Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Wong. While I know we have to wait until later today for the budget detail, I've heard the Treasurer talk about how tonight's budget will balance the fight against inflation with the need to gear our economy for growth.

Opposition Senators:

Opposition senators interjecting—

Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

Can the minister update the Senate on what we can expect to see in tonight's budget and how it will help achieve the Albanese Labor government's No. 1 priority of easing cost-of-living pressures?

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

I notice that the opposition interjected just as we were getting to cost of living being the No. 1 priority. It says something about their priorities, doesn't it? What I would say to senators is that this government, the Albanese Labor government, will deliver a budget that is responsible, affordable and suited to the times, just like our first two budgets. This will be a budget for every Australian from a government working for all Australians—a budget about the two things that have driven our government for the last two years: cost-of-living relief and a future made in Australia.

We know Australians are feeling under pressure, so this budget will deliver an historic cost-of-living relief package without adding to inflation. That's because cost-of-living relief is our priority and the first priority of this budget. Our budget is designed to deliver to every Australian, for every Australian, a tax cut for every taxpayer and stronger Medicare in every community, funding 29 more Medicare urgent care clinics, taking the total to 87 across the country, all while boosting bulk-billing and making medicines cheaper. This budget will deliver more homes in every part of this country, and this budget will deliver a better deal for working parents. We are investing in a future made in Australia for every Australian, attracting more investment in homegrown industries so we can make more things here. We are opening the doors of opportunity by making university and TAFE more accessible and more affordable, including wiping $3 billion in debt and prac placements to help both those goals.

Of course, the contrast between this budget and the mismanagement of those opposite couldn't be more stark. All we need to look back to is the budget from 10 years ago, Mr Dutton's 2014 budget. (Time expired)

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

Senator Walsh, first supplementary?

Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

Since the 2022 election, we've seen the results of the Albanese Labor government's efforts to drive down inflation to take the pressure off household budgets. Can the minister update the Senate on the impact of the government's policies and how tonight's budget will further help?

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

Thank you, Senator Walsh. We know that Australians are doing it tough, and that is why helping Australians with the cost of living is our No. 1 priority in tonight's budget. Inflation still is the big near-term challenge in our economy, and I would remind those opposite that, under this government, annual inflation is now less than half its peak and much lower than the 6.1 per cent that we inherited at the time of the election. So remember that, whenever they talk to us about inflation, 6.1 per cent is what we inherited at the time of the election.

Real wages are growing. We have record numbers of new jobs, expanding business investment and the lowest gender pay gap on record. The measures that we put in place took half a percentage off inflation in the year to the March quarter in 2024. Many of the measures those opposite opposed.

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

Senator Walsh, second supplementary?

Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

I'm pleased to hear that the Albanese Labor government will tonight deliver a budget that is responsible and suited to the times. Can the minister provide further detail about how tonight's budget will demonstrate Labor's record of responsible economic management?

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

Responsibly managing the budget means the Albanese Labor government can deliver tax cuts for every taxpayer, stronger Medicare in every community, more homes across the country, a better deal for working parents and investment in a future made in Australia.

Let's remember the effect of the measures that were opposed by those opposite: they took half a percentage point off inflation in the year to the March quarter in 2024. In that time, childcare prices fell by 5.6 per cent. Without our policy, they would have jumped 15 per cent. Electricity prices rose by two per cent. Without the government's energy plan, the rise would have been about 15 per cent. All of these measures were cost-of-living relief, which those opposite tried to block.

This budget will deliver for Australians. It will deliver for the future of the country, and it will stand in stark contrast to the sort of approach that we saw from Mr Dutton and his colleagues 10 years ago, when we saw cuts to health, cuts to education, cuts to Medicare and cuts to the ABC. (Time expired)