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00:00Mr Speaker, I present the appropriations.
00:11Speaker, this budget builds on the progress that we have made together.
00:16It's a plan to help with the cost of living, with two new tax cuts and higher wages, more
00:21bulk billing and more help with electricity bills, cheaper medicine and less student debt.
00:27...to other occupations when and where we can.
00:30Speaker, our economy is turning the corner.
00:33Inflation is down, incomes are rising, unemployment is low, interest rates are coming down, debt
00:40is down and growth is picking up momentum.
00:44On all of these fronts, our economy and our budget are in better shape than they were
00:49three years ago.
00:51The 2020s have already seen a global pandemic, global inflation and now the...
00:56This budget is our plan for a new generation of prosperity in a new world of uncertainty.
01:04It's a plan to help finish the fight against inflation, rebuild living standards and maximise
01:10our national advantages into the future.
01:13...resources, skills and energy bases and our attractiveness as an investment destination.
01:19Storm clouds are gathering in the global economy as well.
01:24Trade disruptions are rising.
01:26China's growth is slowing.
01:28War is still raging in Europe and a ceasefire in the Middle East is breaking down.
01:34Treasury expects the global economy to grow three and a quarter per cent for the next
01:37three years, its slowest since the 1990s.
01:41It's already forecasting the two biggest economies in the world will slow next year, with risks
01:47weighing more heavily on both.
01:50Australia is neither uniquely impacted nor immune from these pressures, but we are among
01:55the best placed to navigate them, back in the band six months earlier than anticipated.
02:02Growth is forecast to pick up from 1.5 per cent this year to 2.5 per cent in 2026-27.
02:10The private sector is resuming its rightful place as the main driver of this growth, with
02:16Treasury upgrading forecasts for growth in private demand to more than double next year
02:21compared to this one.
02:23We will raise the minimum repayment threshold and reduce repayment rates.
02:28Tonight's budget is $207 billion better than we inherited.
02:35It's in better shape in every year over the forward estimates than it was three years
02:39ago.
02:40In our first two years, we posted the first back-to-back surpluses in nearly two decades.
02:46Our deficit this year has almost halved since we came to office.
02:51Next year's deficit is $42 billion, lower than what was forecast at the last election
02:56and lower than at the mid-year update.
02:58There are 4,800 fully bulk-billing practices around the country, making it easier to get
03:04back to work.
03:05The plan at the core of this budget is about more than putting the worst behind us.
03:10It's about seizing the best of what's ahead of us, to build a stronger economy together
03:17and to build a future that we can all be proud of.
03:20That's why I commend this bill and this budget to the House.