Tony Pasin (Barker, Liberal Party, Shadow Minister Assisting for Fisheries and Forestry) | Hansard source

Since Labor was elected, Australia has faced the largest fall in living standards in the developed world. Families are struggling, with costs skyrocketing across the board, and, as a result, the dream of homeownership for the average Australian is now sadly out of reach. While Australian families struggle to stay afloat, Labor can't shake their uncontrollable spending addiction. Their budget is now forecast to be in deficit for a decade, and debt is about to pass $1 trillion. Because Labor can't manage their money, they're now coming after yours.

Their unrestrained spending doesn't just mean higher taxes; it punishes Australians and fuels higher inflation. Higher inflation has meant real wages are declining, rents are increasing, taxes are compounding and people are taking home less in real terms. No wonder people are frustrated and losing faith in government. Adding insult to injury, this government decided to double down on their efforts, reaching further into the pockets of working families in their latest budget.

Feeling like they hadn't put Australian families under enough pressure, they proposed the largest tax increases in Australian history. How those opposite thought record taxes are conducive to increasing living standards is anyone's guess. Australians, however, know that higher taxes are not the answer; they're an assault on aspiration. Young Australians continue to work hard and do the right thing, but higher taxes lock them further out of homeownership. Even the budget papers themselves show Labor's taxes will lead to fewer homes being built and to higher rents. Australians are being punished for working hard. It puts a ceiling on ambition at the very time Australia needs more investment, more enterprise and more reward for effort.

It has taken far too long but, thankfully, the Prime Minister and Treasurer have realised, at least in part, their latest budget is a failure. Labor overreach is now trying to solve the headaches it created for itself by making tweaks at the margins. Unfortunately, this budget is not a partial failure; it is a complete failure. This government's toxic taxes don't require a tweak or a carve-out or any other Canberra policy fix; they need the axe. You don't fix a bad tax by making it more complicated, you simply scrap it. More complexity does not fix bad law. The Albanese government needs to withdraw the bill and start again.

The budget must be reworked to build an Australia where living standards are restored, where workers are rewarded and where young people can get ahead. It should be our duty to ensure that the next generation is better off than the one that came before it, and to help this I've got a few ideas for those opposite. To restore living standards, Australians deserve a government that puts them first. That's exactly what the coalition plan to do. We've got a plan for lower taxes, for low inflation and an economy designed to back the self-starters of the nation, not kneecap them.

We believe that if Australians work, if Australians take risks, then Australians should get ahead. We plan to take the pressure off the housing market by capping migration based on how many homes Australia builds. It's a simple supply-and-demand calculation. If we can't meet supply, we won't hurt Australians by artificially increasing demand. We will rein in inflation and bracket creep by providing an automatic tax cut, and that, of course, will be done via ending bracket creep. When your wages rise to keep up with inflation you shouldn't be punished and taxed more.

We'll provide affordable energy by backing technologies that can provide it. History is clear: you can't grow living standards without access to affordable, reliable energy. That, of course, has been the history of Australia. We don't want America's living poor, but we can't have high wages and high energy costs at the same time. Ultimately, we are an energy rich country and we need to capitalise on that wealth.

We will also support small businesses by providing an instant asset write-off of $50,000—not the $20,000 that those opposite have suggested. That will buy you half a ute, if you are a tradie, but that doesn't get you very far down the road. Our $50,000 will get you that second-hand ute; it will give you a start; it will get you ahead. Only then can you grow the economy and properly begin to address declining living standards. Our plan is for a fairer, freer and better Australia, restoring living standards and rewarding aspirations. I hope those opposite have a good look at that idea.

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