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

My question is to the Treasurer. The latest national accounts confirm that Australia is in an entrenched per capita recession or a family recession. At the same time disposable income per person—living standards—has collapsed by 7½ per cent under Labor. Right now, population growth is the only thing left driving the economy. Treasurer, why are hardworking families paying the price for this government's failed economic management?

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

To those of you watching at home who thought that the shadow Treasurer had been replaced, the good news, particularly for me, is that he hasn't. The member for Hume has survived the reshuffle of those opposite—not that you would know. That is the second question I've got in about seven months, so I'm pleased for the opportunity to be able to answer it.

The shadow Treasurer asked me about economic management. I am absolutely delighted to get a question from him about economic management because it gives me the opportunity to explain to him, to the House and to the country the progress that has been made in cleaning up the mess that he and his colleagues on the frontbench over there left behind. If we take, for example, real wages, real wages are growing again in our economy. They were going backwards 3.4 per cent when we came to office, and now they're growing again, ahead of schedule.

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

Order! The Leader of the Nationals will cease interjecting.

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

When we came to office, quarterly inflation was three times higher than it is now. It's now a third of what those opposite left behind. When it comes to productivity, we've had a couple of welcome quarters of productivity growth in the national accounts that the shadow Treasurer referenced. The point is: I was asked about living standards. If those opposite really cared about living standards in our country and in our communities, they would have voted for electricity bill reform.

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

The member for Grey is warned.

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

If they really cared about cost-of-living pressures in our community, they'd support our efforts to get wages moving. If they really cared about cost-of-living pressures in our communities, they'd support our efforts to clean up the mess that they made of the budget.

When we came to office, there was a deficit of $78 billion. By the end of our first year in office that had become a $22 billion surplus. That $100 billion turnaround is the biggest nominal turnaround in the budget in the history of the Commonwealth. It shows that when we came to office, when the shadow Treasurer was busily trying to hide price rises in the economy and the electricity market—as the energy minister said a moment ago—when he was one of the worst performing ministers in one of the worst governments since Federation, he handed to us, and they handed to us, real wages going backwards, inflation absolutely galloping. There was debt and deficit as far as the eye can see. We were paying far too much to service the debt that they left behind—the trillion dollars of Liberal debt.

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

The member for Hume will cease interjecting.

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

We are under no illusions about the challenges in the economy. We know our economy is slowing. I said that when the national accounts came out. I also pointed out that, in per capita terms, it happened on six different occasions under those opposite—that the economy went backwards in per capita terms. It happened on six different occasions. He really should understand that before he asks a question like that. I'll see him in seven months!

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

Order! The member for Hume will cease interjecting or he'll be warned.

Member for Hume, I just said cease interjecting. Don't respond. Don't say anything. Trust me.

And the Treasurer will also stop interjecting so I can hear from the member for Solomon.