Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Wong. On this final sitting day of parliament's budget session, interest rates remain at a 12-year high, now for the eighth straight month, with no relief in sight. Core inflation is on the rise again, at 4.4 per cent, with the cost of rent up by 7.4 per cent, food by 3.3 per cent, housing by 5.2 per cent, electricity by 6.5 per cent and insurance by 14 per cent. There are 1½ million mortgage holders now considered at risk of mortgage stress, having to dedicate more than 30 per cent of their pre-tax income to repayments. Eminent economist Warwick McKibbin noted that the budget's consumer price index suppression was nothing more than a political trick. And Brendan Rynne said that any inflation reduction is simply smoke and mirrors. Minister, how much worse is it going to get for Australians because of the Prime Minister's failed economic plan?