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

I thank Senator Payman for the important question that she asked today. In these globally challenging times, our fiscal management is acting as pressure against the inflation challenge we see across the economy. Fitch, the international ratings agency, has recently reaffirmed Australia's AAA credit rating, underscoring the strength of our fiscal strategy. This is not just a tick of approval; it is an endorsement of our budget approach that balances the need of the present, including cost-of-living measures to provide relief to Australian families, with our long-term economic ambitions.

On this side, we understand that Australians are doing it tough and that is why we acted with that significant cost-of-living package across the October and May budgets. The latest figures from the ABS demonstrate that our cost-of-living policies have already trimmed the CPI by half a percentage point in the last quarter alone. The contrast is clear. We have a plan and we are delivering on that plan. Those opposite have done just one thing; they have opposed cost-of-living relief from Australians at every turn. When we look at examples of the benefits of those opposite who have appeared to have collective amnesia, Mr Dutton and the coalition have opposed cheaper energy, opposed cheaper medicines, opposed more Medicare bulk-billing, opposed fee-free TAFE, opposed affordable housing, opposed the expansion of paid parental leave and they have always opposed getting wages moving again. The opposition is confused about even the most basic principles of economic management. For example—

An opposition senator interjecting—

I know you don't like this. For example, the shadow Treasurer in the AFR on 21 July 2022 said, 'With inflation rising in Australia and around the world, it is time to restore the budget to a more sustainable footing,' but then went on to argue that Labor should spend more money on subsidising fuel, a massive increase in defence spending— (Time expired)