Carol Berry (Whitlam, Australian Labor Party) Share this | Hansard source

I'm pleased to have this opportunity to speak about one of the most important challenges facing our nation—ensuring our economy and our tax system are fair and that we deliver the opportunity to flourish for all Australians, particularly young people, both now and into the future. There's no-one better placed than our current leadership team of the Prime Minister and the Treasurer, as well as the broader Labor government, to ensure our economy and our tax system deliver for all Australians, particularly young people.

The foundational principle that drives the Australian Labor Party is the concept of fairness. The Prime Minister has humble beginnings, with his roots in housing commission, as does my family. And, when you come from humble beginnings, you don't forget it. You understand the importance of leaving no-one behind, because you have direct experience of being at risk of being left behind. Social justice is a reality; it's not just a concept. The Albanese Labor government is deeply committed to ensuring our economy works for everyone, especially for young people.

Due to this government's good management, our economy is in a strong position: annual real wages have been growing for seven consecutive quarters; the economy continues to expand; interest rates have been cut three times in six months; more than 1.1 million jobs have been created since we came to government; the average unemployment rate is the lowest of any Australian government in 50 years; the budget position has improved by more than $207 billion; and we've found more than $100 billion in savings, while our predecessors had none in their last budget.

When it comes to tax, this government has a clear agenda. We are delivering three tax cuts for every single Australian taxpayer—one last year, one next year and another the year after. Labor's tax cuts benefit 14 million Australians. We are working hard to make things easier for all Australians. Eight important changes come into effect from 1 July, including an increase to minimum and award wages for 2.9 million Australians, an increase to minimum required super, more paid parental leave, more help with energy bills and more help for people to get into a construction trade.

Our focus on the future for our young people leaves the coalition far behind, as they continue to debate within themselves whether climate change needs drastic action—something which our young people understand acutely, because it will have a direct and dramatic impact on their future. Labor is focused on delivering real outcomes for all Australians, especially our young people, and that's why we've delivered on our commitment to cut student debt. Australians around the country will have an average of $5,000 wiped off their HECS debt, and that includes 15,000 people in my electorate of Whitlam. We're also delivering on our promise to make it as easy as possible for young people to build or buy their own home. That is why, from 1 October, all first home buyers will have access to our five per cent deposit scheme. For the average first home buyer, access to this scheme will cut years off the time it takes to save a deposit and will save tens of thousands of dollars on lenders mortgage insurance.

The Albanese Labor government understands the challenge that exists within our economy around intergenerational equity. We understand the principle that each generation should have equal opportunities, responsibilities and access to resources. Australia, like many advanced economies, is undergoing significant demographic, economic and social change. We are living longer, birthrates are declining and the structure of our workforce is evolving. This is creating growing pressure on public services, such as health care, aged care and social security, while the tax base that funds these services is shrinking in relative terms.

And, while we will need to continue to rely in part on immigration to ensure we can meet the needs of our economy and our workforce, the coalition feeds the lie that immigration presents a problem for our economy and that immigration is causing our housing crisis, which it is not. Fifty per cent of all Australians have a parent that was born overseas, but the coalition is always willing to play the race card to sell down the river Australians who've migrated to this country or who have parents who migrated to this country, despite the fact that this is a reality for so many of us. The coalition is completely out of touch with modern Australia, and that is why they were trounced at the last election.

Intergenerational equity is a core focus for this government. It isn't just a policy principle; it's a moral obligation. It means asking not just what we can afford now but what kind of legacy we're leaving behind. Labor will ensure that Australia's tax system and our broader economy reflect the values of fairness, sustainability and shared responsibility, not just for this generation but for those yet to come.

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