MATTERS OF PUBLIC IMPORTANCE

Ms BERRY (Whitlam) (16:03): Before I talk about how the Albanese government is managing the economy, let's consider the economic record we inherited from the coalition in 2022. For almost nine years, the coalition claimed to be the party of responsible economic management, yet, when the coalition left office, they had failed to deliver a single final budget surplus during their entire nine years in government.

Then, straight after ousting the coalition, in the 2022-2023 financial year, the Albanese government delivered a $22.1 billion surplus—the first budget surplus in 15 years. Under Labor, Australia's debt is almost $200 billion lower than what we inherited. That is what strong economic management looks like.

Labor is building a stronger, fairer and more secure future for Australia. We are tackling major structural challenges, like our housing crisis, head on. We are taking a responsible approach to managing the economy while investing in the areas Australia needs most.

We are reducing the tax burden for over 13 million workers and supporting 75,000 more Australians into the housing market. Our government has focused on finding savings and reducing waste rather than simply increasing taxes or cutting essential services, which tends to be the basic approach of those opposite. The reality is that those opposite have no alternative vision or credible policy on anything, which is precisely why the Australian people have lost confidence in them.

Responsible economic management means making sure taxpayers' money is being used where it can have the greatest benefit. A strong economy should improve the lives of ordinary Australians. That is why our government has introduced a range of cost-of-living measures.

These include tax cuts for every Australian taxpayer, cheaper medicines and an expansion of free health care available in communities all over Australia. Our government's tax cuts have been designed to provide ongoing relief rather than be a temporary payment. This means millions of Australians can keep more of what they earn and use it to support their families, pay bills or spend their money in local businesses.

Another major strength of our government's economic strategy is our investment in Australia's future industries. Through our Future Made in Australia agenda, the government is investing in renewable energy, critical minerals, clean manufacturing and other emerging industries. We are doing this because Australia has enormous opportunity.

We have some of the world's best renewable energy resources and huge reserves of critical minerals that are essential for batteries, electric vehicles, renewable technologies and modern manufacturing. This means more Australian jobs, more investment and potentially more export opportunities. Our government is also investing heavily in infrastructure.

Major investments in roads, rail, housing, energy and regional infrastructure help create jobs in the short term while improving Australia's productivity in the long term. Our government is also investing in skills and education. Programs such as free TAFE are helping Australians gain qualifications in areas where our economy needs workers.

This is an important economic investment because Australia's future prosperity depends on having a highly skilled workforce. The Albanese government has also taken action to strengthen wages. Since coming to government, we have backed higher wages for nearly three million of Australia's lowest paid workers every year—something those opposite would never do.

Labor has also delivered the lowest average unemployment rate of any Australian government in half a century. Labor understands that we need to invest, plan and prepare for Australia's future. We are focused not only on the here and now but also on what Australia will look like in 10, 20 or 30 years, and that's why we're investing in clean energy, infrastructure, education, housing, skills and Australian manufacturing.

These are the foundations of a modern and competitive economy. We're investing in a fairer Australia and in Australia's future. We live in the best country in the world, and Australia has enormous economic potential, and that's why we want our economic growth to be shared by all Australians both now and into the future.

The DEPUTY SPEAKER ( Ms Claydon ): This discussion has now concluded.