Tom Venning (Grey, Liberal Party) Share this | Hansard source

This budget fails to deliver on a list of key promises made to Australians, leaving them worse off through higher taxes, exorbitant costs and a string of broken commitments. Before the election, the Prime Minister looked the Australian people in the eye and proudly declared 'my word is my bond'. Well, we now see exactly what kind of bond he meant. We thought we were getting James Bond: courageous, reliable, admirable. Instead, his economic management looks more like Alan Bond, leaving a trail of catastrophic debt for the next coalition government to clean up. Perhaps the Prime Minister meant a pair of old Bonds underwear, because his promises are full of holes and leave Australians completely exposed. Or maybe his word is just like cheap bonding glue from the bargain bin, completely falling apart the second you apply pressure. His word is not a bond at all. His word is entirely worthless.

This budget confirms that the Prime Minister now oversees the highest taxing government in our history. Labor cannot manage money. They also can't manage spending, racking up an astonishing debt of $1.25 trillion. The yearly interest alone on this debt will hit $42 billion, or $80,000 each and every minute. While this government burns money, everyday Australians and regional Australians cannot afford to live. This budget itself reveals the buying power of wages has declined by three per cent. Homegrown inflation is forecast to hit five per cent higher than in France, Japan, the US and the UK.

We also see Labor completely blowing their immigration targets. By the end of their first two terms, they'll have brought in more than two million migrants, including overshooting their own targets by 90,000 people over the next two years. That puts even more pressure on infrastructure. But, instead of offering relief, Labor introduces new taxes. It is pure intergenerational fraud. Labor are pulling the ladder up on younger Australians, who are trying to get ahead. With its new housing taxes, Labor's own budget confirms that 35,000 fewer homes will be built over the next decade. You cannot make this up! But it's not just families who are being attacked in this budget. It's farmers, it's fishers, it's family owned businesses and it's critical industries that keep towns alive, like in Port Pirie.

On Port Pirie, this budget contains no new funding package to ensure the long-term viability of the lead smelter. While an earlier transitional package of $57.5 million is included in the budget papers, that package expired on 1 May 2026, and negotiations for further support are still unresolved. This leaves the future of Port Pirie hanging in the balance, and that is not good enough.

Everyone is feeling the pinch in this budget. Take the wine industry. With one hand, the government grabs money via higher taxes on trust. With the other hand, it takes away the Wine Tourism and Cellar Door Grant. It's a king hit.

When it comes to agriculture, Labor's raid on family trusts will hinder the ability of farms to manage income and transition ownership. Combined with changes to CGT, these policies will deplete finances and potentially force unintended asset sales, just to stay afloat. We also see Labor cutting $52 million from the Future Drought Fund, plus totally ill-timed cuts to Pest and Disease Preparedness and Response Programs grant funds. This is a cheap shot to all farmers, who are only ever one bad year away from disaster.

This government, this Prime Minister and this Treasurer gave their word to regional Australia. But Labor's word is now worthless, and this Prime Minister's bond with Australians is now officially broken.

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