QUESTIONS WITHOUT NOTICE

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (14:07): I thank Senator Ghosh for a question on the economy. The global economy is presenting challenges here at home, particularly— Senator McKenzie interjecting— Senator GALLAGHER: I'm sorry.

I can't hear over the yelling. The PRESIDENT: Senator McKenzie, I will name you. Senator GALLAGHER: It's just constant, President.

I wouldn't mind it so much if it was an interjection, but a constant stream does make it a little bit difficult to concentrate. The global economy is presenting challenges here at home. In particular, people are feeling it with petrol prices and other cost pressures.

While the initial impact from the conflicts came from fuel, we're now seeing it broaden into other areas of the economy. We're seeing global headline inflation has increased 4.7 per cent this year. Here, inflation has come down considerably despite those global pressures being placed on it, particularly by the war in the Middle East.

But the Australian economy has shown enormous resilience, as shown in the recent economic data. The government are focused on making sure we can provide cost-of-living help where it's responsible and doesn't add to inflation and getting the budget in better shape over time. We have seen faster economic growth in Australia than in Canada, France, Germany, Italy, Japan and the United Kingdom and about the same as the United States.

We have a lower unemployment rate than Canada, France, Italy and the UK. We've had stronger employment growth than Canada, France, Germany, Italy, Japan, the United Kingdom and the United States and a higher participation rate than many of those countries. Australia also has a smaller budget deficit as a percentage of GDP, around one per cent.

We know it's much bigger in other countries around the world. So we do come to meet some of these challenges with those in our favour. The PRESIDENT: Senator Ghosh, first supplementary?