Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Wong. Minister, how much has been added to monthly repayments on the average $750,000 mortgage since Labor was elected in May 2022?

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

I don't have the figures on that in front of me, but we know that we have been experiencing a period of higher inflation than we would want. Certainly, when we came to government, we know what the inflation figures were, and the independent Reserve Bank has made its decision when it comes to interest rates. What I would say to the senator is that obviously the way in which we seek to deal with this, as Senator Gallagher and the Treasurer have outlined and have made clear in their budget, is to balance those competing economic considerations—that is, to ensure we do respond to the challenges that Australians are experiencing in terms of cost of living and to deliver responsible cost-of-living relief but doing it in a way that manages inflation. If you look at the recent inflation figures and what inflation would have been but for some of the measures of this government, including in relation to energy and rent, you can see that is what we are doing.

We obviously understand Australians are doing it tough, and we understand that the inflationary environment and interest rate changes have made life much more difficult for many people. That is why we are doing what we can to deliver cost-of-living relief for Australians, as well as delivering budget surpluses rather than just talking about them. Now we're putting it on mugs. But I would also say this: we on this side have been clear about how we approach this. Those opposite have opposed cost-of-living relief time and again and continue to do so.

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

Senator McKenzie, first supplementary?

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) Share this | Link to this | Hansard source

Minister, thank you for not answering. Hopefully you can assist us with this one. By how much has real disposable income fallen on a per capita basis since you were elected two years ago?

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

I can tell the senator that we have seen, pleasingly, in the March quarter real wage growth, and the—

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) Share this | Link to this | Hansard source

Real disposable income.

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

What I would say to the senator is that we understand that increases in average wages and minimum wages have been something that those opposite have not supported, but we have gone—

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

Senator McKenzie?

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) Share this | Link to this | Hansard source

Point of order on relevance: I was very clear, and it was a very short sentence. It was about real household disposable income and the fall over the two years. Obviously, what the minister is saying is one piece of that data. The other piece of the data is how much of that has been eaten up by inflation.

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

I believe the minister is being relevant, but I will continue to listen.

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

I think we've been clear about the challenge inflation poses for our economy and for consumers.

Senator McKenzie, I think we have been very clear about the challenge inflation poses to consumers and to the economy. And that is why we are working to respond to it in the most responsible way that we can. We don't have the same view that your party does that the way to respond to a high inflationary environment is to push back on wage increases. (Time expired)

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

Senator McKenzie, second supplementary?

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) Share this | Link to this | Hansard source

By how much would a 14th interest rate hike increase the monthly repayments on the average $750,000 mortgage?

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

I think that's the same as a question that was answered earlier by Senator Gallagher. As she pointed out, we don't speculate on interest rate increases or interest rate movements. Decisions on that are made by the independent Reserve Bank. I do think it's interesting—isn't it, colleagues?—how much those opposite are barracking for an interest rate increase. If you ever want to see an example of the way in which the coalition are always happy to look at their own political interests, this is it.

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

Senator McKenzie?

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) Share this | Link to this | Hansard source

A point of order on relevance: this was asking if the minister knew. If she doesn't know, she should say she doesn't know and that she hasn't got the answer. Let her just sit down. The increase on monthly repayments—

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

Senator McKenzie, you're debating. The minister is being relevant.

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

Again, we don't speculate on decisions of the independent Reserve Bank.

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

Senator McKenzie!

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

I can comment on the barracking by Senator McKenzie and those opposite: you are always happy to try to see Australians lose if you think you will win. The only people in this country barracking for an interest rate increase are Senator McKenzie and her colleagues. They are the only people in this country who are seeking to barrack for an interest rate increase. Shame on you!