Mr ALBANESE (Grayndler—Prime Minister) (14:55): What is extraordinary when it comes to the issue of inflation is that the shadow Treasurer had this to say in February 2023 with the catastrophising that they go on with over there: 'There are ominous signs Australia is hurtling towards another era of stagflation.' That follows the comments of the Leader of the Opposition in June 2022. Think about the timing of that; it's after the election but before any of our first budgets. He said this: 'Australia is set to lose its AAA credit rating because of spiralling debt and deficits.' That's what he had to say. But that's a deficit in your forward estimates. It was in June 2022. The SPEAKER: The member for Hume on a point of order? Mr Taylor: Relevance, Mr Speaker. The Prime Minister said he was going to take responsibility. The SPEA KER: Resume your seat. I want to hear from the Leader of the House. Mr Burke: Mr Speaker, referring to your earlier rulings on points of order, if they're nothing to do with the standing orders, they shouldn't be made, or they can just stand up and say, 'I nominate myself as trivia.' It's ridiculous. The SPEAKER: The Leader of the House is correct. That wasn't a correct point of order. The member for Hume knows that. Dr Chalmers: You're doing well, Angus! The SPEAKER: The Treasurer will cease interjecting. If that happens again you won't be warned; you will be asked to leave. The Prime Minister will continue and will be heard in silence. Mr ALBANESE: Thank you, Mr Speaker. Those opposite— Mr Sukkar: Answer the question! The SPEAKER: The member for Deakin will excuse himself from the House under standing order 94(a) without commentary. The member for Deakin then left the chamber. Mr ALBANESE: The Leader of the Opposition correctly identified the spiralling debt and deficit that were in the budget that they left. That's why he said that in June 2022, because they expected a deficit this year of some $78 billion—$78 billion. But instead what you have is a massive turnaround and a forecast surplus of $4.2 billion. And yet they stand up here and ask a question and interject with those absurd comments after the biggest fiscal turnaround in history that has ever occurred. Mr Hogan interjecting— The SPEAKER: Order! The member for Page is on a warning. Mr ALBANESE: Having stood at this dispatch box, the Liberal Treasurer announced the biggest deficit in history and the second biggest deficit in history, having sat here for nine years. Having promised a surplus in the first year and a surplus every year after that, they didn't deliver any. They produced the mugs, but they were treating Australians like mugs. All they had to show for it was some empty mugs in surplus. The only surplus they had was in Josh Frydenberg's office, the mugs that they had to stop selling. The fact is that we have been responsible, and that's on top of the fact that we had to find, in addition to that, $7.5 billion in essential programs that they stopped funding in June this year or in December this year. (Time expired)