Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

It is true that we and the world have faced real challenges—the economic aftershocks of the pandemic and the ongoing effects of conflict around the world. We've seen disrupted supply chains, shortages in critical skills and a worldwide surge in inflation and in energy prices. We in Australia have made good progress. Of course, we want to do more, but inflation has more than halved under our watch. As I said, it had a six in front of it when we came to office. Now it has a two and it is back in the target range, the target band, for the first time since 2021.

Importantly, what we want to see is inflation coming down, wages going back up and the gender pay gap closing. We are seeing all of those things trending in the right direction. That is a good thing for Australian workers, that is a good thing for Australian families, and it is a good thing for the economy. (Time expired)