QUESTIONS WITHOUT NOTICE

Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (14:41): I thank the member for Macquarie for her question. I know the member for Macquarie understands the importance of managing the economy responsibly and prudently given the challenging global economic environment. Foreign wars and economic shocks have a real impact here.

It is only by delivering a growing economy with low inflation and shared prosperity that we can ensure that working people benefit. Our approach to economic management comprises a number of key elements. The first is managing the budget well.

We have improved the budget position over the last four years by around $230 billion, compared to what we inherited from those opposite. Because of this, gross debt in 2025-26 was $197.6 billion lower than estimated when we came to office. That involves saving around $70 billion in interest costs in the 11 years to 2031-32.

Treasury's advice is laid out in the budget papers and is clear. These responsible actions that we have taken in the budget are helping to take the pressure off inflation. The second is investing in the nation's future.

We have put in place free TAFE. This means hundreds of thousands of Australians are getting the skills they need for the jobs that they need. This investment in skills and the supply side of the economy is so important for productivity.

We have also committed to a Future Made in Australia, so important in this uncertain environment. We are building sovereign manufacturing capacity. Our third focus is on cost-of-living relief because we know that many Australians are struggling, almost every element of which those opposite vote against, and we are delivering tax cuts for every Australian taxpayer.

This means an Australian worker on the average wage will be up to $2,816 better off from 2028. I'm asked about alternative approaches. I am sad to say that— Opposition members interjecting— Dr MULINO: Thanks, Mr Speaker.

I'm sad to say that those members opposite have a penchant for talking big, but, when it comes to supporting legislation in the parliament to restrain spending, they go to water. They'll complain about government spending and then they will oppose efforts to curtail it. Last night they were at it again.

The coalition and the Greens political party teamed up to vote against a fair and sensible save that would have supported investment in aged care. Labor is proposing that all Australians will now receive the same private health insurance support based on income, not age. Australians over 65 will continue to receive the rebate relevant to their income.

This was not an easy decision, but tough decisions are required for sensible budget management. Every dollar saved by this measure will be reinvested in more aged-care beds and better aged care for older Australians. Those opposite, in their motion, call this wasteful spending.

I call on the opposition to act in the nation's best interests and pass this bill. (Time expired)