Economy
Background
The Prime Minister previously stated that inflation had turned the corner, but recent data indicated a rise in inflation and prices.
Question
The member asked whether the Prime Minister would apologise for his previous statement regarding inflation, given that evidence now showed inflation was increasing again under the government's policies.
Includes 2 supplementary questions.
Answer from Penny Wong
The minister stated that while inflation was higher than desired, it remained significantly lower than the 6.1 per cent rate inherited from the previous government. She highlighted that the government's priority was easing cost-of-living pressures through measures such as cheaper medicines, bulk-billing incentives, student debt relief, and tax cuts. The minister noted that the opposition had voted against these cost-of-living measures. In response to supplementary questions, she affirmed agreement with the Prime Minister's assessment, citing a growing economy, record low unemployment, and wage growth. She listed specific supports including energy bill relief, childcare subsidies, and rent assistance increases.
Summary in reported speech - not a transcript. AI-generated, so check the source.