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

This budget reveals the true nature of this government. It is a budget of broken promises, lower living standards and fewer homes built. It is in their own budget papers. But, more than that, it is an ideological budget. It is frighteningly socialist. These numbers speak for themselves. Because Labor can't manage money, we face a decade of deficits worth $150 billion. We are looking at debt of $1.25 trillion. That's $1,250 billion of debt. Every Australian will pay this. The yearly interest bill alone will hit $42 billion. That is $80,000 every single minute. Instead of fixing the problem, Labor is trying to balance the books by burdening the economy with $77 billion of extra taxes. Government spending is now at its highest level in 40 years.

Crippling inflation is destroying regional households. It is forecast to hit five per cent. That is higher than in the United States, the United Kingdom and Germany. Under Labor, energy is up 40 per cent and rent is up 23 per cent. Food, health insurance—they're all surging. Australians with a typical mortgage are $32,000 a year worse off. Real wages are down three per cent. Things are spiralling. If you feel poorer, it is because you are poorer. For people in rural and remote Australia, this means less money for groceries that are already overpriced compared to cities and towns. It means less money for school fees, sports supplies, school uniforms and school sports. It means less money for fuel, making trips to the doctor or dentist in town all the more difficult. It is an unfair burden.

To make matters worse, it is now abundantly clear that Labor has lost control of immigration. By the end of their first two terms, they will have brought in two million migrants, overshooting their own targets while failing to build the homes we need to keep pace with this population growth. Their own budget confirms that their new housing taxes will mean 35,000 fewer homes over the next decade. It is really baffling reading. One of the most disturbing parts of this budget is its demographic and age based welfare. They are pulling the ladder up on younger Australians and small business owners who are simply trying to get ahead and taxing older generations who have worked hard and saved.

They can't manage money, so they are blaming boomers and taking money from the business people who are our regional economies. That is not reform; it is an assault on aspiration. It is a tax on savings. It is a tax on getting ahead. It is a broken promise. Labor is shutting the door on young people who are already locked out of the housing market and acting like they're Robin Hood. We oppose the housing tax. We oppose the tax on family savings. We oppose the tax on trusts, which will smash—

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