Anne Webster (Mallee, National Party, Shadow Assistant Minister for Regional Development) Share this | Hansard source

Times are tough for so many people right now. It's tough on everybody, no matter their colour, creed, gender or where they live. Today, on International Women's Day, we stand here after a 10th consecutive interest rate rise. Nine of those interest rate rises have been under this Labor government's watch. That's nine consecutive increases—the most in more than 30 years. We stand here with the pressure building on Australian families. There's only so much that any family can bear. Women are often at the centre of these families. They are experiencing the burden of the cost-of-living crisis. These women are often taking the lead in parenting and in running their household while also working in jobs outside their homes, just to make ends meet while they continue to be failed by this federal Labor government. Their government said that, under a Labor government, nobody would be left behind. It is increasingly obvious that people are being left behind, and this government is only adding of to their problems.

Shockingly, this week's 25 basis point interest rate increase means a person with a mortgage of $750,000 is now paying $1,700 per month more than what they were when rates started to rise last year. That amounts to an extra $20,000 a year for Australian families that they will have to find to keep food on the table, the lights on and their kids in school. The latest national accounts show interest paid on mortgages grew by 23 per cent during the December quarter. How much more can our families take? This is a terrible situation, and it only looks like getting worse with a government that shows it has no plant to fix it but rather instils more uncertainty while breaking election promises. This government is not doing anything to make the Reserve Bank's job easier. You would think at this critical time that the federal government would be working in tandem with the RBA to bring down inflation, yet those opposite are instead putting all their energy into breaking election promises and increasing taxes. Australians are only too right to be worried about where their next tax is coming from as they pull back on their own spending. Household savings are plummeting. Nobody can afford to save up money when every resource is going into simply existing.

The Prime Minister promised cost-of-living relief during the election, but here we are, and times are getting tougher. Where is their economic plan? Not self-serving essays that wax lyrical about remaking capitalism, but their real economic plan. Without this economic plan, it is up to the Reserve Bank to do all the heavy lifting in trying to drive down inflation. Because of this government's lack of an economic plan, it is our families and small businesses who are paying the price. We are facing a full-blown cost-of-living crisis. More people than ever are seeking help from charities to feed their families. Many people have had no choice but to take on second jobs to keep a roof over their heads. Research from Roy Morgan shows an estimated 1.19 million mortgage holders—24.9 per cent of them—were at risk of mortgage stress in the three months to January 2023. Meanwhile, Canstar research showed that 54 per cent of Aussies are losing confidence the government to ease cost-of-living measures. Its research also revealed that one in 10 mortgage holders and renters reported missing at least one payment or bill payment since rates started rising. A further one in five reported they were worried about missing a payment in the near future. Lifeline has reported an increase of almost 50 per cent in requests for help and support in relation to financial issues. Those are harrowing statistics, highlighting the real situation out there among Australians. They are crying out for help.

Before the election, the Prime Minister and Treasurer made grand promises to all Australians. They promised they would have cheaper mortgages, they promised to cut Australia's electricity bills, they promised no changes to superannuation—the list goes on, and it helps prove Canstar's research to be true. How can Australians be confident in this government to ease cost-of-living pressures? How can they trust that their government can lead them back— (Time expired)

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