Alex Hawke (Mitchell, Liberal Party) Share this | Link to this | Hansard source

Australians will receive the news today that core inflation has again risen with great trepidation. Australia has one of the highest core inflation rates among every advanced economy in the world. The government needs a serious plan to tackle the rising cost of living and inflation, which is at the heart of these costs. They are adding to the cost of transport through their budget. They say they are cheapening the cost of medicine, but we have pharmacists here today who have reported to me that their changes will increase the costs of medicine. Their industrial relations changes are increasing the cost of labour at a time we have an inflation crisis, and electricity continues to rise. All of these cost inputs for business, all of these cost inputs for productive sectors, are challenging us in a way that we have not seen for a long time.

The government needs a cohesive plan to tackle inflation, which means reducing its costs, reducing its taxes, charges, levies, regulation costs, costs of doing business, so we can put downward pressure on inflation. Inflation is the most serious threat to the economic prosperity of every single Australian, of their individual income, of their small and family businesses, and of our entire economy. Yet, from the government, all we hear all day is these are just minor cost impositions. These things will not make a big difference individually but, collectively, these costs are adding pressure to the inflationary pressures in our economy.

The shadow Treasurer says if you don't have a plan to tackle inflation then you don't have a plan, and he is right.