QUESTIONS WITHOUT NOTICE

Dr CHALMERS (Rankin—Treasurer) (14:21): I thank the wonderful member for Chisholm for her question but also for the way she represents her community here in this place, in the parliament. As I said a moment ago, when it comes to the inflation data that we received a short time ago, we acknowledge that, even with the very substantial and sustained progress that we've made in the fight against inflation and on real wages and with interest rates coming down three times this year, a lot of Australians are still under pressure.

This is borne out in the figures today. But it's also true that since we came to office inflation has halved, and that reflects our efforts to do as much as we responsibly can to help with the cost of living and to get the budget into a much better condition than the one we inherited from those opposite. We've made good progress when it comes to a number of the most important indicators in our economy, but we do acknowledge that people are still under pressure, and we see that in the numbers today.

It's not uncommon around the world to see progress on inflation be not in a straight line. We've seen inflation go up in every major advanced economy in their most recent data, except for the UK, where it's already much higher than it is here. So that's an important factor as well.

When it comes to the points that those opposite have made through the course of this question time, we know that they're divided. We know that they're divisive. We know that they're in disarray.

But they are also dishonest when it comes to inflation. If they were honest about inflation, they would admit that inflation was 6.1 per cent and rising when we came to office. It's now half that.

If they were honest, they'd admit that interest rates were already going up when we came to office. Under us, they have fallen three times this year. If they were honest, they would admit that unemployment averaged 5.6 per cent under them.

It's 3.9 per cent under us. If they were honest, they'd admit that wages growth was 2.2 per cent under them. It's 3.7 per cent under us.

If they were honest, they'd admit that real wages were going backwards 3.4 per cent when we came to office. They're now growing at their strongest rate in five years. And, when it comes to the question the Leader of the Opposition asked a moment ago, if she were honest she would admit that living standards went backwards 1.9 per cent in the quarter that we came to office.

They've grown 2.4 per cent through the year to June 2025—the strongest annual growth in almost four years. The point I'm making is this: there is no shortage of challenges in our economy. That's why we're rolling out responsible cost-of-living relief and strengthening Medicare, to help, where we responsibly can, the Australians who are still facing cost-of-living pressures.

Under those opposite, things were much worse, and if they'd won the last election things would have been much worse still.