Sussan Ley (Farrer, Liberal Party, Shadow Minister for Women) Share this | Link to this | Hansard source

My question is to the Prime Minister. This morning's monthly CPI release from the Australian Bureau of Statistics shows that inflation has once again risen, higher than even the market expected. Will the Prime Minister finally take responsibility for this cost-of-living crisis that is hurting so many Australians?

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

I thank the Deputy Leader of the Opposition for her question, and I congratulate her on calling out the Reserve Bank governor this morning for the straight shooter that he is. The Reserve Bank governor has had a lot to say about inflation and about the issues that are there in the economy, including the global pressures on inflation. But of course the member would know that the quarter with the highest inflation that has occurred this century was the March 2022 quarter—the last full quarter that those opposite presided over. The Reserve Bank governor has made it very clear about the government's response. He said this: 'I don't think that the budget is adding to inflation. It is actually reducing inflation.' That's pretty clear. That's a pretty clear statement. I don't know how it could have been more unequivocal than that.

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

Order! The member for Hunter.

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

The governor was also asked—helpfully, by the shadow finance minister, who I must say asked some very good questions today—this: 'Do you believe that not adding to inflation is still something that fiscal policy should be prioritising today?' This is what the governor said, 'Given my job is to get inflation down, that would be helpful, and I don't think the budget is adding to inflation—it's actually reducing it in the next financial year.' Thank you, Senator Hume, for that question. Thank you. It made it very clear.

Those opposite like to talk down the Australian economy.

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

The member for New England will cease interjecting.

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

They like to talk down the positive future that Australia has. We're getting on with the job of making a difference. Our budget, that turned around what was predicted to be a $78 billion deficit and instead produced a forecast $4.2 billion surplus, actually has a downward impact on inflation. I would have thought that was pretty obvious. The governor knows it's pretty obvious. I would have thought that those opposite should recognise that as well.