James McGrath (Queensland, Liberal National Party, Shadow Assistant Minister to the Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Wong. In yet another hit to Australians' hip pockets, working household living costs have increased by a shocking 19.4 per cent under the Albanese Labor government. The damage done so far by the Albanese government to hardworking families and households is: food costs up by 14 per cent, housing costs up by 14 per cent, healthcare costs up by 12 per cent, education costs up by 11 per cent and insurance and financial services costs up by 96 per cent, in less than three years of an Albanese Labor government. Why are Australians, despite all your rhetoric, paying the price for Labor's economic incompetence?

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

I thank Senator McGrath for the question. It gives me the opportunity to again reaffirm that when we came to government we saw that inflation was high, and it was rising. Under the government he was a part of, real wages were falling, living standards were declining and people were going backwards. Now inflation is a third of what it was at the election and is falling. Real wages are growing again. Living standards are rising again. And we have had the lowest average unemployment rate of any government in 50 years.

I know those opposite might like to think that the creation of more than 1.1 million jobs—the most jobs created on record in a parliamentary term—is a bad thing. I know those opposite have a view that rising wages is not a good thing. We know their position has been that low wages are a design feature of the Australian economy. This is the position they want.

I'm also asked about the cost of living for Australians, and I want to make it very clear: we are absolutely clear that a lot of Australians are finding it really tough, with rising costs of living. That is why we have made it such a priority to provide support and assistance with cost of living. What is amazing to me is that those opposite ask about cost of living as if they care about the cost of living of Australians, when they voted against assistance to Australians to help them with the rising costs of living. Everybody should understand, whenever those opposite ask about cost of living, that they are the party that has voted against cost-of-living relief to working Australians time and time again. That is the truth of what the Liberal Party believes.

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

Senator McGrath, a first supplementary?

James McGrath (Queensland, Liberal National Party, Shadow Assistant Minister to the Leader of the Opposition) Share this | Link to this | Hansard source

Australians' living standards—that is, real disposable incomes—have collapsed by 8.7 per cent since May 2022. This is the biggest collapse on record and worse than in any other OECD economy. Why are Australians, despite all the rhetoric, paying the price for Labor's economic incompetence?

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

Again, I would say to those opposite that it is the case that cost-of-living pressures remain. They certainly remain. They certainly are challenging for Australians. But I would say that we are in a far better place than we were some time ago. In fact, the cost-of-living index released today is another reminder of the substantial and sustained progress we have made in the fight against inflation, with lower growth in living costs across every household type compared with what it was at the time of the last election. I'll say that again: lower growth in living costs across every household type compared with what it was at the time of the election, when you were in government.

Opposition Senators:

Opposition senators interjecting—

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

Well, actually, they're the words of a Liberal Prime Minister; they're not the words of a Labor politician, so let's be clear. We understand that people are doing it tough. What we don't understand is why you keep voting against assistance. (Time expired)

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

Senator McGrath, second supplementary?

James McGrath (Queensland, Liberal National Party, Shadow Assistant Minister to the Leader of the Opposition) Share this | Link to this | Hansard source

Can the minister, on behalf of the Prime Minister, confirm that Australia has been in household recession for 766 days? Why is it that Australians are paying the price for Labor's economic incompetence?

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

What I can confirm is that inflation is at a third of what it was at the election and is falling. What I can confirm is that real wages are growing again and living standards are rising again. What I can confirm is that we have recorded the lowest average unemployment rate of any government in 50 years.

I can also confirm that the priority of those opposite is not cost-of-living relief. It is not cost-of-living relief when it comes to energy bills. It is not tax cuts for every Australian. It is not rising wages. Do you know what their priority is? Long lunches for bosses which are funded by—let's be very clear—taxpayers. They're asking the cleaners, the teachers and the construction workers of this country to subsidise long lunches. That is the priority this Dutton coalition has. I think Australians are very clear about who has their backs and who does not. (Time expired)