Tony Sheldon (NSW, Australian Labor Party) Share this | Hansard source

Isn't it interesting? Before I start, these are the people who are giving lectures about interest rates and inflation and how to deal with the cost of living. They are the ones who started this whole rise of interest rates in this economy. They seem to forget that one of the big issues we had were their 22 consistently failed energy policies that put the pressure on our cost of living in this country. If you look at the budget, you clearly see that the Treasurer's assessment is that interest rates over the inflationary pressures is clear in the budget papers because it says the cost-of-living package is expected to reduce inflation by three-quarters of a percentage point in 2023-24.

You also have to realise the importance of this budget in getting inflation right and supporting our community. A $14.6 billion cost-of-living relief package has been critical to supporting hard-hit Australians. But what those opposite are saying is nothing because what they are actually saying is that we should turn around and do nothing, that we shouldn't turn around and support hardworking Australians, that we shouldn't support those people that are at such a disadvantage because of the increase in inflation that commenced under their watch.

Let's start looking at building the capacity to deal with shocks into the future. Eighty-seven per cent of revenue windfall over this budget and the last, compared to a 40 per cent average over the last governments, is the money that will be going into dealing with some of the issues that have put pressure on our spending within our budget. We have prioritised and saved almost $40 billion, and that has returned an 87 per cent revenue windfall over the budget compared to a 40 per cent average by the last government. These are significant figures because it puts us in a position to deal with future shocks in our economy. It's actually making sure that we have the capacity to deal with the future.

Quite clearly, when we go to these questions about what an economist has said, what those opposite leave out and who they fail to quote is ANZ's Adelaide Timbrell, Nomura's Andrew Ticehurst, National Australia Bank's Alan Oster on Tuesday, JP Morgan's Ben Jarman or ANZ's Richard Yetsenga. I might just quote Yetsenga in particular, because all of those previous economists have said that at worst this will be neutral, and many have supported the fact that this budget will have a positive effect on inflation. The particular quote from ANZ is that '$A14.6 billion in household support is the largest package of spending'. Yes! It says:

In Australia's $A2 trillion economy, this won't make the inflation challenge materially worse.

That's what was said. To hear those opposite deciding to quote Westpac—well, how about you quote everything that Westpac and Mr Evans said? Mr Evans said this:

I think those policies were necessary—

listen to that word, 'necessary'—

and I don't expect them to put upward pressure on interest rates in the near term.

These are some of the important aspects of what we've done in this budget.

Of course, what those opposite don't want to do is talk about the cost of living, because they haven't any plan for it. These are the same people that voted down having a strategy to put downward pressure on energy prices. These are the same people that have turned around and made sure that they wouldn't support secure jobs and better pay proposals for people to have the capacity to deal with the cost of living. They're the ones that turned around and didn't want to have people getting more secure jobs so that they can bargain more fairly. These are the people that turned around and refused to support the appropriate fee-free TAFE, cheaper child care, the expanded Paid Parental Leave scheme and introducing the domestic violence leave. These are all strategies they have been consistently trying to undermine or have opposed in this place.

The real question for those opposite will be the future reforms: same job, same pay; minimum work standards for gig workers; an objective definition of casual employment and the pathway to permanent employment; and making deliberate wage theft a criminal offence. Let's see what they do, because that will show them up for what they think about the cost of living. They are not about taking it on. They're not about giving people the opportunity to have a decent wage and a decent income. They certainly haven't got a plan to deal with inflation.