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

My question is to the Prime Minister. Under this government, the cash rate has risen 11 times, from 0.35 per cent to 4.1 per cent. According to analysis from Canstar, if it rises just a little bit further, to 4.6 per cent, repayments on the median priced house will consume up to half of a typical family's before-tax income. When will the Prime Minister come clean about the damage that his government is causing our country?

Hon. Members:

Honourable members interjecting—

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

Order! The Minister for Cyber Security and Minister for Home Affairs will cease interjecting. Members on my right! The member for Holt and the member for Macarthur, if they continue with that behaviour, will be warned. There is far too much noise. Questions will be heard in silence.

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

Well, he's replaced the shadow Treasurer, but the Treasurer still can't get a question!

The Treasurer still can't get a question, but we do get the interjections from those opposite.

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

The member for Deakin has asked his question.

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

The economic circumstances that we inherited were: the largest deficit since the Second World War and $1 trillion of debt with little to show for it, sluggish economic growth and productivity sliding backwards. The highest quarterly rise in inflation this century was on their watch—2.1 per cent. And of course, interest rates started rising on their watch.

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

The member for Deakin will cease interjecting.

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

And what they did as a result of that, when you had the highest inflation growth of any quarter of this century, and interest rates beginning to rise—their response—was to hand out a budget that just splashed money everywhere and made the fiscal situation worse. Indeed, they put forward a budget that projected a $78 billion deficit, and what we did was turn that around. We turned that around so that the projection is for a $4 billion surplus and we did that while we have the strongest jobs growth in the first year of any new government in Australian history—465,000 new jobs created. For the first time, more than 14 million Australians have a job. If you compare Australia's economic performance, GDP growth, at 2.3 per cent is higher than all G7 countries. Our participation rate is higher than all G7 countries. Our employment growth is higher than all G7 countries, and we are the only ones with a surplus. I understand that those opposite wouldn't recognise it, having produced record deficits, having presided over the first recession in Australia in 30 years.

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

If the member for Lyons continues with that behaviour, you will be warned. I give the call to the member for Holt.