Jonathon Duniam (Tasmania, Liberal Party, Shadow Minister for Environment, Fisheries and Forestry) Share this | Link to this | Hansard source

DUNIAM (—) (): My question is to the Minister representing the Prime Minister, Senator Wong. I refer to data released yesterday by the Commonwealth Bank which shows Australians are now spending 20 per cent or more of their pretax income servicing their mortgage, a figure not seen since the GFC and double what they were paying in the late 1990s. Commonwealth Bank Chief Executive Matt Comyn stated:

We expect to see further increases in arrears in the months ahead, given continued pressure on real household disposable incomes.

With unemployment today spiking to 4.2 per cent, how are Australians who are facing joblessness, persistent inflation and ongoing rate pain supposed to get by?

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

As I have said repeatedly this week, we understand that Australians are doing it tough. We understand the pressures on families and on so many parts of our community, and that is why this government has been so focused on seeking to deliver and delivering the tax cuts. That is why this government has been focused on ensuring that every household gets an energy rebate, along with a million small businesses. That is why this government has been so focused on ensuring that low-paid workers get pay rises, and 2.6 million low-paid workers have received their third consecutive pay rise backed by this government—not by those opposite but by this government. We understand the extent to which people are finding making ends meet difficult. That is why the budget delivered the cost-of-living measures that it did. That is why the government reframed the stage 3 tax cuts in the way that we did so that we ensured that every Australian got a tax cut, unlike those opposite who wanted the weight of the tax cuts to be for much higher income levels in Australia.

So I would say to the senator that we all care about the cost-of-living pressures Australians face. Some of us actually work at delivering change. Some of us actually work at delivering tax cuts to everybody. Some of us work to deliver energy rebates, cheaper child care and cheaper medicines, and some of us work to ensure wages are fair and decent. Those people who do so are members of the Albanese Labor government. Those who oppose it are those opposite.

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

Senator Duniam, first supplementary?

Jonathon Duniam (Tasmania, Liberal Party, Shadow Minister for Environment, Fisheries and Forestry) Share this | Link to this | Hansard source

Minister, the CBA data also reveals that this ongoing financial strain is leading to an increase in the number of households falling behind on their repayments, with the value of past-due home loans increasing from $14.8 billion to $17.6 billion last financial year. A sizeable portion of that increase is from households that are so far behind that they're unlikely to recover unless they receive external support. With inflation persisting due to your government's actions, how do you expect these households to actually survive?

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

I take issue with that assertion. Yet again we see the true motivation behind the coalition's questioning about the cost of living. Their true motivation is not to try and ensure Australians get anything more; their true motivation is simply to try and play politics with the cost of living. That's all it is. You know how you can see that? You see that from the way in which he asked the question, and you see that from the fact those opposite have opposed so many of the cost-of-living measures that this government has put in place.

If you want to come in here and talk to me about people who are struggling, why don't you stand up and tell them all you voted against energy price relief? Why don't you stand up and tell them all you voted for more expensive medicines? Why don't you stand up and tell them you don't support cheaper child care? Because all of these things are things you opposed, Senator Duniam. You would have Australians having a worse— (Time expired)

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

Senator Duniam, second supplementary?

Jonathon Duniam (Tasmania, Liberal Party, Shadow Minister for Environment, Fisheries and Forestry) Share this | Link to this | Hansard source

Minister, overnight data from the United States revealed that inflation has eased in the world's largest economy to 2.9 per cent for the year, the lowest rate in roughly three years and locking in a likely rate cut from the Federal Reserve. Minister, how long will Australians have to wait for a rate cut and an inflation figure below three per cent?

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

Well, I would make the point, Senator Duniam, that inflation had a six in front of it when we came to government—a six in front of it when we came to government. Now it has a three in front of it—

Hon. Senators:

Honourable senators interjecting—

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

Order! Order across the chamber!

Government senators interjecting—

I've called order across the chamber. Minister Wong, please continue.

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

Thank you. It had a six in front of it when we came to government; it's now got a three in front of it, but he's trying to make a political point. At the same time, this bloke, and all of them, come in here and vote against cost-of-living relief. Then they try to pretend to the Australian people they care about cost of living. We all know, actually, that all you care about is a political attack. That is all you care about. On this side we care about making sure we deliver cost-of-living relief to Australians, because we understand how hard they are doing it. That is the difference between you and us. We are trying to ensure higher wages, cheaper medicines and cheaper child care and give people some relief on energy—all the things you oppose. (Time expired)