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

My question is to the Treasurer. Last week the Treasurer accused the RBA of smashing the economy, and the national accounts revealed productivity going backwards, real disposable income collapsing and Australians paying more tax and more for their mortgages after 18 months of household recession. EY chief economist Cherelle Murphy said, 'This is the worst possible combination of statistics.' Will the Treasurer take responsibility for Labor's bad decisions over the last two years, which have taken our country in the wrong direction and hurt Australian families?

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

I'm asked about pressures on families and on Australians. When we came to office, real wages were going backwards, and now they're growing again. I'm asked about productivity. Those opposite oversaw the weakest decade for productivity growth in the last 60 years. I'm asked about tax. Those opposite wanted to go to an election because we wanted to give a tax cut to every single Australian taxpayer and not just some Australian taxpayers. Whether it is living standards, whether it's productivity or whether it's tax, those opposite have a shameful record—an indefensible record—when it comes to those things that were core to the shadow Treasurer's question a moment ago.

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

The Treasurer will pause. The member for Hume on a point of order?

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

Yes; on relevance. The Treasurer is a serial offender. There was no compare and contrast in that question. As I said, he is a serial offender, and we ask your ruling on this.

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

The Treasurer has been using the question to show the difference between what the government has done, and the question was about taking responsibility for Australia's direction and putting pressure on Australia's families. It does make common sense that the Treasurer would be talking about—

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

There's no comparison.

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

Let me finish—where Australia is now and where it was in his opinion, about what the differences are. But he won't be able to have his entire answer about that. If he does, he won't be able to give the full answer. The Treasurer has the call.

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

I get it: I'm asked about productivity, living standards and tax, but the shadow Treasurer doesn't want me talking about productivity, living standards or tax! I'm asked whether I take responsibility for the government's part in the fight against inflation, and I do. I've said that, I think, on each occasion—each question time during the course of this week—and I say that again. I take responsibility for our part in the fight against inflation. That means taking responsibility for the fact that, when we came to office, inflation was 6.1 per cent—in the year we were elected, it was 7.8 per cent. It's half that now. I take responsibility for our part in that effort.

I take responsibility for turning two big Liberal deficits into two big Labor surpluses, and I'll tell you, by the end of the month, how big that second surplus is. I take responsibility for almost $80 billion in savings. I take responsibility for the fact that we've banked and not spent almost all of the upward revision to revenue. I take responsibility for the fact that the Governor of the Reserve Bank has herself said the couple of surpluses that we've already delivered are helping in the fight against inflation. I take responsibility, along with the Prime Minister and my colleagues, for the cost-of-living help that we are rolling out to people right now. I take responsibility for the fact that, despite the opposition of those opposite, every Australian taxpayer is getting a tax cut. I take responsibility for the fact that every household is getting energy bill relief. I take responsibility for the fact that early childhood education is cheaper, medicines are cheaper and real wages are growing again. I take responsibility for our part in the fight against inflation.

We are making progress, but we know that people are still under pressure. That's why it beggars belief that those opposite don't support help with the cost of living and want to pull another $315 billion out of an economy which is already weak.