Economy
Background
The Leader of the Opposition challenged the Prime Minister regarding recent inflation data showing a rise, contradicting earlier claims that the economy had 'turned the corner', and noted economists' predictions that a rate cut before Christmas was unlikely.
Question
The member asked when prices would decrease for Australian families, citing rising inflation and unemployment under the current government and the financial strain on households.
Answer from Anthony Albanese
The Prime Minister stated that inflation had decreased from six per cent to three per cent since the government took office, noting that the recent rise followed several falls. He highlighted that interest rates had begun to fall under his administration, whereas they had risen under the previous government. He pointed out that the unemployment rate was in the four per cent range and that over one million jobs had been created, resulting in the lowest average unemployment in five decades. He also mentioned that the Treasurer had delivered two consecutive budget surpluses and lower deficits than projected at the election, which the public endorsed by rejecting the opposition's platform of higher taxes and deficits.
Summary in reported speech - not a transcript. AI-generated, so check the source.
Read on OpenAustralia · Official Hansard (APH) · 1 point of order raised