Jenny Ware (Hughes, Liberal Party) Share this | Hansard source

I move:

That this House:

(1) notes that:

(a) cost of living and inflationary pressures are having a significant impact on Australian households and small businesses;

(b) current and predicted interest rate rises will have severe implications for working families and the housing market, and will create immense uncertainty in the lives of many hardworking Australians; and

(c) whilst global pressures are having an impact, the Government can implement measures to ease these burdens on everyday Australians;

(2) acknowledges that the previous Government's economic plan carried the Australian economy through the COVID-19 pandemic and was inextricably linked to the subsequent successful recovery, which was the envy of the world; and

(3) calls on the Government to adopt a plan to ease pressures on cost of living for Australian families and small businesses now, and not wait for the budget in October.

Mr Speaker, 3.5 million Australians have a mortgage. Four successive interest rate rises and uncontrolled inflation are crushing the quality of life for these Australians from two directions: firstly, real wages are rapidly eroding; and, secondly, the budgets of small businesses and Australian families are being smashed with ballooning interest rate payments. Making ends meet for Australians is becoming increasingly more challenging with the current economy, and experts are warning that the real pain for families and small businesses is still months away.

The government has now been in power for more than 100 days. Last month the Reserve Bank of Australia increased rates for the fourth successive month in a row. It is noted that the RBA, again, meets tomorrow. Australians with a mortgage of $610,000 are now paying over $500 more per month on their mortgage than they were paying in May. Whilst interest rate decisions should remain the decision of an independent Reserve Bank, the government has not brought forward any plan to address cost-of-living pressures on families and also on small businesses. Instead, Labor has already walked away from its election commitment to cut power bills by $275. Similarly, Labor has already walked away from its commitment to deliver real wage increases.

The government must improve its budget position. This is the most crucial decision the government can make to ease inflationary pressures. It is what the coalition did in government, and it is what enabled the largest budget recovery in over 70 years: a $100 billion turnaround confirmed in the pre-election fiscal outlook. The government would have more credibility attacking the coalition's government debt levels if it was not proposing to add significantly to that debt. The Parliamentary Budget Office confirmed that only the coalition's election promises would put Australia on a pathway to financial resilience and, crucially, a better bottom line than Labor.

Let us revisit the coalition's record. The coalition ensured that Australia's recovery led the world on economic and jobs growth. The coalition government focused on jobs and small business, as we believe in liberalism, innovation, entrepreneurship and that a strong economy delivers improved living standards and better services for all Australians. More than two million jobs were created under the coalition government. Under the coalition government, unemployment hit 50-year lows. The coalition provided lower taxes to 10 million Australians. The coalition delivered a $250 cost-of-living payment to nearly six million pensioners, welfare recipients, veterans and eligible concession card holders. The coalition cut the fuel excise in half, for six months, saving a family with two cars around $30 per week. The coalition cut the cost of medicines and slashed health costs.

This is in stark contrast to the current government, which, to date—after more than 100 days—has not shown Australians any plan to reduce the cost of living and no overall economic plan for Australia. Over the last 30 years, Labor governments, without exception, have delivered higher unemployment and higher electricity prices.

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