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

It's hard to follow from what we've just heard, but my question is to the Treasurer. Since the election, the adult population has increased by over a million people. Meanwhile, homebuilding completions are around one-quarter of that. We are in a GDP per capita or family recession. The only thing left driving the economy is migration, at a time when Labor's housing crisis is worsening. Why is this government taking our economy in the wrong direction?

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

I thank the shadow Treasurer for his question. We are not. For evidence of that have a look at the quite remarkable jobs numbers that we got a couple of hours ago. We've got unemployment falling. Real wages are growing. Inflation is moderating. In each of those three respects the economy is in a stronger position than what it was when we inherited it in May 2022.

When it comes to the migration numbers that the shadow Treasurer asked about and indeed the housing situation that the shadow Treasurer asked about, today we did get more data about net overseas migration. The reason that number is relatively high is the arrival of international students. What today's data doesn't take into account is the quite substantial action that ministers and the government have taken when it comes to putting downward pressure on this net overseas migration. A number of these actions were implemented in the second half of last year and therefore are not yet accurately captured in the new data that we have today.

Indeed, from this weekend there will be new steps to tighten up some of the program to make sure we crack down on the highest-risk providers in the education system. We're introducing a new genuine-student test. This is on top of other actions we've taken: closing the COVID scheme, strengthening integrity, tackling exploitation, targeting skilled migration to genuine shortages, and increasing the minimum wage threshold for skilled migrants after it was frozen by those opposite for nearly a decade. So we're taking action when it comes to net overseas migration, but we recognise that it is largely a story about students and the strength of our university sector.

When it comes to housing—and I want to say this in a respectful way that reflects the respectful way the shadow Treasurer asked his question today in the context of the speeches that were given a moment ago—if those opposite were serious about the housing shortage in this country they'd vote to help fix it. We have proposed—and, again, a tribute to the housing minister and the cabinet, the Prime Minister—about 17 different housing policies, and they've not all been supported by those opposite. There is a shortage of housing in this country, and we're doing our best to address that and alleviate that, and if those opposite were serious about it they'd help us.