Marielle Smith (SA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Minister Gallagher. Cost-of-living relief has been the Albanese Labor government's No. 1 policy focus since coming to office because Australians are doing it tough. Today, the latest labour force figures were released, and they show that the number of Australian jobs increased in February. Can the minister please update the Senate on these figures and what they tell us about the current state of our economy?

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

I thank Senator Smith for her question and for focusing on the cost of living and on jobs for the Australian people. I do note the fact that we're not getting any questions on either of those subjects from those opposite. Today's remarkable jobs figures—the labour force figures that were released today—really are extraordinary. They show that the unemployment rate has been revised down to 3.7 per cent, substantially down on last month's figures and, again, showing the record level of job numbers—790,000 jobs that have been created under this Labor government. So, when we talk cost of living, getting wages moving and getting people into jobs so they can work more and earn more has been a key focus of our economic plan.

Today's new job figures show that 116,500 new jobs were created in February. What we're also seeing is inflation moderate and our employment rate remaining incredibly resilient. We've had a welcome pause on interest rates. We're seeing wages growth for the first time in a decade. These are all really important measures to make sure that, along with our other policies on cost of living, people are earning more and working more and that, under our tax cuts, they will keep more of what they earn.

We know those opposite hate it. They hate the fact that there have been 790,000 jobs created under this Labor government's economic plan and that, in addition to that, our cost-of-living measures combined with these incredible results mean we are doing what we can to support people through this time. (Time expired)

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

Senator Smith, first supplementary?

Marielle Smith (SA, Australian Labor Party) Share this | Link to this | Hansard source

South Australians have told me the Albanese Labor government's support for cost-of-living pressures that they have been facing has been some welcome relief and, in particular, they've been supportive of Labor's tax cuts for all taxpayers. Can the minister please outline the impact of the labour market results for my home state of South Australia?

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

I thank Senator Smith for that question and, again, for her focus on making a difference to her community. A hundred per cent of taxpayers in South Australia will get a tax cut on 1 July and, when you look at the labour market figures, there are absolutely incredible results in your home state, Senator Smith. In fact, the figures show that South Australia's unemployment rate has fallen to 3.2 per cent. This is the lowest unemployment rate in South Australia since 1978. It's an incredible result. Since 1978, South Australians haven't seen an unemployment rate that low. When we came to government, the South Australian unemployment rate was 4.7 per cent. Since we came to government, the average unemployment rate under the Labor government is 3.7 per cent. It was 5.6 per cent under the coalition government. We are better on wages, we are better on jobs and we are better on cost-of-living relief.

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

Senator Marielle Smith, second supplementary?

Marielle Smith (SA, Australian Labor Party) Share this | Link to this | Hansard source

The policies you have outlined demonstrate the significant work on cost of living that the government has been undertaking since the election. We know the next federal budget is in May. How will the government continue to provide cost-of-living relief in this budget?

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

I thank Senator Smith for that question. As I said in my previous answer, the centrepiece of our cost-of-living relief and assistance in the budget will be the tax cuts; 100 per cent of Australian taxpayers will get a tax cut from 1 July, and the overwhelming number of them will get a bigger tax cut than they would have gotten under the former plan.

But we know there is more work to do. We know people are still feeling the pressure of the high rates of inflation; which is moderating, and that is welcome. Our strategy will continue to focus on that: providing relief where we can, where it is affordable and won't add to inflation; repairing the budget; and, of course, making investments where we can in the future economic growth of this country. We know that, under the opposition—who have nothing but negativity—inflation would have stayed higher, wages would have stayed lower and there would be more debt that the Australian government would be managing. Our economic plan is working,