Appropriation Bill (No. 1) 2025-2026
Mr LAXALE (Bennelong) (11:17): Responsible economic management drives the decisions of this Albanese Labor government, now approaching four years in office, and these decisions have led to decreasing inflation, record low unemployment levels and paying down huge Liberal debts while also providing support for Australians for cost-of-living challenges. The myth that the Liberal Party is best placed to manage our economy has been well and truly busted not only by the past four years of Labor economic management but by comparison of that record against the nine years of rorts, waste and deficits of the Abbott-Turnbull-Morrison government.
Let's not forget that it was they that promised us surpluses in 2013 and every subsequent year of their government but didn't deliver one—none from nine. Then we came to government, and, through political and economic discipline, Labor have delivered two budget surpluses, and last year's financial position is around a fifth of what was forecast by the former government.
Our $100 billion budget turnaround was the highest nominal budget growth in Australian history. Our strong economic position has occurred due to decisions we've made. We've strengthened the labour market by building employment opportunities.
We've invested in the Australian people through delivering cost-of-living relief that lowered childcare and healthcare expenses and provided energy bill relief. We adapted our spending strategy to meet the needs of this nation and moved far away from the stagnant action of the previous government. We made this progress knowing that it would lay a strong foundation for our economy.
The government understand that long-term sustainability doesn't happen automatically, and our record shows that we've been putting in the work. Despite the huge Liberal deficits that we inherited, our fiscal position remains the envy of the world. Our three final budget outcomes have delivered a cumulative underlying cash balance of $28 billion, which directly benefits the Australian people.
We've given every taxpayer a tax cut, and we're going to continue to do so. The ABS has reported that underlying inflation fell in August and has remained within the RBA's target range for a consecutive nine months, and we've got headline inflation at its lowest rate in four years. This means that we're helping individuals pay off debt, supporting cheaper loans and mortgages and boosting spending that will support our economy.
But it doesn't stop there. International ratings agency S&P has endorsed the economic progress of this government by reaffirming Australia's AAA long-term sovereign credit rating under Labor, only one of nine countries to have been rated with this merit. It backs in the confidence that I have in our leaders.
S&P have praised the nation's fiscal performance, recognising the strong standing of our government's economic position. These achievements don't happen magically. They are a result of time, resources and funding invested into the Australian people and our economy.
They're supported by practical, reasonable and substantial actions to back key areas of our economy that mattered most. This includes sectors like the care economy and the NDIS and aged-care systems, both of which are undergoing consistent review and reform to fight structural pressures. We fostered the creation of over 1.1 million jobs, and, importantly, women's workforce participation is at a record high.
We've made sure that these jobs are supported by living wages, which has reduced the gender pay gap to an all-time low. Women are now earning $255 more per week on average than they were in 2022, all because of a Labor government. We've increased wages in aged care and early education.
We've improved paid parental leave, and we announced $790 million to deliver a women's health package that delivers better health outcomes for women and also puts dollars straight back into the pockets of Australians. Compare that to what the Liberals proposed—a $600 billion nuclear scheme funded in part by cutting the public service, an attack on work-from-home provisions and an outrageous super-for-housing scheme whilst blocking construction of more housing, increasing income taxes and opposing necessary cost-of-living measures.
No wonder the electorate rejected that scorecard. The great myth of Australian politics, that the Liberals are the great economic managers, has been nuked. Their economic credibility has been left in tatters.