Leon Rebello (McPherson, Liberal National Party) Share this | Hansard source

I move:

That this House:

(1) notes that the cash rate has risen to 3.85 per cent, marking the 13th interest rate increase under the Government;

(2) recognises new data showing a record 760,100 Australians aged 65 and over are now in the workforce, the highest level since records began in 1995;

(3) expresses concern that nearly 100,000 more older Australians feel it necessary to work or delay retirement or are returning to work due to cost of living pressures;

(4) condemns the Government's economic mismanagement and unchecked debt fuelled spending, which has contributed to rising inflation and increasing household costs for power, rent, groceries and mortgages; and

(5) calls on the Government to take urgent action to address the cost of living crisis, curb spending pressures driving inflation, and ensure older Australians are not forced to delay retirement due to financial hardship.

When I put this motion forward, it noted that the cash rate had risen to 3.85 per cent, which marked at the time the 13th interest rate rise under this government. Since then, we have had yet another rise, the 14th interest rate rise, under this government, taking the interest rate to 4.10 per cent. The impact of this is significantly affecting not only young people in my electorate but also older Australians, and that's what I'd like to touch on in particular today.

I rise here because too many Australians are being forced to work longer, and this isn't by choice; this is by necessity. We have a situation where people who have worked very hard for the benefit of this country thought they would be retiring comfortably and planned out their life in a certain way. But now, because of the real financial pressure that Australians are under, they're having to work longer.

This motion highlights a deep and concerning trend in Australia. The cash rate now—having had, like I said, 14 increases under this government—has not come out of nowhere. It's a result of a government that is addicted to spending. Because of this economic vandalism, we are seeing inflation hurting Australian households across my electorate of the southern Gold Coast and across the country as well. We're seeing 16 per cent more for food, 18 per cent more for health, 22 per cent more for rents and 39 per cent more for insurance. As we all know, it's almost 40 per cent more when it comes to electricity.

Mortgage holders are paying a lot more now than they had to previously—in the thousands per year. And this isn't abstract economics; it's pressure felt at every kitchen table. It's pressure felt across every bill, payment and mortgage repayment, or even on rent day. Despite the fact that the Treasurer may insist this is attributable to what is happening abroad, we know that this is homegrown inflation, and the 13 interest rate rises prior to the most recent interest rate rise and prior to what's happening in the Middle East are a testament to that. We're seeing a situation where government spending is outpacing economic growth by a measure of four to one. We're seeing $50 billion in new discretionary spending, and savings are simply reallocations of existing expenditure. We all should adhere to one principle here, and that is that you cannot spend your way out of inflation; you'll only make it worse.

While this motion talks to what is happening to older Australians, others are not exempt. Young people are not exempt, and people who have entered into the housing market are not exempt. We're now also seeing the long-term consequences of this government expenditure. We're seeing a situation where Australians are now facing a trillion dollars in debt, right on their doorstep, and $1.2 trillion in debt by the time we get to the next election. That means we're going to see less money for services and more pressure on those who are holding the tax burden. And every dollar that's spent on interest is a dollar that is not spent on Australians.

The largest collapse in living standards across the developed world is something we should not be proud of in this parliament. It's something this government should not be proud of. Australians are working harder and they're falling further behind because of this situation. I represent an electorate that has an average age slightly higher than the national average. I expect that many people in my electorate who thought they would be at the point of their life where they're ready to retire, spend time with their families, and maybe travel and see the world are now facing the tough economic choices where they're having to work longer. It's just not good enough. People who have worked and contributed to this country for so many years deserve better. They deserve access to that retirement, and they deserve a government that is going to stand up for them, get their own expenditure under control—that is, government expenditure—reduce the pressures on inflation and create a situation where people who have worked for this country can retire comfortably and not have to keep working.

See this speech in context