QUESTIONS WITHOUT NOTICE
Dr CHALMERS (Rankin—Treasurer) (14:27): When the good people of Hughes elected their first Labor member in almost three decades, they elected an absolute champion for their local community, and I thank him for his question. As the member for Hughes knows, at the last election we promised responsible cost-of-living help and we promised to strengthen Medicare, and we are delivering.
Whether it's slashing student debt, cheaper medicines, more bulk-billed GP visits, cheaper early childhood education, tax cuts, protecting penalty rates or getting wages moving again, all of this is about easing the cost of living in the most responsible way that we can. We're doing that at the same time as we're getting the budget in much better nick than what we inherited from those opposite.
Today the global ratings agency Fitch has reaffirmed Australia's AAA credit rating. In doing so Fitch acknowledged our efforts in paying down the debt that we inherited, they praised our focus on productivity and they outlined the private sector recovery underway in Australia's economy. This is another powerful endorsement of Labor's responsible economic management.
It shows and it reminds us that, under Labor, Australia has one of the strongest budgets in the G20, and that's helping us in the fight against inflation. We've made good progress in the fight against inflation. It's about half of what we inherited from those opposite.
That's given the Reserve Bank the confidence to cut interest rates three times this year, but we know that people are still under pressure. Tomorrow we'll get the latest inflation figures. The market predicts headline inflation to tick up a bit tomorrow in the numbers because of the state energy rebates coming off.
That's already been factored into the forecasts of the Treasury and the Reserve Bank for some time. Inflation has ticked up for every major advanced economy in the world except the UK, where it is much higher than it is here. We know that people are still under pressure.
That's why our cost-of-living help, delivered in the most responsible way, is so important. We went to the election, we promised cost-of-living help, and we are delivering. We went to the election, we promised to manage the economy and the budget in the most responsible way we can, and we are delivering on that front as well.
Those opposite went to the election promising higher income taxes, bigger deficits and more debt. And, since that election, they have learned nothing from the result. They haven't changed a bit.
They are divided, they are divisive, and they are in disarray. This government is not distracted by the madness of the extreme right and the internal politics of those opposite. We will continue to focus on responsible economic management and cost-of-living relief.
They are divided. We are delivering, and that's the difference.