Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. We've seen 11 interest rate increases on this government's watch. New Roy Morgan research shows that 1.43 million Australians are at risk of mortgage stress. That's 28.7 per cent of mortgage holders. Why are Australians paying the price for this Prime Minister's economic failures?

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

I thank the shadow Treasurer for his question, but I don't think his heart was really in it. It's like the Treasurer has a force field around him and the shadow Treasurer is unable to break through and ask him a question. But I do encourage him to do so.

Peter Dutton (Dickson, Liberal Party, Leader of the Opposition) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order on relevance. It was a serious question about 1.43 million Australians—

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

Resume your seat. The Prime Minister was 30 seconds into the answer. He has the call.

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

Interest rates are, of course, linked with inflation. What has occurred is that there have been interest rate increases as a result of inflationary pressures in the economy. Inflation peaked under their watch at 2.1 per cent in the March 2022 quarter, the last full quarter in which they were in government. Since then, what we have done to take pressure off inflation is—

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

So you're not going to take responsibility?

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

The member for Hume has asked his question.

The Treasurer will cease interjecting.

The member for Hume will cease interjecting immediately and will remain silent for the remainder of the answer.

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

We have a three-point plan that we have been putting in place. The first thing we did was turn the $78 billion deficit under them into a surplus. That is what we did. It's the first in 15 years. That makes a difference. The second thing we have done is to provide cost-of-living relief to help families through cheaper child care and cheaper medicines. We're still not sure if those opposite support that or not. We have the energy price relief plan, which they opposed. Then there's affordable and social housing and strengthening the social safety net.

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

The member for Fairfax was on a warning. The process is if you're warned and you interject again on the warning you will leave the chamber under 94(a).

The member for Fair fax then left the chamber.

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

The third element is the supply-side challenges. The National Reconstruction Fund has $15 billion to support new industries and to deal with transition as well for existing industries. With the policy we have on skills and TAFE where we promised 180,000 fee-free TAFE places, we have not only met that target; we have beaten it by 34,000 already, with 214,000 places. We have the Rewiring the Nation plan, fixing the energy grid and bringing it into the 21st century.

That three-part plan to deal with inflation is all about dealing with the inflationary pressures that, as I said, peaked in the March 2022 quarter. Inflation is moderating, and we welcome that. We hope to see it moderate more, and we will welcome that as well. We actually have an economic plan, unlike those opposite, who hid the energy price rise when they were in government and introduced a special regulation to do so.

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

You're full of it.

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

You signed a little piece of paper, mate.

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

Order! The Treasurer will cease interjecting.