Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank Senator Pratt for the question. Last night the OECD revealed analysis outlining the significant downturn they are anticipating, with downgrades to the growth outlook for almost all of the world's major economies and almost all of our major trading partners. The OECD analysis has wiped 0.6 percentage points off the global growth projection for 2023 and is predicting no growth at all for the UK next year, negligible growth in the United States and slower growth in China than previously predicted. The factors contributing to this are growing inflationary pressures, increasing energy security shocks, the continued illegal war advanced by Russia against Ukraine and extreme uncertainty over the future.

This analysis from the OECD is confronting reading, but I want to assure Australians that we are working all day and every day to put the Australian economy in the best position it can be placed in to tackle these global challenges head on. In a few weeks the Treasurer, Dr Chalmers, will be going to Washington for a short trip to meet with our international counterparts about some of the current challenges, to discuss some of these difficult issues and challenges that lie ahead, not just here in Australia but globally. The reality, certainly from my point of view, is that the budget could have been in a better and stronger position if it wasn't for the years of mismanagement from those opposite. We are doing what we can to put that budget back on track. But there's no doubt that there are some difficult days ahead which will require a lot of work as well as cooperation and collaboration with our international counterparts. But I can assure Australians that the Treasurer and I, and our colleagues, are working day and night to make sure that the budget we put together in October assists with meeting some of these challenges.