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

My question is to the Minister representing the Treasurer, Senator Gallagher. How is the government's economic management underpinning resilience in the Australian economy in the face of global uncertainty? Can the minister outline how the government's policies are contributing to the robust employment and wages growth, to significant private and public investment, and to ensuring Australia's economy remains resilient amidst the uncertain global outlook? How is this work supporting Australians feeling the pressure from cost of living?

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

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

Senator Payman, a first supplementary?

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

You are right. The opposition are good at opposing every good reform out there. With the cost of living impacting households across the nation, can the minister detail how the Albanese government's policies such as the energy rebates and the Housing Australia Future Fund are directly providing relief to Australians, and whether these measures have been recognised by any independent bodies as contributing to a reduction in inflation?

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

I thank Senator Payman for her supplementary question and for her focus on providing relief to Australians at this time. The government fully appreciates that every dollar counts for Australian families, and we have confirmed that independent analysis has affirmed that cost-of-living measures of our government are delivering for Australians and also assisting with the moderation in inflation, as a direct result of our interventions. This shows that our budget strategy is right for the time and right for the challenges we confront and is helping to support Australia through these difficult times. Through initiatives like our changes to bulk billing and cheaper medicines, we're providing immediate relief when it's most needed, but we're also making long-term investments that will provide social dividends. Moreover, our Housing Australia Future Fund is a investing in more than just bricks and mortar; it's investing in the future of Australian communities by planning for 30,000 new social and affordable homes. And our Rewiring the Nation plan isn't just about making cheaper electricity generation available— (Time expired)

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

Senator Payman, a second supplementary?

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

Thank you, Minister. In addressing the current cost-of-living and inflation pressures, could the minister update the Senate on the outcomes of the government's initiatives such as the recent expansion of the Medicare bulk billing incentives and the reduction in medicine costs and how these are benefiting Australian families, pensioners and concession card holders?

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

I thank Senator Payman for focusing on those cost-of-living measures that are so important for Australian households. The expansion of Medicare bulk billing incentives is a concrete example of our commitment to ensuring that pensioners, families and concession card holders can see their GP without the stress of additional costs. That's not just because we're seeking to ease inflation pressures; it's also because we believe in Medicare. We believe in Medicare and the fact that Australians need to be able to access accessible and affordable health care. And our commitment isn't just to helping Australians to see the GP. The reduction in the prices of medicines is another critical cost-of-living relief measure that is directly benefiting millions of Australians. It's a sharp departure from the track record of those opposite, whose policies often left the most vulnerable behind. Our government is dedicated to a fair go for all, especially during these tough times.