QUESTIONS WITHOUT NOTICE

Dr CHALMERS (Rankin—Treasurer) (14:20): Thanks to the member for Canberra for the wonderful job she does representing her community and also the influential role she plays in our economic policy as well. The member for Canberra would know that inflation has come down now for three months in a row. It finished the financial year much lower than the RBA and Treasury forecasts.

This is one reason why the RBA was able to hold rates steady yesterday for the second time since the budget. They also put out new forecasts for lower underlying inflation and slightly stronger growth. These are welcome developments, but we know that there are still substantial challenges in our economy.

We know inflation is still too high and that productivity is too low, and we know that people are under pressure. That's why we are helping with the cost of living by cutting income taxes again and again and boosting wages. It's why we're expanding paid parental leave, strengthening Medicare, making medicines cheaper and delivering real change to make the housing market fairer for first home buyers and young people.

We're doing this all at the same time, as the Prime Minister said, as we are managing the budget more responsibly than those opposite did—two surpluses, two updates in a row with more savings than spending, $200 billion less debt than the trajectory we inherited from those opposite, and one of the three strongest budgets in the G20. This is why the global ratings agency, S&P Global, reaffirmed Australia's AAA credit rating just last week, pointing to our sound public finances and modest debt by international standards.

It now means we are one of only nine countries with a stable AAA from all three major ratings agencies, a feat never achieved in any year of the Howard and Costello government. We are managing the budget responsibly in the face of inflationary pressures and global uncertainties. Those opposite have announced commitments totalling $110 billion in bigger deficits over the next four years and $530 billion more debt within the next 10 years.

By their own logic, their announced policies would push up inflation and push up interest rates. When the member for Goldstein was asked about this by Andrew Clennell on Sunday, he said that he would offset it, and that's before Senator Bragg said today that the benchmark is another almost half a trillion dollars in budget cuts. They can only offset numbers that big by coming after Medicare again, like last time, or pensions and payments again or jobs and wages.

This is another reason why the divisive and dangerous antiworker agenda shared by the Liberals, the Nationals and One Nation would make cost-of-living pressures worse not better. This side of the House is delivering real change. We're delivering cost-of-living relief.

We're delivering tax cuts that those opposite opposed and voted against. The SPEAKER: Once again, the member for Gippsland has been pushing the behaviour, which is unacceptable. He's warned, just like yesterday and like the member for Goldstein.

Any more interjections—the member for Goldstein was yelling during that answer as well. Mr Abdo: Yeah, you were. The SPEAKER: Order!

The member for Calwell is warned. Everyone giving their commentary—I just remind you that we won't have the MPI today if we have a round 2 of yesterday, member for Goldstein.