Fatima Payman (WA, Australian Labor Party) Share this | Hansard source

It's great to be here to speak on this urgency motion raised by Senator Babet, and I thank him for raising it. While we will agree about the importance of addressing the cost of living and not adding to inflation, we oppose this motion because our approach on these matters is responsible and measured. That's right: responsible and measured.

The Albanese government is working for Australia every day. We know Australians are doing it tough. World events outside of our control have caused real challenges, but Labor doesn't shy away from the challenges. Our approach has been to ease the pressure through targeted cost-of-living relief without adding to inflation. When it comes to responsible financial management—as the motion states—to temper inflation, this is also something the Albanese government is firmly committed to. When we were elected in 2022, we inherited a budget in deep structural deficit. We all remember being more than a trillion dollars in debt with nothing to show for it, absolutely nothing. That is the legacy of the former Liberal-National government. In contrast, Labor's approach to fiscal management has been disciplined and prudent. Yes, you heard it: disciplined and prudent.

We want to improve the quality of the government's spending, ensure taxpayers' money is spent effectively and steer the economy away from inflation. We returned 87 per cent of revenue upgrades across two budgets, an important redirection from the previous government's dismal 40 per cent average. This isn't just talk. A total of $17.8 billion—yes, that's with a 'B'—of spending in the May budget will be redirected towards high-priority government initiatives, in addition to the $22 billion in savings from the October budget.

The Albanese government received strong endorsements from international ratings agency Fitch, who reaffirmed our AAA credit rating. Fitch's statement aligns with the IMF's backing, with both recognising our efforts in addressing inflation. Australia is one of only nine countries to be rated AAA by all three major credit-rating agencies, and this was achieved for the first time under the last Labor government.

Our strategy of budget restraint, economic capacity investments and targeted cost-of-living relief is easing inflationary pressures. The most recent CPI proves that our 10-point plan is working. The ABS data shows that without the government's policies for child care, electricity and rent the CPI would have been around half of a percentage point higher throughout the year. Our primary focus is rolling out cost-of-living assistance, which, as I've just highlighted, is directly easing inflation. The ABS statistics disprove the premise of this motion. The government can walk and chew gum at the same time, and we have a responsibility to ease the pressure on Australian families where we can.

I know that one of the biggest challenges facing Australians right now is housing. Whether they're mortgage holders or renters, interest rate rises have put a lot of pressure on families. The Albanese government has put in place short-, medium- and long-term plans to address the challenges we're facing. With the passing of the Housing Australia Future Fund legislation, we are delivering the biggest investment in social and affordable housing in more than a decade. The $10 billion fund will create a secure and ongoing pipeline of funding for social and affordable rental housing, fulfilling the commitment the government made to the Australian people. We are working with states and territories on this issue, and I'm really proud of what this government is doing to turn the tide, despite the many roadblocks raised by those opposite. In my home state of Western Australia, in particular, the Cook government has recently announced even more steps to address the housing crisis.

Before I wrap up, this month we've tripled the bulk-billing incentive to support 11.6 million Australians, including children, pensioners and other concession card holders, because we know that there is much work to do to continue easing the pressure on Australians, and we're getting on with the job.