Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I must say, the shadow Treasurer in his time in that role has made a real art form of the dramatic pause. But what follows doesn't justify that pause. It's a real anti-climax. When we look at what those opposite left us, it was a decade of shocking productivity growth—the worst decade of productivity growth that we had seen in this country for half a century. What we also saw was shocking real wages growth that was low by design. Senior members of those opposite's cabinet in that last period of government had conceded that that was what they were intending to deliver. So it is a bit rich for those opposite to come in here today and lecture anybody on the cost of living or economic management.

We know that there are many Australians who are doing it tough. We know that there are many families who are working hard and whose budgets are tight, and that global uncertainty does weigh on the Australian economy. That's why we have implemented so many supports for families and individuals throughout our time in government—supports that, over the last term and this term, those opposite have opposed every step of the way. Indeed, I might say—and I'll build on this during the contribution—that those opposite campaigned against so many of those supports at the last election. Those opposite campaigned to lift taxes on every Australian taxpayer. Those opposite campaigned for higher taxes, for higher deficits and for bigger debt.

When we look at the last national accounts—and I think that it's critical that we do so—what we see is that the economy is exhibiting strong, broad based growth. That includes ongoing recovery in the private sector. That includes 2.6 per cent growth annualised, which is the strongest in almost three years. These are very encouraging numbers that are a robust foundation from which we can confront intense global economic volatility, made worse by conflict that we are seeing overseas. I repeat: we know that there are many households who are doing it tough, and that's why we have all of the supports that we have put into place, but these numbers are welcome.

What I would also stress that we look at in the last national accounts is the fact that real per-capita disposable income rose by 0.6 per cent in the last quarter—2.0 per cent over the last year. This is a key measure of living standards for households. Again, the contrast with what those opposite left us couldn't be more stark. That measure went backwards 1.5 per cent in the quarter before this government came into office. Those opposite left us with real per-capita disposable household income going backwards. Now, it has grown at two per cent over the past year. If we look at where Australia stands in the world on that really critical measure, it's double the rate of growth of the G7. According to the last national accounts, the overall measure of growth is up by the highest rate in almost three years, and real per-capita disposable income is up at a rate that is very favourable globally compared to the average across the G7.

Again, when you look at the last election, those opposite went to the last election with an economic plan for higher taxes, for banning people from working from home, for greater deficits and for higher debt. In the shadow Treasurer's speech there were dramatic pauses followed by quite melodramatic rhetoric on a range of fronts. But let's look at what his contribution has been since taking office—or taking his role, rather. He's not taken office, fortunately! He has focused on attacking the dual mandate of the RBA. What would the result of that be? He specifically said that we should explore taking from the RBA its dual mandate of reducing inflation while seeking full employment and have it just focusing on the former. That would see more people thrown on the unemployment heap. This is something that the Australian people would be very interested to hear explained by those opposite. Is it really their policy now that the RBA should target inflation more aggressively and, in so doing, put more people on the unemployment heap? He said that we need to look at tax rates but focus on the top rate. So, the contributions from the shadow Treasurer to date, if they are an indication of where the opposition is going, are a matter of great concern to the average Australian household.

Let's look at their approach over the last four years compared to our approach. They talk a big game about the cost of living, but, whenever they have the chance to act, they vote against cost-of-living supports. On this side of the House, we want Australians to keep more of what they earn. We have already delivered tax cuts for every Australian taxpayer. We will be delivering more tax cuts in the upcoming budget, as per our election commitment, and in the budget after that. Those opposite opposed that. Those opposite campaigned at the last election to reverse those tax cuts.

We know how important universal health care is for quality of life. We know how important supports are in that area for people's cost-of-living relief. We have expanded bulk-billing support so that more people can see a GP for free. We have substantially increased funding for urgent care clinics. In my own electorate I've seen two urgent care clinics open, supplying healthcare services for those who need them most, with extended hours and with bulk-billing supplied support. This is something which is being rolled out right around the country. Those opposite opposed it. We've supported cheaper medicines. Again, that's something that was opposed by those opposite. Those opposite have attacked those supports at every chance. They are incredibly important supports for people who are doing it tough.

We know that getting people into a home that they own is absolutely critical. That's why we have provided support to more Australians through expanded access to the five per cent deposit scheme for first home buyers. What was their approach? As with every other cost-of-living support that I've mentioned, they opposed it.

That's not all the government's doing. We cut 20 per cent off student debt, helping graduates and students right across this country. We're making sure that more students get paid while they do their prac. It's a really critical cost-of-living support for many. If you're studying to be a nurse, a teacher, a social worker or a midwife, you can now get paid while you do your placement.

We've expanded paid parental leave to 24 weeks, with super now paid on that, improving both immediate family finances and long-term retirement outcomes. We've improved supports in superannuation on a range of fronts, including legislation passed in this chamber today, through LISTO supports, which would see hundreds of thousands of Australians get increased support to their super accounts. Those opposite voted against that earlier today. It's appalling.

Under Labor's new three-day guarantee, every child who needs it is eligible for three days of subsidised early learning each week, no matter what their parents do. This means that 100,000 more families are eligible for three days of subsidised early learning.

Again, an absolutely key element of standards of living, of our supports for those who need it most, is the fact that 1.2 million jobs have been created in this economy since we've come to office. Unemployment remains low by historical standards and workforce participation remains at near record highs. This is an economy that has, in the last national accounts, performed well on some key metrics of standards of living. Real per capita disposable income is up two per cent over the last year. I remind the House that it was down 1.5 per cent on the last reading when the Liberals were in office. That was after a decade of shocking productivity growth, a decade of low, sclerotic wage growth by design.

No-one on this side of the House is suggesting that everyone's doing it easy. No-one's putting the Mission Accomplished banner up. What we're saying is that there are some welcome overall numbers. There is some welcome growth. For those who are doing it tough, we will continue to provide supports. We will continue to support Medicare to roll out urgent care clinics. We're going to continue to deliver the tax cuts that we promised at the last election and that we delivered in the previous term, against opposition from those opposite. We won't take lectures from people who delivered such shocking outcomes when they were in government and who oppose every single support that we bring into this place.

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