Michelle Landry (Capricornia, National Party, Shadow Assistant Minister for Manufacturing) Share this | Hansard source

Australians are doing it tough. Families and small businesses are on their knees from the pressure they're enduring from the current cost-of-living crisis. Yesterday we saw the Reserve Bank of Australia increase interest rates for a ninth consecutive time, bringing them to the highest level seen in a decade. This is the highest number of consecutive increases since Paul Keating was Prime Minister. The announcement means that the average mum and dad, who are paying off a home loan worth $750,000, are now forking out $1,700 a month more than they were in May last year. That's an extra $20,000 per year that hardworking families need to find to keep their heads above water.

The statistics get even more concerning, with more than 800,000 Australians moving from a fixed-rate mortgage to a variable-rate mortgage this year. Roy Morgan has released research showing that approximately 1.19 million mortgage holders were at risk in the first quarter of this year, while a recently released National Australia Bank report shows that families with wages between $50,000 and $75,000 are struggling to keep up with their bills.

We haven't seen an end to the hard times under a Labor government. The National Accounts are showing that making ends meet will only get harder, with the latest statistics showing that interest paid on a mortgage is up by a whopping 23 per cent. This government insists on not working with the Reserve Bank to introduce an economic plan that will have a real effect on reducing inflation. Without any plan or direction, the Reserve Bank is doing the heavy lifting. There's a lack of guidance and leadership from this government. This lack of leadership and an economic plan to move forward is causing already struggling families and businesses to pay the highest price for goods and services ever seen. A local bakery in my electorate has been supplying its goods to supermarkets, cafes and restaurants for many years, yet it is left with the question: when are the rising costs to businesses going to stop? Wage increases, electricity prices skyrocketing, raw materials becoming more expensive and transport costs on the rise every week: these things are bringing this business to its knees. This is just one of hundreds of thousands of small family-owned businesses across Australia who don't know how much longer they can keep going.

During this full-blown cost-of-living crisis, now more than ever, Australians are seeking assistance from charities to put food on their tables. Organisations like Lifeline have reported an increase of almost 50 per cent in calls for help and support to ease financial pressures. Charities already stretched to their limits are preparing for a tsunami of need as more and more families are left at the end of their tether.

Following a meeting that I had this morning with a not-for-profit organisation, I know that charities are also concerned about how they will continue to support the community. As people's purse strings tighten, donations to charities dwindle. This forces the organisations to reduce how much help they are able to deliver. People who rely on these charities, like those living with cystic fibrosis, depend on the vital assistance offered. It is troublesome to think that these children, who, in some age groups, are still waiting on the life-saving treatment Trikafta to be added to the PBS, will have to go without things that give them more quality of life because their family simply can't afford to pay for treatment and medication while enjoying the things in life we take for granted. This crisis that Labor continues to bury its head in the sand over is affecting the very thing that people who are in need turn to.

Probably one of the most concerning aspects of the cost-of-living crisis is the latest reports from Suicide Prevention Australia showing that 46 per cent of Australians have reported they are feeling increased pressure as this crisis deepens. This is up by five per cent since the previous year, and numbers are only going to continue to grow as the nation gets up to its neck in inflation and this cost-of-living predicament.

Life is only going to continue to get harder under the Albanese government. Prior to the election, the Prime Minister was spruiking that only he would be able to deliver cost-of-living relief. The reality is that life has only gotten harder for families under this Labor government. Australians are now living in the land of broken promises. Before the election the Prime Minister and the Treasurer made a slew of promises. 'Your electricity bills will be cut by $275.' Broken. 'Your mortgages will be cheaper under a Labor government.' Broken. 'Your super will be left untouched.' Broken. 'Your taxes won't be increased.' Broken. The list goes on, with promises for wage increases, for cuts to the cost of contractors and consultants, for inflation to be lowered and for franking credits to remain untouched. All these promises have been broken.

On 10 April last year the Treasurer stated Australians want a government that does its job well. Well, Treasurer, we want you to do your job. Do something constructive about this cost-of-living crisis.

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