Melissa Price (Durack, Liberal Party) | Hansard source

I rise to speak about Labor's cost-of-living crisis. Once again, we have a motion from those opposite that proclaims that addressing the cost of living is their No. 1 concern and priority. If that's true then it's a very sad indictment on the competency of the Prime Minister and the Treasurer. Australians aren't stupid. They're not silly and they can see through the spin of those opposite. Every time they get a bill in the letterbox or reach the cash register at the supermarket, they understand that things aren't getting better.

I know Australians are tired of the constant nitpicking of the major parties, and I think we have heard that loud and clear. But facts do matter, and they have to be called out because that is in the national interest. After two years of Labor the cost of essentials has increased significantly as follows: food is up 11.4 per cent, housing is up 14 per cent, rents are up 14.2 per cent, electricity is up 21.5 per cent, gas is up 22.2 per cent, health is up 11.1 per cent and education is up 10.9 per cent. And yet here we are today with another motion pretending that low-income earners under their watch are somehow better off. Who do you think those additional costs affect the most? Of course it's the low-income earners in Australia. The minor increases in take-home pay that those opposite are bragging about here today—shamefully—are eaten up by the inflated cost of living and the potential interest rate hikes.

Tackling inflation should be the government's No. 1 priority. Instead they've introduced $315 billion in new spending with absolutely nothing to show for it. While inflation tracks down across most of the developed world, ours is tracking upwards. Last week's release of the monthly consumer price index likely removes all hope—hope has been dashed—of the Reserve Bank cutting interest rates anytime soon. Headline inflation rose to four per cent, and core inflation, which is the RBA's preferred measure, rose to 4.4 per cent. This is the fourth month in a row that core inflation has headed in the wrong direction. The RBA only has one mechanism to tackle inflation and they have been left to do all of the heavy lifting. It is shameful.

More rate hikes are probably on the way, because of this government's failure to tackle homegrown inflation. Homeowners with a typical mortgage of $750,000 are already $35,000 worse off a year under this Albanese Labor government. Further rate hikes will only increase the burden on mortgage holders. So not only is the Australian dream of homeownership dead for young Australians, largely due to Labor's reckless migration program, but it is becoming a nightmare for mortgage-holders as well.

I will admit to following a few of those opposite on social media, and I have been amused by some of their recent posts. Every day, over the past few weeks, there's been a bit of a countdown and a few updates: 'Only 10 days till the tax cuts come into effect,' then nine days, then eight days and so on. Well, we are finally here. Hooray. Don't get me wrong. I am very pleased that taxpayers are getting to keep more of their own money, because, as Liberal and National party members, that's what we believe: that Australians should keep more of what they earn. Australians certainly know how to spend it better than those opposite.

But let's not pretend that Labor suddenly cares about cutting taxes; oh, no. We know that Labor is here today taking credit for reducing taxes, but they take no responsibility for raising them. Labor is banking $60 billion worth of bracket-creep and has increased personal income tax by 20 per cent since the election. The OECD Taxing wages 2024 report found that Australia's personal income tax burden grew faster than any other advanced economy's last year.

In conclusion, I'm calling on the government: stop patting yourselves on the back with motions like this, and get on with delivering a real economic plan to restore prosperity to our nation.

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