paying $1,723 more every month compared to May 2022 because this government hasn't taken any action to reduce inflation. Why do Australian families always pay more under Labor?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Flinders for her question. When it comes to pressure on inflation one of the things that a government can do is make sure that when it hands down a budget it is fiscally responsible. Tonight you'll see the response of the government that I'm proud to lead. To be fair to the member for Flinders, she wasn't here to see, quite frankly, the debacle that occurred towards the end of the long office of the Morrison, Abbott and Turnbull governments where we saw the law of diminishing returns—to use an economic term for the benefit of the Deputy Leader of the Opposition. We saw that in place—absolutely.

Today the cash rate is 3.85 per cent. When this bloke was the Assistant Treasurer it was 6.75 per cent. What's larger—6.75 or 3.85? You don't need an economics degree to work that out.

I'll tell you what my government is doing on inflation. Those opposite of course poured fuel on the inflation fire in last year's budget. I remind the member for Flinders that inflation's highest jump this century was in the last quarter of March 2022. I say to the member for Flinders—I'll give the member for Flinders some unsolicited advice—just say: 'I wasn't here. It wasn't my fault that it all went wrong.'

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

The member for Fairfax will cease interjecting.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Since then it has got better because when this government had revenue bonuses come in last year we saved 99 per cent and we put it towards the bottom line. Those opposite, under the government of the law of diminishing returns—the Abbott, Turnbull, Morrison government—saved 40 per cent which, to be fair, was more than the Howard government ever did. And you'll see tonight, again, what a responsible government looks like.

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

The Deputy Leader of the Opposition will cease interjecting. The Deputy Leader of the Opposition is continuing to interject during question time. If this continues she will be warned.