Simon Kennedy (Cook, Liberal Party) | Hansard source

The member for Lalor talks about incredible results, talks about inflation moderating. I wonder whether the average family in Cook, my electorate, feels like this Labor government is delivering incredible results. Are real wages really going up? Yes, it's great to have a pay rise, but we need to talk about real wages. Real wages have collapsed by almost nine per cent. Real wages are when you look at what's happening to prices and then at what's happening to income. If you looked at that, you'd see electricity is up by 21½ per cent. That means it's doubling every three years. It's great to pat yourself on the back for $300 in energy relief, but bills are up by almost $1,000.

If it weren't so serious and Australians weren't doing it so tough, it would almost be laughable to celebrate $300 in bill relief when bills are up by almost $1,000. People in my electorate feel sick. They're making tough choices about what they'll eat at night and how they'll pay their school fees. They're not celebrating $300 bill relief, because the bills are up by $1,000. They're not celebrating their wages, because they know prices have gone up by far more than their wages. Gas is up by 22½ per cent. Their gas bill is doubling every three years. Home prices are up by 14 per cent, doubling every five years. For those who are renting, rents are up by 14.2 per cent, doubling every five years. Despite those wage rises you were talking about, when you look at the cost, at what these people have to spend—in the last two years—

No, they're doubling every five years. If they keep going up by 14 per cent, in five years the prices will have doubled. That's what that means.

No, let me just correct that. The member is saying that they've doubled in five years. No, they haven't. At their current rate of increase, which is 14 per cent, they will double in five years.

This Labor government does not understand that inflation in Australia is rising. I'd like the next member who speaks to explain to me why Australia's inflation is now higher than in the UK, the US, New Zealand, Canada and the euro area. In every one of these places, inflation is falling, but under Labor and the Albanese government inflation is rising. It continues to rise this year. Why are we so different from every other advanced economy in the world? What makes Australia special? Why are Australian families and Australian consumers being subjected to this inflation and these higher interest rates for longer?

I'll tell you why. You've got a Labor government that is just not prioritising cost of living. They're paying lip service to prioritising it, but they're not, because their budget is so expansionary. They have spent an extra $30,000 per household in their budget. I would ask the average Australian household: do you feel $30,000 better off? That is what this government has spent for you. Where could that money have better gone? I'm sure the average Australian family would much rather $30,000 in their bank balance than being spent on Labor's expansionary budget.

If the government were really serious about improving cost-of-living standards, they would not just look at wages but also look at productivity. Productivity is being completely ignored by this government. Productivity has contributed more than 80 per cent of the growth in Australia's living standards over the past 30 years. But what's happened to it under the Labor government? It's down 5.2 per cent this year. The Australian government cannot improve real wages, real household wealth or living standards while it's letting productivity crater. It's down 5.2 per cent just this year. I'd love to hear what the next member is planning to do about productivity. I'd love them to address this.

Instead of working on productivity-improving reforms, or working with the Labor states on stamp duty or payroll tax, they're patting themselves on the back for tax relief when wages are actually going down. They're patting themselves on the back for giving $300 in energy relief when energy bills are up $1,000. If Australians weren't doing it so tough, it would almost be laughable; the irony would be delicious. But the average Australian family is struggling. They see through these supposed tax cuts and through this supposed energy bill relief. They see straight through it because they know they're worse off.

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