Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Farrell. I ask the minister: is it correct that newly released analysis of OECD data indicates that—and I quote from the Australian Financial Review'Australian households have suffered the largest fall in living standards of any advanced economy over the past year' as a result of high inflation, increasing mortgage repayments and the effects of bracket creep on income tax?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Birmingham for his question. I personally haven't seen those reports. But can I say—and I've said it many times this week—that it's the objective of the Albanese government to ensure that the sorts of issues that you've just referred to are dealt with in a competent, sensible and compassionate way so that this government puts downward pressure on all of those things that Australians are currently finding difficulty with. I've referred on so many occasions, Senator Birmingham, to the sorts of things that this government is doing.

Our first objective, of course, was to produce a $20 billion surplus, and, of course, that does have that downward pressure on interest rates. In addition to that, we've been providing a range of benefits to the Australian people to keep that downward pressure on—things like child care and things like rebates on your electricity. In the same process—again, I don't know if this particular article refers to it—of course, we have created 561,000 jobs in the time that we've been in government. All of those—

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. Senator Birmingham.

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

On direct relevance: the minister acknowledged at the start of the question that he, perhaps unsurprisingly for the minister, didn't know and wasn't aware of the OECD analysis, but, having waffled on from the couple of minutes after giving that indication, he could at least be directly relevant and helpful to the Senate and take on notice for the government its response to this and the particular question about whether it is correct that the OECD analysis shows Australia is the worst-performing advanced economy for the impact on household incomes.

Sue Lines (President) Share this | Link to this | Hansard source

Minister Wong?

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

On the point of order on relevance, I would say to you, President: perhaps it's only the Liberal opposition that might suggest an answer about jobs is not relevant to living standards, but we on the other side recognise that it is.

Sue Lines (President) Share this | Link to this | Hansard source

In response to the point of order, obviously I can't direct the minister as to how to answer the question or whether or not he takes it on notice, but the minister is being relevant, and, as you pointed out, he did acknowledge he wasn't aware of the article in the first part of his response to your question. Minister, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I was talking about jobs, and, as Minister Wong said, I would have thought that was quite a crucial response to the issues that you've raised. You're obviously always in a much better position if you've got a job— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Birmingham, first supplementary?

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

My supplementary question to the Minister representing the Treasurer is: given the OECD analysis shows Australian households as being the worst off amongst advanced economies, what is the Albanese Labor government's analysis of how much higher inflation, higher interest rates and increased tax from bracket creep has eroded the disposable incomes of Australians over the last year?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Birmingham for his first supplementary question. We know Australians are doing it tough right at the moment—

Well, no—we understand that, and we are taking steps to try and address those issues. If I've said it once, I've said it a lot of times this week. We are trying to deal with these issues and put downward pressure on inflation to make life easier for ordinary Australians. It's the things that you voted against and that we have managed to get into legislation that are the sorts of things that ordinary Australians are benefiting from right this moment, whether it be cheaper child care, electricity bill relief, increased— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Before I call Senator Birmingham, I will remind senators, particularly on my left, that interjections across the chamber are disorderly. Senator Birmingham, a second supplementary?

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

This is my second supplementary question to the Minister representing the Treasurer. The striking thing about this analysis is it shows Australian households as being worse off than households in any other advanced economies. Given this OECD data and the analysis of it, why have the disposable incomes of Australian households been hit so much harder over the last year under the Albanese Labor government than those of all of the other advanced economies? Why are Australians worse off, compared with the rest of the world, under you?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Birmingham for his second supplementary question. I simply don't accept the premise of your question.

Opposition Senators:

Opposition senators interjecting—

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Listen to some of the facts—

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. Order! Minister Farrell, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

In this country, inflation peaked lower and later than in most of the G7 nations that you're referring to.

You ask me the questions, and then you interrupt me when I'm giving you the answers. The reason for that—

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. I just called the Senate to order and, the minute the minister got to his feet, the disorder started again. Please listen in silence. Minister, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Thank you, President, for that protection. Given inflation peaked later in Australia, its moderation is only slightly behind. Inflation is moderating, but it will remain higher than we'd like for longer than we'd like. We've said that. Our economic plan is engineered to ease pressure— (Time expired)