Dr CHALMERS (Rankin—Treasurer) (14:29): Thanks to the honourable member for his question. First of all, for public demand in the December quarter, the key driver was defence spending. Those opposite have called for more of that, not less of that. That's the first point. The second point is, when you look at the story of 2025, the big story was the private sector driving growth and the public sector taking a step back. Private demand grew faster and contributed over three times more to economic growth than public demand in annual terms. Within a year, annual private demand growth more than tripled, but annual public demand growth more than halved compared with 2024. Those are the facts of the matter. When it comes to the link between spending and inflation, I have said on a number of occasions that we take our responsibility seriously in the budget. That's why we found savings, delivered surpluses and got your debt down by $176 billion, because we manage the budget and we manage the economy in the most responsible way that we can. Yesterday's national accounts were overwhelmingly good news for our economy: stronger growth than any major advanced economy, the strongest growth in almost three years, and stronger per capita growth, the strongest per capita growth in more than three years. But those opposite always want to talk the economy down. One of the reasons they always want to talk the economy down, as was revealed yesterday, is that the shadow Treasurer has held shares— The SPEAKER: The Manager of Opposition Business, on a point of order? Mr Tehan: It goes to standing order 104(a), which says that a question must be directly relevant to the answer. You are not being in any way— Government members interjecting— Mr Tehan: Sorry, the Treasurer—sorry, but the noise coming from there, Speaker, is making it very hard. The SPEAKER: You've definitely made the point and have read the standing order, and I appreciate that. A government member: He incorrectly read it. Mr Tehan: If you could just bring the Treasurer back, that would be wonderful. The SPEAKER: Yes, we'll get there. The Leader of the House on a point of order? Mr Burke: What he just read out is not the standing order. I think he read it backwards. The SPEAKER: The manager is entitled to raise his point of order, and he's done so. The Treasurer wasn't asked about alternative policies. I know the line that he's going down, but, on this occasion, he won't be able to go too far into opposition policies or opposition persons, because he wasn't asked about that. He was asked about the link between government spending and inflation and also the data that was released yesterday. So, to make sure that he is directly relevant, he won't be able to go down that line that he's trying to probably get into the record. Dr CHALMERS: I was asked about yesterday's numbers. I was asked about public spending. I've dealt with that in detail. I've explained the defence spending in the last quarter that those opposite have called for more of, not for less of. I've explained what's happened through the course of 2025. But what I'm trying to establish is that, when it comes to yesterday's national accounts, they were a good story—not a negative story, as those opposite are trying to paint for the people. We know that one of the reasons for that is that the shadow Treasurer has bet against Australia and has bet against Australians. There's an important part of this that the House needs to know about. Mr Tehan: Point of order! Dr CHALMERS: You don't have to shout at me, mate. I'm right here. Mr Hastie interjecting— The SPEAKER: Order! The Deputy Leader of the Opposition in the House of Representatives doesn't need to assist anyone at this moment. He's welcome to take a point of order, but, at this stage, I'll deal with the Manager of— Government members interjecting— The SPEAKER: Order, members on my right. The manager is on his feet. He's going to be heard in silence. Mr Tehan: Speaker, I don't know whether it was a ruling you gave the Treasurer, but your instructions were very clear that he had to be directly relevant to the question. He was trying to defy the advice that you gave him, and I think he should listen to the Speaker, like all of us do. The SPEAKER: I appreciate that endorsement, Manager of Opposition Business. If the Treasurer can conclude his answer by not going down that path and by being directly relevant, that'll help the House. Dr CHALMERS: This side of the House has been managing the budget in a responsible way. That's how we delivered two surpluses that those opposite were incapable of. They said they'd deliver a surplus every year. They went none for nine. We've delivered two already. We found $114 billion in savings. We've got the debt down by— Honourable members interjecting— The SPEAKER: Resume your seat. I'm moving to the next question. We're not turning this into some sort of yelling match.