Leon Rebello (McPherson, Liberal National Party) Share this | Link to this | Hansard source

I rise to support the motion moved by the member for Casey to condemn this government's reckless and out-of-control spending. This government's economic philosophy more closely resembles that of a gambler on a losing streak than a prudent steward of our nation's finances.

Government spending must be targeted, effective and efficient. Labor continues to act entirely out of self-interest, piling on debt with no regard for the generations to come, who will ultimately foot the bill. Under Labor, spending has blown out from 24 per cent to 27 per cent of GDP, the highest level outside a recession in nearly 40 years. Labor has taken a blowtorch to the fiscal guardrails that every responsible government of either persuasion has used and respected for decades. Treasury officials have confirmed there are no quantifiable fiscal rules guiding Labor's budgets—no speed limit; no seatbelts; just a blank cheque and a Treasurer who thinks budgetary discipline is optional.

Since coming to office, Labor has added $100 billion to the national debt, on track to breach $1 trillion this financial year and $1.2 trillion by the time of the next election. Every minute, $50,000 of taxpayers' money is burnt just on interest. That's $72 million every single day that isn't being spent on essential services. Labor's spending binge has worked against the RBA, kept inflation sticky and rendered rate cuts impossible. Markets now fear it may be 'one and done' on cuts, with rates remaining elevated for longer. When Labor spends, Australians pay.

First, they ditched the rule book and reached for your wallet when they floated their tax on unrealised gains in super, opening the door to taxing theoretical profits because they're desperate to feed their spending habit. This wasn't just poor policy; it crossed a line and set a dangerous precedent that spooked savers and retirees. A government that cannot live within its means will always go looking for new ways to live within yours.

It's not just the size of spending; it's the quality. Despite the splurge, growth hasn't improved. My constituents in McPherson feel no better off, and Australia has endured multiple quarters of per capita recession. In failing to rein in its spending, Labor is betraying the young Australians who will be left to service an ever-expanding debt. On behalf of my community, I plead with the government to restore the quantifiable fiscal rules that every government of either persuasion has adopted and heed the warnings of leading economists. Their track record should be an indication that clear rules and real restraint are critical, now more than ever. Stop the waste, curb the debt, and ease cost-of-living pressures. But fiscal rules are only half the job. We must start growing the economic pie and Australians' slice. That means a pro-productivity agenda; cutting red tape that is smothering builders, innovators and exporters; restoring ambition to business; and delivering permanent income tax relief so that work is rewarded. In short, get government out of the way so that Australians can get ahead. That is the coalition's instinct and record.

Australians know the difference between a government that manages and a government that spends. They also know there is nothing compassionate about policies that keep rates higher for longer, hollow out savings and leave the bill for the next generation. I support this motion because when Labor spends, you pay. The coalition will deliver discipline, lower taxes and stronger growth so that Australians can thrive. That is our promise, and that should be the government's promise as well.

Jerome Laxale (Bennelong, Australian Labor Party) Share this | Link to this | Hansard source

Those opposite want to come here and talk about spending, but they don't want to talk about results. With motions like this, they want to keep on coming into this place, feigning that they're the great economic managers of Australian politics. They're still trying to ride the coat-tails of Howard and Costello. They're still trying to hoodwink to Australians that they've still got it. They don't got it! They're not the great economic managers that they believe they are. They're not it. And that's not subjective; that's fact. There's only one major party in this place at the moment that has the runs on the board when it comes to responsible economic management—and it's not them. While they just keep on talking about it, we deliver.

In our three years in government, Labor has delivered two consecutive surpluses, the first back-to-back surpluses in almost 20 years; we've had the biggest nominal budget improvement in Australian history, a $209 billion turnaround; and we've got record low historical unemployment rates—all while delivering real cost-of-living relief for Australian families. They call that cost-of-living relief wasteful spending. We call it backing Aussie families. That's a record that we can be proud of. That's responsible fiscal management, making tough decisions and making savings while also spending to help Australians. We're helping people earn more and keep more of what they earn. We're not bringing out these black mugs saying, 'We're back in black.' We've delivered results.

Let's not forget their record. Nine years of government; nine surpluses promised. Do we know how many they delivered? None! Not one surplus delivered. And then they come in here talking about how we've got wasteful spending. They didn't deliver one surplus in their nine years, and we delivered two. They doubled the debt before the pandemic. They left a trillion dollar tab and riddled the budget with waste and rorts. They promised fiscal rules. I mean, I don't know what those rules were worth. They weren't worth the paper they were written on, because they made those rules but never followed them. Was one of the rules that you were going to keep delivering deficits? It should have been, because that's what happened. You promised nine surpluses; you delivered none. They promised discipline, but they delivered deficits. They promised restraint, but they spent without purpose. While they want to talk about responsibility, we actually deliver it.

In just our first term, we've delivered the largest turnaround in history, $209 billion better than forecast. But we've also made tough decisions—$100 billion in savings and reprioritisations, with spending growth held at 1.7 per cent, which is less than half the average of the Liberal Party. We've banked 70 per cent of revenue upgrades and reduced debt by $188 billion. The last time I checked, I think the Morrison government only banked 40 per cent of revenue upgrades and the Howard government about 30 per cent. So we banked 70 per cent of revenue upgrades, which has helped reduce our debt, because that's what responsible management looks like. They call our spending wasteful; we call it targeted.

Cheaper child care is one of our spending measures. Would those on the other side say that's a waste? I certainly wouldn't. You can come into my electorate and tell hardworking mums and dads that their child care shouldn't be cheaper. We've got better wages for early educators. We initiated that spending. Do you think they need to be paid better? We've got better wages for aged-care workers. We've got cheaper medicines. We've got energy bill relief. We know that they don't support energy bill relief because they voted against it. We've delivered tax cuts for every taxpayer, including tax cuts in the last financial year legislated—and we know they don't support that either, because they went to the last election promising to increase taxes.

We've delivered 1.1 million new jobs since coming to office. Women's workforce participation is at a record high, with the gender pay gap at a record low. They call all these measures wasteful spending. I won't have a bar of that and neither will Australia, it seems, because they returned us to office with this record, and we'll keep on delivering. Inflation is at the lowest rate in four years, within the RBA target band for nine months. Their alternative was $600 billion on a nuclear fantasy, nine years of rorts, waste and robodebt. It's a fantasy that you guys think you're the better economic managers, because the facts don't show that you are.

Meryl Swanson (Paterson, Australian Labor Party) Share this | Link to this | Hansard source

I remind all members to direct their comments through the chair.

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

It doesn't take an economics degree to see that the socialist Labor government is addicted to spending taxpayer money—spending your money. They're running up the credit card for our kids to pay off. Right now they're spending $50,000 every minute just on the interest on the debt. They've added an extra $100 billion to the national debt since they took office. That debt is heading to be an eye-watering $1.2 trillion by the next election. This year we reached a milestone in South Australia—of course the 'People's Republic of Victoria' got there only two years ago. Every South Australian worker owes their government over $100,000, and that's not including local government debt. That's just state and federal. Let me say that again: every South Australian worker owes their government over $100,000, because government debt is not paid off by the government. It's not paid off by someone on welfare. It's paid off by the police officer, the school teacher, the farmer and the local retailer.

This city focused socialist Labor government is pouring money down the drain as farmers in South Australia reel from generational drought, as residents in Coober Pedy struggle to get the most basic of human needs and as fishers impacted by the algal bloom are on their knees. Regional South Australia is missing out. Labor make promises to the regions, but what do we see? We see 130,000 more Australians in the dole queue. We see electricity up 39 per cent. We see rent up 21 per cent. We see food costs up 16 per cent. We see average mortgages up $1,800 a month. We see spending up to 27 per cent of GDP and we see workers with only 30 bucks left each week. The only thing we don't see is where the money has gone. Where is it? Has it vanished? It's not in my electorate; I can tell you that for free. You cannot trust Labor with money.

Let's break it down roughly. We are paying $50,000 in interest per minute on Labor's debt. That's $72 million in interest per day. Now, $72 million could go a long way in regional South Australia. It could make a real difference such as by upgrading the Wallaroo Hospital, fixing the childcare desert and incentivising GPs to work regionally and remotely. It could provide funding to fix the Augusta Highway and finish the Strzelecki Track—in fact any rural or remote road in South Australia—and provide support for community housing in Port Pirie. It could provide funding to fix and reopen the jetty in Port Augusta and help businesses crippled by the algal bloom. These all seem like good projects. But what does Labor do? Where do they spend the money? They spend it on bailouts, handouts and vanity projects.

This isn't about policy; this is about trust. Labor promised stability before the election, and they've delivered nothing but chaos afterwards. They can't manage their own budget and they can't manage money, so they come after yours. We saw it with their chaotic attempts at fixing superannuation. Firstly they proposed an unworkable half-baked tax on unrealised gains—a move that would hit farmers hard. Then a backflip—a massive, embarrassing and messy reversal that the Prime Minister threw at the feet of his Treasurer to clean up in his absence. This isn't about policy; this is about trust. Labor's obsession with inner-city spending and confusing taxes is why cost of living is so high, why jobs are disappearing and why places like Grey—my electorate—are being left behind. They are leaving a $1.2 trillion debt bomb for the next generation.

There's an old saying: if it ain't broke, don't fix it. Well, we are broke—flat broke—and the Australian economy does need fixing. But this big-spending, tax-happy government seems incapable of making the hard decisions needed. Labor must act now to stop the endless taxfest and hollow promises. It's time for them, like every other Australian right now, to live within their means. We need a government that believes in lower and simpler taxes, not a government that takes away from your nest egg or your right to work on the family farm. We need a government that delivers fiscal discipline and prepares for the future, not one that mortgages away, desperately trying to win inner-city votes. Simply, Labor must stop its reckless spending.

Dan Repacholi (Hunter, Australian Labor Party) Share this | Link to this | Hansard source

We've heard a lot of noise today from those opposite about fiscal responsibility, but let's be real. One side of this place talks about fiscal responsibility and the other side actually delivers on it.

When those opposite were in charge, they set fiscal rules and broke every single one of them. They said they would balance the budget. They said they would offset new spending. They said they would bank revenue upgrades. They said they would reduce debt. And they failed on every count. They racked up deficit after deficit, piled on debt and left behind a budget riddled with waste and rorts. They even printed mugs that said 'back in black' but never printed a surplus.

Under this Labor government, we have done what they never could. We have delivered the largest nominal improvement to the budget in a parliamentary term, a $209 billion turnaround in our first term. We have delivered the first back-to-back surplus in almost two decades. And, in our third year, the deficit is around one-fifth of what we inherited. Those opposite like to talk about spending caps, but, under them, real spending grew by 4.1 per cent on average. Under us, it's at 1.7 per cent. That is discipline and extremely good management.

They did not deliver a saving in their last budget. We have found more than $100 billion since coming into government. They spent most of their revenue upgrades; we have banked almost 70 per cent. That's why the budget is stronger, not weaker. And let's remember that those opposite went to the last election with bigger deficits, bigger debt and a $600 billion nuclear fantasy. They would have driven up power prices, through the roof. Then they promoted the mastermind of that meltdown to now be the shadow treasurer. So forgive us if we do not take fiscal lectures from the mob who doubled the debt before the pandemic and left the country with nothing to show for it.

We have turned Liberal deficits into Labor surpluses, driven down debt and shown spending restraint that would be unrecognisable to those opposite. We have done it all while investing in things that matter, like Medicare, aged care, clean jobs—jobs!—and cost-of-living relief for thousands and thousands of Australians doing it tough. That is what good, responsible Labor economic management looks like—delivering for working people, not just talking about it, like those opposite.

Standard & Poor's has reaffirmed Australia's AAA credit rating, a vote of confidence in Labor's responsible budget management and the stability in this government. Their so-called fiscal rules were not worth the paper they were written on. They promised us surpluses but went zero from nine. They promised to offset spending but made negative net decisions four out of five times. They promised to bank receipts upgrades but only kept 40 per cent of that. They promised to reduce payments as a share of GDP, but it all went up. They promised to stabilise debt but almost doubled it. We have a clear fiscal strategy, and we are delivering on that. Our rules are in our budget: improve the budget position, reduce debt, limit real spending and bank revenue upgrades. We have improved the budget by $209 billion, reduced gross debt to a peak around 37 per cent of GDP compared to 45 per cent that was left to us by those opposite, and cut interest costs by $60 billion.

When we came to office, inflation was higher and rising, real wages were falling and deficits stretched as far as the eye could see. Now inflation is at a four-year low, real wages have been growing for seven quarters, more than 1.1 million jobs have been created, unemployment is at record lows, and we are delivering cost-of-living relief for people that really need it—child care, cheaper medicines, energy bill relief and three rounds of tax cuts for every Australian worker.

Andrew Willcox (Dawson, Liberal National Party, Shadow Assistant Minister for Manufacturing and Sovereign Capability) Share this | Link to this | Hansard source

We are here to consider the real cost of this Labor government's reckless spending, not just in abstract numbers but in the lives of everyday Australians. Reckless spending isn't just bad economics; it's a tax on hope, a tax on ambition and a tax on every family trying to get ahead. Since the Albanese Labor government came to office, it has added $100 billion to the national debt, a figure set to breach $1.2 trillion by the next election. That is not just a number on a page; it's a burden that will be forced upon our children and grandchildren to carry. On the cost of interest alone, Labor are now spending $50,000 every single minute—money that can't go to hospitals, schools, infrastructure or frontline services. Yet, despite this ballooning debt, the government has committed $22 billion in new decisions.

We all know that Labor cannot manage money, and, when they run out of their money, they come after yours. Australians are left to pay the price in higher taxes, higher bills and higher debt. This government's reckless pursuit of net zero at all costs has become a blank cheque for wasteful spending. Billions of taxpayer dollars are being poured into tokenistic gestures that will not make a measurable dent in global admissions yet they are driving up costs for everyday Australian households and businesses.

Labor is shackling our energy security to weather-dependent sources while ignoring the smarter baseload power options that keep factories running, farms producing, and families' lights on. The government's heavy-handed intervention in the gas sector has strangled investment, pushing us to the brink of energy shortages and even higher prices. Instead of lowering emissions in a practical technological way, Labor is importing solar panels and wind turbines built with foreign materials, eroding our sovereign manufacturing capability and exporting Australian jobs.

The truth is simple: every dollar of reckless green spending that fails to deliver cheaper, reliable power is another dollar added to inflation, another rise in power bills, and another blow to the cost of living. It is time the government stopped chasing headlines and started chasing outcomes by a cost-of-living target not an emissions target.

Consider young Australians trying to enter the housing market. Average mortgage repayments are set to remain $1,700 higher per month under this government than they would have previously. The government's solution ignores basic economics. Economics warns that the government's approach could push housing prices even higher, worsen affordability and leave buyers saddled with higher debt, especially in a market with limited supply. There is a real risk of negative equity, leaving first home buyers trapped in a price fall, and all because this government refuses to manage its spending responsibly.

This reckless spending is felt across every corner of Australia, with families working extra shifts just to make ends meet, small businesses facing increasing energy costs while trying to keep staff employed, pensioners deciding to go without meals so they can afford their electricity, and, all the while, the government pours more money into programs with no economic return, creating temporary fixes while the underlying problems—debt, inflation, cost-of-living pressures—continue to grow. Australians continue to pay more every month—not because of their choices, but because of this government's fiscal bad management. The result is falling real incomes, record insolvencies and a cost-of-living crisis unlike anything that has ever been seen before.

I'm supporting this motion because it is restoring common sense, accountability and fiscal responsibility. It is about protecting Australians from the consequences of unchecked reckless government spending. It is about ensuring that taxpayers' hard-earned money is directed towards priorities that actually matter—health, education, national security and infrastructure—and is not squandered politically. Time and time again, Labor has proven that, when they run out of money, they come after yours. Australians cannot continue to fund this spending spree.

David Moncrieff (Hughes, Australian Labor Party) Share this | Link to this | Hansard source

The late, great Meat Loaf used to say that two out of three ain't bad, but what do you think he would have said about zero for nine? Those opposite spent nine years in government, and they spent that time praising their own fiscal responsibility, but how many surpluses did they deliver in that time? A goose egg: zero. And now they come in here and howl about fiscal responsibility. One side of this place likes to talk about fiscal responsibility. We've had lectures about fiscal responsibility from a side that never delivers it.

On the other side, the side of the Albanese Labor government, we really deliver it. In its first budgets after coming to office, the Albanese Labor government delivered the first back-to-back surpluses in almost two decades and restored confidence in our nation's finances. This side of the House cares about fiscal responsibility, because of the assistance that it provides to working families in Australia.

The other side only cares about fiscal responsibility so that they can have something to print on their mugs. They like to forget about the 'Back in Black' mugs that they printed to celebrate the surplus that they promised but never delivered. Those opposite racked up deficit after deficit, missed every one of their fiscal targets and left Australians with trillions of dollars of Liberal debt. They printed the mugs, they printed the debt instruments, but they could never print the word 'surplus' honestly.

In contrast, this government has delivered the largest nominal improvement to the budget in a parliamentary term, a $209 billion turnaround in its first term. We've turned Liberal deficits into Labor surpluses, we've driven down debt by $188 billion and we've found over $100 billion in savings since coming to government. These are savings that keep inflation under control, reduce interest payments and deliver more responsible spending for the future. While those opposite delivered 4.1 per cent spending growth, we have kept it down to 1.7 per cent, showing real restraint. That is the difference between talk and delivery.

This discipline matters for communities like mine in Hughes, because sound economic management is what has allowed us to deliver real support for local families, small businesses and pensioners, not slogans or scare campaigns. Across my community in Hughes, residents are feeling the benefits of Labor's responsible approach, and it has meant that we've been able to deliver tax cuts for every single taxpayer, putting more money back into the pockets of the people of Australia. We are doing it while building the infrastructure of Australia's future, and we're creating jobs in southern and south-western Sydney. That's what responsible fiscal management looks like: investing where it counts and keeping the budget sustainable.

Now, the member wants to reintroduce so-called quantifiable fiscal rules. These are the same rules that his own party invented and then ignored. Those opposite believe that rules are only for other people.

We do have fiscal rules, and they are set out in our budget. They include improving the budget position, which we have done by delivering two surpluses and improving the budget position by $209 billion, compared to what we inherited in our first term.

But those weren't the only rules they ignored. They also ignored their own promises. They promised to get the budget back into surplus; they went none for nine. They promised to offset new spending; four out of five times their decisions were negative. They promised to bank revenue upgrades, but they only returned around 40 per cent. They promised to reduce payments to GDP, but they grew instead, even before the pandemic. And they promised to stabilise debt, and yet they almost doubled it, even before COVID. So you'll forgive us if we don't take lectures from the people who failed every one of their own rules.

This government does have clear fiscal rules, and we are meeting them. We've delivered two surpluses, we've reduced gross debt as a share of the economy, we've banked almost 70 per cent of revenue upgrades and we've kept spending growth under control. While those opposite like to talk politics, we're focused on the economy. When we came to government, inflation was higher and rising, interest rates were rising, real wages were falling and living standards were going backwards. Since then, we've made strong progress. Inflation figures are now at four-year lows. Wages have grown in real terms for seven consecutive quarters. Over 1.1 million jobs have been created, a record for any government in a single term. Just last month, a AAA credit rating was reaffirmed by S&P. Debt is falling as a share of GDP.

The difference could not be more stark. Those opposite talk about fiscal discipline; we deliver it. They print surplus mugs; we deliver surplus budgets. They talk about savings; we make them. They talk about responsibility; we live it.

Phillip Thompson (Herbert, Liberal National Party, Shadow Assistant Minister for Defence) Share this | Link to this | Hansard source

By the time I finish this speech, the government will have spent $250,000 on interest. That's $50,000 every minute. When you look at what this Labor government spends its money on—actually, what it spends taxpayer dollars on—it is quite astonishing.

This Labor government sends $50 million to Afghanistan. The Taliban hate us, and they should be able to hate us for free. We shouldn't be wasting money sending taxpayer dollars to Afghanistan, where the terrorist organisation of the Taliban, who have been fighting Australians—soldiers have been killed in action—are sitting there counting their millions from the Australian taxpayer. Labor's priorities are all wrong. This is a kick in the guts to our Defence Force personnel, our veterans and their families.

Because the Labor government can't manage money, they come after yours or they cut projects. We hear a lot from the Labor government, talking about everything they're spending taxpayer dollars on, but, when you look at the numbers—Land 400, which is for infantry fighting vehicles that our Australian Defence Force members, our soldiers, will use not just in training but in combat, went from 450 vehicles down to 129. This wasn't at the recommendation of the Army; the Chief of Army actually came out at Land Forces and said that it should all be included and that we should have the full amount. But, because the government can't manage their budget, they slash where they find it easy, and it's sad to say that the Labor government find it easy to take funding away from the Australian Defence Force and the veterans.

The Salvation Army provides a service called the Sallyman. The Sallyman will go outfield on operations, travel around and offer not just a coffee, a cordial or something to eat but a listening ear. Soldiers have told me that, without the Sallyman, they wouldn't be here today. But, once again, because of the fiscal irresponsibility of the Labor government, they have decided to cut the funding for the Sallyman.

Look at another service that provides lifesaving, job-creating opportunities for our Defence Force members and their families: the Oasis Townsville, one of the first veteran hubs in the country. It has done great work. Yes, they need a sustainability model, but they should be working closely with government. But, once again, there's no support, and funding is not there.

This government spends a lot and goes into debt a lot but doesn't put funding where it should. Every Labor speaker who's stood up said, 'When you were in government, Opposition, you did blah, blah, blah, blah, blah, and you should have been better.' You have to take an inward vision of yourself and go, 'We are not an opposition in government,' which is the Labor Party. You are the government. You sit in the big office. You have many staff and departments. Your job is to serve the Australian people.

If we're paying $50,000 in interest every minute—it's not your money; it's taxpayer money. Those who work hard every day—it's their money, and the government is supposed to spend it responsibly. I don't think there's any way you can cut this as this government spending it responsibly.

There are people in this parliament who believe taxing unrealised gains is a good idea. We heard speeches from Labor government members saying it is a good idea, and now there has been a change. I have no problem when a government reflects and changes, but not owning up to the mistake of announcing this is something that I take issue with. Our farmers are already hurting. They put food on all our plates, so when the government announces something like this, it hurts them. Changing it is a good idea; owning up to it is a better one. But good ideas don't come from politicians; they come from the experts in the regions. We need the Treasurer and the Labor Party to get out of the Canberra bubble and go out and speak to those on the ground.

Julie-Ann Campbell (Moreton, Australian Labor Party) Share this | Link to this | Hansard source

When the member for Herbert opened his speech today he said, 'Let's look at what this government spends money on,' because he believed that it was quite astonishing. He said it was quite astonishing, and I want to have a look at what this government spends money on. Let's find out what the members opposite think is quite astonishing. First, the Albanese government has its eye firmly fixed on health care—on investing in urgent care clinics that make health care more accessible and more affordable in our suburbs; on bulk billing—making sure bulk-billing doctors are everywhere across our nation; and on women's health—making the biggest investment into women's health that this country has ever seen.

Where else do the LNP think the Albanese Labor government's spending, which is prioritised on the things that matter to people most, is astonishing? Second, we've spent money on housing, with five per cent deposits, and on making sure this government is investing in building houses so our young people and people trying to get into the market for the very first time have the ability to have a house when it matters most. Third is the cost of living. This is astonishing, particularly when you look at the LNP's track record on the investment that this government has sought to make into costs of living, with 20 per cent off student debt, much cheaper medicines and free TAFE.

When I came here today, I expected a debate on what is important to the Australian people when it comes to spending. But after listening to speaker after speaker from the coalition, I have found that this debate is not about that. This debate is a stalking horse for the coalition's priorities right now and those priorities are themselves. Because while Labor is focused on delivering for everyday Australians, the coalition is focused on infighting, on chaos and on themselves.

What have we heard from the LNP, from the opposition people who have been speaking on this debate today? We have heard a lot about the denial of climate change. We've heard a lot about how they don't believe net zero should be a policy. We've heard a lot about what shouldn't be spent. When the LNP and opposition talk about what shouldn't be spent, that is a cover for what they would cut. We know what they cut because they've told us. They would cut free TAFE. They would cut health investment, and we have seen them do that again and again. It's absolutely a stalking horse to hide their track record when it comes to the budget because we know what they did when they were in government. Budget deficits are the hallmarks of an LNP government. When it comes to this government, not only are we undoing what they did in when they were in government but we are also investing in everyday Australians.

We have heard from four members of the opposition on this topic this afternoon and they have complicated what is in essence a very simple conversation about contrast. On the one hand you have proven fiscal record—unfortunately, one of deficit for the coalition honed over nine years of economic mismanagement—and contrasting that, on the other hand, you have the achievements of the Albanese Labor government. Let's take a closer look at those achievements.

When Labor came to government in May 2022 the Australian economy was under severe strain, and the economic outlook was bleak. Inflation had surged to 6.1 per cent and was continuing to rise. Thanks to years of policy confusion and inaction, everyday Australians were left with a severe housing shortage and limited access to vital healthcare services. Wage growth was stagnant, and there was instability in the energy sector. The coalition's report card for their years in government included a litany of broken promises and failures, and they said that they'd offset spending, but net decisions were negative for four in five of their budget updates.

In contrast the final budget outcome from 2024-25 confirms that the Albanese Labor government has delivered the largest nominal budget improvement ever achieved in a single term. The work to repair the budget started on day one, and since then Labor's responsible economic management has turned two Liberal deficits into two Labor surpluses. In our third year, we have substantially reduced the deficit and have been committed to paying down debt. While the opposition only care about themselves, Labor is focused every day on delivering a responsible budget and spending that supports Australians.

Colin Boyce (Flynn, Liberal National Party) Share this | Link to this | Hansard source

There being no further speakers the debate is adjourned, and the resumption of debate will be made in order of the day for the next sitting.