Cameron Caldwell (Fadden, Liberal National Party, Shadow Assistant Minister for Housing) Share this | Link to this | Hansard source

It is indeed aptly titled that we rise today on grievance in this place. I do so with a significant level of concern for the direction that our country is being taken under this Albanese Labor government. As we know, there's something going on in the Middle East which is causing some disruption to international trading routes. That is clearly having some impacts here in Australia. But I just want to set the scene as to why, as we enter this period of time of uncertainty and instability, Australia under this government and under this Treasurer is not as well prepared as it should be.

A very good comparison of where we could be at is with some other comparable economies. Each nation has its own Reserve Bank-style body, and I just want to run through where they're all at in a few alternative economies similar to ours. On 18 March, the reserve bank of Canada kept their rates on hold at 2.5 per cent. Inflation in Canada is 1.8 per cent. On 18 March, the United States Federal Reserve kept their interest rates on hold. On 19 March, the European Central Bank decided to keep their rates on hold at two per cent. On 19 March, the United Kingdom's Bank of England decided to keep their interest rates on hold. On 19 March, the Bank of Japan decided to keep their interest rates on hold. You'll see the trend here is that, in other comparable advanced economies, the reserve banks of those countries were able to make a decision to leave rates on hold. What's happened in Australia is that on 17 March, with inflation absolutely raging out of control, having tipped to 3.8 per cent and rising, the Reserve Bank had no choice but to raise interest rates to 4.1 per cent.

This is a measure of the performance of this Albanese Labor government and of this Treasurer. It is a shameful indictment on their management of the economy that, having been in office for four years, having come in post COVID, they did not do enough to lower inflation in order to give the Reserve Bank the ability to keep interest rates lower for longer. Instead, Australians are paying, on average, about $27,000 a year more now in interest on their mortgage than they were when the coalition was in office.

All of this is important because it sets the scene for global uncertainty and how well prepared we as a nation are to maintain the lifestyle that we love dearly here in Australia and to maintain the standard of living that we have here in Australia. But we are shockingly exposed under this Treasurer to the global events that are unfolding far, far away. We're exposed because inflation was already raging out of control. The Reserve Bank governor made it crystal clear in her remarks that this inflation and this necessary rise in interest rates had nothing to do with what's going on in the Middle East this week. Everything in their data pre Christmas already had interest rates needing to go up to deal with the inflationary pressure that was building in the economy.

The Treasurer is probably thinking at this point in time: 'Jeez, I really could have done something sooner. I really should have done something sooner.' I'm absolutely certain that's what the Prime Minister's now thinking about the Treasurer and his job. But, instead, Australians are facing record government spending and record government debt. To put that in context for Australians out there that are tuning in, we are going to tip over $1 trillion in national debt. What does that mean? It's a big number, but what it means is this: interest payments of $72 million every single day—just paying the interest on a trillion dollars worth of debt. Imagine what we as a nation could do with that money if it wasn't servicing the spending habits of this Treasurer.

Having been in office for four years, the Treasurer has absolutely squandered the opportunity to get the finances of our country back in order. Instead, inflation is raging out of control and interest rates are going up. And now what have we got? We've got, on the Gold Coast right now, diesel fuel at $3 a litre. No average Australian should be paying $3 a litre for diesel right now. How on earth is a family going to fill their car, run the kids to school and to sport, and get to work, let alone the tradies who are driving from job to job and the transport companies that are driving goods from point A to point B? How are all of these businesses, these households—think of the students at university. Think of the seniors who are on a pension. They cannot afford this Labor government, because everything is getting too expensive too quickly, and it's playing out every single day.

Now we're going to the fuel pumps and paying three bucks a litre for diesel. You go to the supermarkets, and you're paying more for your food. You get your power bill in the mail, and it's up by hundreds and hundreds of dollars. This is not the Australian way of life. We are supposed to be a country where you can get ahead, where you can work hard and be rewarded for that hard work. Instead, we are all paying the consequences of this Treasurer's inability to rein in his spending habits. That trillion dollars worth of debt is costing every single Australian every single day. There are businesses out there that I know are contemplating right now whether to lay off staff. I know that they're contemplating whether they need to put levies on, and that's if they have the ability to even vary the terms of contracts or the dealings that they have with other businesses. If they can't, then their petrol bills and their diesel bills have basically doubled overnight, and that is potentially an irrecoverable cost for those businesses.

The minister has been wandering into question time every day this week being completely evasive, not being upfront with the Australian people, selectively choosing what numbers he gives of where petrol or diesel is on any given day in any given state or territory. He should have that data on hand. He should be able to contact those fuel companies and direct them to where they need to go to get that petrol and diesel every single day. But we have had to drag him kicking and screaming to provide some level of transparency and accountability to the Australian people, who are out there wondering when those hundreds and hundreds of bowsers in New South Wales are going to once again have petrol and diesel available to them.

If it's not a fuel crisis when there's lack of supply and there are extremely high prices, then I don't know what is going to get this minister excited about doing his job on a full-time basis. I think it's time he retired from COP and actually took on his ministerial role on a full-time basis, because that's what the Australian people deserve.