Appropriation Bill (No. 1) 2025-2026
Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (11:06): We've seen a lot from the opposition when it comes to very well rehearsed rhetoric and not much when it comes to content. I can only imagine that in the opposition offices this morning there was a great deal of activity, with speeches being practised in front of mirrors for this afternoon's debate.
I think it would have been better if the time was spent writing those speeches, rather than practising the ones that were delivered here. I'll refer to some comments made by the shadow Treasurer in his speech in relation to the state of the budget. That is one of the greatest areas of contrast—what we inherited and what we currently see.
When we came to office, we inherited nine years of promised budget repair. We succeeded a government that said it was going to deliver a budget back in the black. We inherited a situation where a government had even made the coffee mugs.
That was a government that was very strong when it came to crockery but not very strong when it came to the actual budget. We turned two Liberal deficits around and delivered two Labor surpluses. We brought the deficit down in our third year to a fifth of what we inherited from those opposite.
When it came to the bottom line, this government delivered a substantial improvement. That is reflected in the fact that our overall budget position improved by $209 billion—the biggest nominal improvement in the budget position that has been seen. Debt is $188 billion lower in 2024-25; that represents a saving of $60 billion in interest costs as a consequence.
That $60 billion can be spent on services for people. That $60 billion can be spent on cost-of-living improvements, things that those opposite reject. Real payments growth is estimated to average 1.7 per cent per year under this government, which is less than half of that under those opposite.
There have been real structural improvements. We have found $100 billion in savings—real structural improvements. Those opposite in their last budget found none.
When it comes to the budget situation, which is what the shadow Treasurer spent most of his speech on, this government has delivered substantial improvements and substantial achievements. That's reflected in the macroeconomic situation. We've seen quarterly headline and underlying inflation at around four-year lows.
We've seen annual real wages growth for seven consecutive quarters. That can be contrasted with those opposite and their shocking decade of economic mismanagement, when real wages were going backwards. The economy is expanding.
We've seen interest rates cut three times in six months, and 1.1 million jobs have been created since we came to government. That is a record for any government in a single term. We're seeing the macroeconomics results of the government's strong fiscal management.
When we look at what those opposite offered at the last election, they offered higher taxes and they rejected our personal income taxes. It's still not clear what they think of that even now. They offer lower wages—as always—bigger deficits and more debt.
No wonder that agenda was rejected. When we see what the Leader of the Opposition offered in her first major economic speech, it can be described only as a terrifying reheat of Joe Hockey's shocking 2014 budget speech. We know, as previous speakers on this side have indicated, that people are still doing it tough, and that's why we have a range of measures which are providing support to people.
Those measures include giving people more in their pay packets. We've seen real wages increasing. We've also seeing measures, starting on 1 July, increasing the national minimum wage and award wages by 3.5 per cent.
We've got the super guarantee increasing to 12 per cent—a real, solid, concrete measure which will improve people's retirement income security, and that is after such a long period where every single increase in the SG was opposed by those opposite. Paid parental leave is increased to 24 weeks, and now super is being paid on government paid parental leave. There's $150 in additional support for people's energy bills and $10,000 in incentive payments for new housing apprentices.
All of these are concrete measures, like the cheaper home batteries, which are being taken up by tens of thousands of households—more than 75,000 at last measure. Those measures are worth focusing on for the practical benefits they are providing to people, but I remind the chamber that almost every single one of those measures were opposed by those opposite. More meaningful, responsible cost-of-living help will continue to roll out.
Tax cuts for every taxpayer kicked in last year, with two more tax cuts next year and the year after. There are practical measures like urgent care clinics being rolled out right across the country. This government is delivering.