Yesterday inflation went up again. Prices are up by 4.3 per cent over the year to September. Economists now expect the Reserve Bank to lift rates again next Tuesday. Because of Labor's economic mismanagement, Australian families are bracing for the highest interest rates they've seen since 2008. On too many occasions I genuinely see people at the supermarket putting groceries back because they can't afford them.

Melbourne Cup Day used to be about picking a winner, but, under this government, the only sure bet is another rate rise—No. 17. This morning the Prime Minister said these changes won't be solved overnight. Prime Minister, it's been 1,622 nights since you were elected, and Australian families have lost sleep on every single one of them. Since the Albanese Labor government was elected, Australians have experienced the biggest fall in living standards in the developed world. It got so bad that Labor's own backbench have now lost faith in its government's economic agenda. They have gone searching for answers themselves. This week the member for Chifley floated some ideas from the socialist manifesto: price caps on bread, milk and eggs. Price caps are not a plan. They are a sign that Labor's plan has failed.

While families are tightening their belts, the Prime Minister has found six million bucks for the Marrickville Golf Club in his electorate, just down the road from his property. Over the past weeks, the Prime Minister has told the House that sewerage upgrades were a key component of this grant. But what did we find out in Senate estimates on Monday? The grant does not include sewer works. But it still stinks. Once again, the Prime Minister's story has gone down the drain. He has misled this House and misled Australians. This is the same Prime Minister who told Australians there'd be no changes to negative gearing and capital gains tax. Then he changed his position. While the Prime Minister is out spinning furphies by day and misleading parliament by night, small businesses are being smashed by Labor's tax grab.

The coalition has a plan to fix the economy and protect our way of life. It starts with the fundamentals. Energy is everything—your power bill, your groceries, every tonne of steel we make. Labor promised to cut power bills by $275. Instead, electricity prices are up by 40 per cent since the 2022 election. In Grey, the future of the Whyalla steelworks and the Port Pirie smelter depends on affordable power. Get energy wrong and you get everything wrong. The coalition will scrap net zero and make Australia an energy superpower. While the Treasurer says his budget cannot afford fuel relief, under the coalition, when the oil price spikes, as it is doing right now, a fuel price shield will kick in, saving you 27c a litre. The coalition will axe Labor's many new toxic taxes, deliver a tax-back guarantee and back small business. We will cut net overseas migration by 100,000 for two years, allowing housing supply to catch up. The coalition's Future Generations Fund will pay down Labor's trillion dollars of debt and build the roads, the ports, the infrastructure and the water infrastructure that the regions need.

The coalition will cut all the waste, all the taxes and all the red tape that was brought to you by the Albanese Labor government. The coalition has found $31 billion in savings already: $9.4 billion by abolishing net zero and ending Labor's climate bureaucracy; $7.3 billion by ending corporate welfare, or giving cash to their mates; $4.7 billion by scrapping Labor's failed housing schemes; $7.9 billion by breaking the illicit tobacco business model; and $2 billion by putting Australian citizens first. These savings would more than pay for a tax-back guarantee, while leaving the budget $22 billion better off over the four years. Fixing the economy is not complicated: cheaper energy, less waste, lower taxes and an end to the corruption. Get the fundamentals right, and Australians will get ahead again.