Mr REPACHOLI (Hunter) (17:00):

We've heard a lot of noise today from those opposite about fiscal responsibility, but let's be real. One side of this place talks about fiscal responsibility and the other side actually delivers on it.

When those opposite were in charge, they set fiscal rules and broke every single one of them. They said they would balance the budget. They said they would offset new spending. They said they would bank revenue upgrades. They said they would reduce debt. And they failed on every count. They racked up deficit after deficit, piled on debt and left behind a budget riddled with waste and rorts. They even printed mugs that said 'back in black' but never printed a surplus.

Under this Labor government, we have done what they never could. We have delivered the largest nominal improvement to the budget in a parliamentary term, a 100 billion since coming into government. They spent most of their revenue upgrades; we have banked almost 70 per cent. That's why the budget is stronger, not weaker. And let's remember that those opposite went to the last election with bigger deficits, bigger debt and a 209 billion, reduced gross debt to a peak around 37 per cent of GDP compared to 45 per cent that was left to us by those opposite, and cut interest costs by $60 billion.

When we came to office, inflation was higher and rising, real wages were falling and deficits stretched as far as the eye could see. Now inflation is at a four-year low, real wages have been growing for seven quarters, more than 1.1 million jobs have been created, unemployment is at record lows, and we are delivering cost-of-living relief for people that really need it-child care, cheaper medicines, energy bill relief and three rounds of tax cuts for every Australian worker.