Sally Sitou (Reid, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Albanese Labor government addressing cost-of-living pressures for Australians, and what hurdles has it overcome to deliver cost-of-living relief?

Hon. Members:

Honourable members interjecting—

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

Order. The members on my left—no, the Treasurer is going to resume his seat. We're not going to do that this week. We're going to do it the right way. The member for Reid will be heard in silence while she asks her question. That's how this week's going to roll. I'm going to ask the member for Reid to state the question, and she's going to be heard in silence and shown respect.

Sally Sitou (Reid, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Albanese Labor government addressing cost-of-living pressures for Australians, and what hurdles has it overcome to deliver cost-of-living relief?

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

As the wonderful member for Reid knows, inflation was highest, in quarterly terms, before the last election and, in annual terms, around the time of last Christmas. It has moderated since then, but we do need it to moderate further, and we need it to moderate faster. What has been clear around the world and what we expect here is that inflation doesn't always moderate in a straight line. It remains to be seen whether or not we will see that in the more volatile monthly figures later in the week.

But cost-of-living pressures are the biggest concern around the kitchen tables of this country, and they are the biggest focus of the cabinet table here in Canberra as well. We understand Australians are doing it tough, and that's why the government is rolling out billions of dollars in assistance for people under pressure—electricity bill relief, cheaper medicines, cheaper child care, increased rent assistance, increased income support, more bulk-billing, expanding PPL, fee-free TAFE, building more affordable homes, getting wages moving again. We're pleased to see a second consecutive quarter of real wages growth.

Opposition members interjecting —

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

Members on my left! The Leader of the Nationals!

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

Our cost-of-living plan is carefully designed and calibrated and targeted to take some of the edge off inflation rather than add to it. And the ABS said that our policies took half a percentage point off inflation in the most recent data. Without our energy plan, electricity would have gone up 18.6 per cent, not 4.2 per cent. Without our rent assistance, rent would have gone up 2½ per cent, not 2.2. Without our childcare policies, fees would have gone up 6.7 per cent, not down by 13.2 per cent.

I'm asked about the hurdles, and it's worth reminding the House that when those opposite voted against our cost-of-living help they voted for higher inflation and they voted for lower wages. If they had their way, inflation would be higher and wages would be lower, and that's why we inherited real wages falling 3.4 per cent. Honourable members should not forget this when they cry crocodile tears over the cost of living. Their nasty negativity is no substitute for economic credibility.

Our responsible economic management is helping in the fight against inflation. The IMF said that when they handed down their report card. Fitch said that when they reaffirmed the AAA. The RBA governor said that when she was asked at estimates.

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

The member for Wright will cease interjecting!

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

We are rolling out cost-of-living help. We are getting the budget in much better nick. We are investing in skills and energy and housing and future growth. We are working for Australia, and we are cleaning up the mess that those economic incompetents left behind.

Opposition members interjecting—

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

Order, members on my left!