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

My question is to the Prime Minister. Last Wednesday the Reserve Bank governor, Michele Bullock, said inflation is 'homegrown'. Why does Australia have core inflation that is amongst the highest of any advanced country?

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

I'm asked a question about the economy by the shadow Treasurer, who's incapable of asking the Treasurer a question. The fact is that unemployment is at historic lows: 3.7 per cent. The participation rate is at a record high. The gender pay gap is at a record low, but women's workforce participation is at a record high. Business investment is up, but the number of days lost to industrial disputes is down. Over 620,000 jobs have been created, more than under any first-term government in Australia's history and we're only halfway through. We've seen two consecutive quarters of real wage growth, even though those opposite, when they were in government, argued that low wage growth was a key feature of their economic architecture.

When it comes to inflation, we know that inflation peaked in the March 2022 quarter. What is it about March 2022? It was the last quarter that they were in government. It was in their last quarter that it peaked. But, as well as that—and we recognise that fiscal policy has an impact on inflation—under us came the first budget surplus in 15 years. That's something unrecognisable for those opposite, who left a $78 billion deficit. We've got a $22 billion surplus.