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

Well, I think you're selectively interpreting my comments. I have said that we were pleased with the results but that there were challenges, and there are challenges going forward. So don't stand up here and pretend I have said otherwise. Household savings are reducing, and that shows the impact of higher interest rates than we've had for some time. People are dipping into their savings. We've acknowledged that, which is the reason for our cost-of-living package—which I would remind those opposite, who are very quiet, that they have opposed every step along the way, whether it be cheaper medicines, cheaper energy or our investment in housing. Every which way that we have gone, you have opposed those cost-of-living measures. They're to make sure that households can deal with the higher inflation environment and the impact that high interest rates have had on household budgets. So it is not surprising that we're seeing a dip in household savings based on the economic circumstances right now.