JIM CHALMERS:
Australians have got a lot to be proud of over the last 12 months of the Albanese Labor government. Together working with Australians, we have seen the fastest jobs growth for a new government over 12 months on record. Jobs growth is faster than the major advanced economies and we're seeing the beginnings of welcome wages growth as well - the fastest wage growth in more than a decade now.
We know that Australians are under the pump, we know that cost‑of‑living pressures are biting and that's why so much of the government's focus over the first 12 months has been taking some of the edge off these cost‑of‑living pressures without adding to inflation. That's what the second budget was about and that's what the government has been all about, as well.
There's lots to be proud of but we know that there is much more work to do. We're pleased and proud when it comes to our record on the labour market, in particular. We've managed the economy and we've managed the budget in the most responsible way that we could and that's provided the foundation to provide some cost‑of‑living relief for Australians at the same time as we invest in their future.
JOURNALIST:
Dr Chalmers, just on after pay, has it taken too long for the federal government to regulate that particular industry?
CHALMERS:
It's time to legislate and regulate buy now, pay later. These are very popular products, something like seven million accounts in Australia. They have a legitimate role to play in our financial system but we need to make sure that we are managing the harm and managing the risks which often fall disproportionately on the people who are already the most vulnerable. So it's time to legislate and time to regulate this part of the financial system. By making them part of the Credit Act, it means that we can do a better job of managing these risks and managing this harm when it comes to hardship and marketing and in other ways. They've got a legitimate role to play but they should be regulated in the way that we are proposing today.
JOURNALIST:
On the G7, we've seen the new slate of sanctions come through including a crackdown on the countries supplying Russia. How have countries already been able to do that under existing sanctions and what's your take on the Quad statement and the G7 leaders' statement?
CHALMERS:
Well, the sanctions against Russia need to be as robust as possible. We need to tighten the screws on Vladimir Putin and his cronies who have engaged in this aggression against the people of Ukraine. And the statement out of the G7 and statements that we have made previously recognise the fact that sanctions do give us the opportunity to tighten the screws on that regime. In order to do that, we need to make sure that they're as robust as possible.
JOURNALIST:
Is the government prepared to offer any more concessions on the housing bill to the crossbench to break the Senate stalemate?
CHALMERS:
It's time to vote for social and affordable housing. This is an opportunity really to end the ambit claims and the political games in the Senate and pass legislation which will build tens of thousands of social and affordable homes, including for women and kids fleeing violence. At some point, we need to see an end to these games in the Senate, these political games in the Senate. We have already negotiated in really good faith with the crossbenchers in the Senate. We've got a broad and ambitious housing agenda, whether it's the Housing Accord, new tax breaks for build‑to‑rent, the biggest increase in Commonwealth Rent Assistance in three decades - but we need to see this passed. We have already made a number of announcements to address the issues raised with us in good faith by the Senate crossbench. It's time now to legislate, build more homes for people, particularly the most vulnerable Australians.
JOURNALIST:
Is it disappointing that Don Farrell was unable to secure an outcome on trade sanctions when he visited Beijing recently and should the Prime Minister still accept an invitation to go to China under those circumstances?
CHALMERS:
Of course he made progress when he went to China. Minister Farrell has been doing an incredible job as part of our team's effort to stabilise what is a pretty complex relationship. And as the Trade Minister, he knows better than anyone the progress that has been made over the course of the last 12 months as we've engaged respectfully and tried to stabilise this complex relationship - there has been progress made when it comes to some of these trade restrictions. Now, we want to see the trade restrictions lifted, we think it'd be in the interest of both countries that that happens, and we think we've got a better chance if we engage in the methodical and considered and respectful way that we have been. And the Prime Minister's engagement in China with Chinese leaders will be an important part of that.
JOURNALIST:
On housing, why not index it sooner. So the current indexation comes in from the end of the decade. David Pocock's arguing that it should be a lot earlier?
CHALMERS:
I understand that David Pocock has been saying that, but the point that I've been making including as recently as this morning, is that we have taken the issues that the crossbench have raised seriously. We've announced a whole bunch of measures which go to some of these concerns that have been raised. I'm obviously not going to pre‑empt any further discussions that Julie Collins the Housing Minister or the PM might be having with the Senate crossbench. The point that I make is this - it's time to end the political games and the ambit claims in the Senate. If you support social and affordable housing, you should vote for it. We've got a broad and ambitious agenda when it comes to housing. The Housing Australia Future Fund is not the only part of that agenda, but it's an important part of that agenda. If you support building more homes for the most vulnerable Australians, including women and kids fleeing violence, you should vote for it in the Senate.