Tom French (Moore, Australian Labor Party) Share this | Hansard source

I rise to address the motion concerning the decline in Australia's living standards due to what the opposition repeatedly describes as a cost-of-living crisis. Let us begin with a simple proposition. Every government is ultimately judged not by the slogan it repeats but by how it manages the moments when circumstances become difficult—not mugs for mugs, anyway. Economic shocks, global instability and sudden price pressures test a nation's institutions. They test governments most of all. The question before this House is therefore not whether Australians have faced cost-of-living pressures; they clearly have. The question is: which side of politics has demonstrated the competence, discipline and seriousness required to manage those pressures responsibly?

The cost-of-living pressures that Australians have experienced did not arise in isolation. They followed the most significant economic disruption in generations, a pandemic, supply chain breakdowns, energy price shocks and a surge in global inflation. Every advanced economy confronted the same pressures.

Inflation has surged across Europe, North America and Asia. Energy prices have spiked. Housing markets have tightened, supply chains have fractured. In short, the entire global economy has been under strain. Responsible governments recognised this reality and acted carefully to stabilise their economies while protecting households. The Albanese government approached this challenge with a simple principle: economic stability first, targeted relief second. That approach required discipline. It meant repairing the budget rather than reckless promises. It meant providing cost-of-living relief that did not fuel inflation further. It meant strengthening structural foundations of the economy. As a result, Australia's inflation is lower than when we came to office.

Wages have been growing and employment remains historically strong. That outcome was not accidental. It was the result of careful economic management. The government has also provided direct relief where it has mattered most. Apprentices have been supported with $10,000 bonuses to help build the homes we need. That includes electricians, plumbers and bricklayers. Cheaper medicines have reduced the cost of essential prescriptions, student debt has been reduced through reforms to indexation, we've introduced paid prac to nursing and teaching students, and tax cuts have been delivered to every taxpayer. Each of these measures was targeted. Each was designed to ease pressure without destabilising the broader economy.

The opposition invites the House to believe they would have somehow managed these challenges better, yet their own record demonstrates the opposite. When faced with economic pressure, the Liberal Party has consistently prioritised short-term politics over long-term stability. During their time in government, wages stagnated. Real wages went backwards for years. They never put in any claims to increase the wages of Australia's lowest paid on the awards, and productivity slowed. Budget discipline deteriorated despite repeated promises for stronger fiscal management. And when crisis emerged, the response was often chaotic or delayed.

Crisis management in government is not about rhetoric; it is about making difficult decisions with long-term consequences in mind. It requires steady leadership, it requires responsible fiscal policy, and it requires an understanding that wellbeing of households ultimately depends on stability of the broader economy. The Albanese government has demonstrated that discipline. It has stabilised inflation while maintaining strong employment. It has delivered relief while repairing the budget, and it has done so without compromising the long-term health of the economy. Ultimately, living standards are determined more than short-term price pressures. They depend on wages growth. They depend on secure employment. They depend on investment in skills, infrastructure and productivity. This government is investing in apprenticeships, training, and industry capability to strengthen Australia's economic foundations, because sustainable living standards come from a stronger economy, not from political slogans.

Economic crises revealed the difference between careful governance and a reckless opposition. That is why, when it comes to managing crises and protecting the living standards of Australians, Labor's record speaks for itself.

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