SENATOR MARIELLE SMITH: My question is to the Minister representing the Treasurer, Minister Gallagher. Cost-of-living relief has been the Albanese Labor Government’s number one policy focus since coming to office because Australians are doing it tough. Today, the latest labour force figures were released which showed that the number of Australian jobs increased in February. Can the Minister please update the Senate on these figures and what they tell us about the current state of our economy?
SENATOR THE HON KATY GALLAGHER, MINISTER FOR FINANCE: I thank Senator Smith for her question and again for focusing on cost-of-living and on jobs for the Australian people. I do note the fact that we're not getting any questions on either of those subjects from those opposite. Today's remarkable jobs figures – the labour force figures that were released today – really are extraordinary, showing that the unemployment rate has been revised down to 3.7 per cent, substantially down on last month's and again showing the record level of job numbers – 790,000 jobs, 790,000 jobs that have been created under this Labor Government. 790,000 jobs. So, when we talk cost-of-living, when we talk cost-of-living, we know that getting wages moving and getting people into jobs so they can work more and earn more has been a key focus of our economic plan. Today's new job figures show 116,500 new jobs were created in February. What we are also seeing is that we’re seeing inflation moderate. Our employment rate remaining incredibly resilient. We have had a welcome pause on interest rates. We are seeing wages growth for the first time in a decade. These are all really important measures to make sure that, along with our other policies on cost-of-living, people are earning more, people are working more, and under our tax cuts – under our tax cuts – they will keep more of what they earn. And we know those opposite hate it, they hate the fact that there has been 790,000 jobs created under this Labor Government's economic plan and in addition to that our cost-of-living measures combined with these incredible results mean we are doing what we can to support people through this time.
SMITH: Thank you, Minister. South Australians have told me that the Albanese Labor Government’s support for the cost-of-living pressures they are facing has been some welcome relief. And in particular they have been supportive of Labor’s tax cuts for all taxpayers. Can the Minister please outline the impact of the labour market results for my home state of South Australia?
GALLAGHER: I thank Senator Smith for that and again for her focus on making a difference to her community. 100 per cent of taxpayers in South Australia will get a tax cut on 1 July and when you look at the labour market figures, absolutely incredible results in your home state, Senator Smith. In fact, it shows that South Australia 's unemployment rate has fallen to 3.2 per cent. This is the lowest rate in South Australia since 1978. It is an incredible result. Since 1978 South Australians have not seen an unemployment rate that low. When we came to government, the South Australian unemployment rate was 4.7 per cent. When we look at the average unemployment rate under the Labor Government – 3.7 per cent since we came to government. It was 5.6 per cent under the Coalition government. We are better on wages, we are better on jobs and we are better on cost-of-living relief.
SMITH: Minister, the policies you have outlined demonstrate the significant work on cost-of-living that the Government has been undertaking since the election. We know the next Federal Budget is in May. How will the Government continue to provide cost-of-living relief in this Budget?
GALLAGHER: I thank Senator Smith for that question. As I said in my previous answer, the centrepiece of our cost-of-living relief and assistance in the Budget will be the tax cuts, where 100 per cent of Australian taxpayers will get a tax cut from 1 July and the overwhelming number of them will get a bigger tax cut than they would have got under the former plan. But we know there is more work to do. We know people are still feeling the pressure of that high rates of inflation that is moderating and that is welcome. And our strategy will continue to focus on that, providing relief that we can, where it’s affordable and it won't add to inflation. Repairing the budget and, of course, making investments where we can in the economic growth of the country – the future economic growth of this country. And we know under the Opposition, who have nothing but negativity, we know inflation would have stayed higher, wages would have stayed lower, and there would be more debt that the Australian Government would be managing. So, our economic plan is working.
