Sussan Ley (Farrer, Liberal Party, Shadow Minister for Women) Share this | Link to this | Hansard source

My question is to the Prime Minister. Australians are poorer than they were two years ago. The cash rate, which this dismal Prime Minister couldn't even name during the campaign, has gone from 0.35 per cent to 4.35 per cent. Real disposable incomes have fallen, soaring energy prices are hurting families and businesses are being crippled by huge cost increases. Why are Australians paying the price for the weak economic leadership of this Prime Minister?

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

Before the Prime Minister answers, I remind all members about the importance of language being used during questions and answers. The Prime Minister has the call.

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

I thank the member for her question. She gets a bonus point for asking a question about the economy on budget day—I'll give that. The truth is that the member opposite raises a range of issues. One is inflation and interest rates. Now, inflation was twice what it is now when they were in office. Inflation peaked at 2.1 per cent in the March 2022 quarter—in just one quarter—whereas now inflation is at 3.6 per cent on an annual basis, which is lower than the 3.75 per cent that was predicted in MYEFO.

You would think that, when inflation was peaking, what there would have been was a responsible budget. Instead, we got dollars flowing out everywhere that ended the big cash splash in the lead-up to the May 2022 election, which made things worse, not better.

Garth Hamilton (Groom, Liberal National Party) Share this | Link to this | Hansard source

You wanted us to spend more!

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

Order! The Prime Minister will pause. The member for Groom knows he's on a warning. In future, write down, 'I'm on a warning,' so you don't forget. The member for Groom can leave the chamber.

The member for Groom then left the chamber.

If you're on a warning, chances are that, if you interject, you're not going to be here. The Prime Minister has the call.

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

The unemployment rate is lower than it was under those opposite. Employment is higher. The participation rate is higher. The gender pay gap is lower. There are more women employed full time. There are more manufacturing jobs. There are fewer long-term unemployed. Industrial disputes are down, in spite of what they said, and wages are up. Wages up, inflation moderating—that is what is occurring.

Those opposite, of course, in the last budget that they handed down—the number of saves is a really round figure of zero. They provided no saves whatsoever. They just splashed money as they did with waste when they were in government. Remember the $20 billion in JobKeeper payments that went to companies that were increasing their profits. They weren't going down; they were going up. Remember the $5½ billion on the French subcontract without delivering a single vessel, and destroying our relationship with our ally there. Remember blowing out the cost of the inferior copper NBN by $29 billion. Then there's the Inland Rail project. They said they were going to build it and finish it for $4.7 billion; it cost $31 billion without going anywhere. They spent $5 billion on contractors and consultants. We're getting on with the job of good, responsible— (Time expired)