Tim Wilson (Goldstein, Liberal Party) Share this | Link to this | Hansard source

The 2018 budget is a blueprint for an Australia that takes intergenerational equity seriously. As Liberals, our vision is to maximise opportunity for every Australian: generation Y, generation Z and those generations yet to come. If you're young, this budget is designed to empower you.

There are seven pillars to this budget to benefit young Australians. First: investment in education, particularly in regional, rural and remote Australia. We've made it easier for students to access youth allowance, and there's an extra $50 million to reduce Centrelink call waiting times. We've also delivered record levels of funding for universities.

Second: job creation. In this budget an extra $90 million will create more places in the Transition to Work program, which targets 15 to 21-year-olds who are at risk of long-term unemployment. There's also funding for the Brotherhood of St Laurence to set up a youth employment body. Youth unemployment is twice that of the general population, at 12½ per cent. The Turnbull government has now delivered more than one million jobs at 1,100 a day. The most recent ABS data shows strong support in full-time work. Many of these jobs are giving young Australians a first foothold on the ladder of opportunity or helping them to advance their careers. We want to turbocharge that.

Third: making superannuation simple. If you've had multiple part-time jobs, odds are that you've got multiple superannuation accounts sitting and being eaten up by admin fees in opt-out life insurance policies you never asked for. Under the government's changes to superannuation, the Australian Taxation Office will automatically consolidate funds worth less than $6,000. Not only does that remove a mountain of paperwork but it also boosts savings in the long run.

Fourth: income tax relief. More than 70 per cent of federal taxes come from income. The biggest growth in government expenditure is to support an ageing population—pensions, aged care, the PBS and health care at the most expensive stage of life. The Turnbull government's tax relief program will lower middle-income tax rates and start to address the wealth transfer from young workers to retirees.

Fifth: delivering a surplus and paying down the debt. High government debt has been incurred to fund services for established generations, to be repaid by their children and their grandchildren. Overspending today simply means higher taxes for young Australians tomorrow. All that government debt has pumped into the economy to stop adjustments; it's kept house prices high and stopped an adjustment that could have made housing more affordable. It's now time for young Australians to be unshackled to seek their own future.

Sixth is mental health. One in four young Australians experience a mental health condition, and the $92.4 million investment in frontline mental health services includes $33.8 million for Lifeline, $10.5 million for beyondblue and $2.2 million for Defence Force Reservists. That is on top of the $110 investment in youth mental health programs, a million dollars to help young people with mental illness to find jobs and $18 million for the establishment of The National Centre for Excellence in Youth Mental Health.

Seventh: doing what Canberra can on housing affordability. Housing prices go down when there is ready supply. That's mostly up to the states and local councils, but the Turnbull government is doing everything it can. In last year's budget we changed the law to allow first homebuyers to contribute money tax-free into their super accounts. Without tax, you're saving faster. We've announced a $1 billion National Housing Infrastructure Facility, especially designed to invest in transport, water and power to keep up the housing supply no matter where you are. And since 2015, the Commonwealth has also injected $722 million into the National Partnership Agreement on Homelessness, particularly focusing on youth homelessness.

Finally, of course, there are craft breweries. As of this budget, the extra tax on craft beer is gone. This budget is designed specifically to deliver for young Australians so they can realise their opportunity and their best chance in life.

Mr Deputy Speaker Vasta, with your indulgence, I would like to acknowledge somebody in the gallery. As you know, last year we had an incredible debate on peoples' lives and the recognition of their relationships. I would particularly like to acknowledge Jill Kindt, who is in the gallery, and her marriage to her wife, Jo Grant, who sadly passed away. They were the first same-sex couple to be married following the change in law that this House ratified with nearly unanimous support. I can't imagine what it has been like to deal with the tragedy of that loss, and all I can say, on behalf of the people of Australia, is that I'm sorry it took so long.