Tom French (Moore, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer and Minister for Financial Services. How is the Albanese government acting to protect consumers, maintain economic stability and ensure that businesses are operating responsibly in the face of heightened global volatility?

Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the member for Moore for his question and acknowledge that he's been a champion for consumers and for cost-of-living supports throughout his time in this chamber. Many Australians are under pressure, and recent global events are adding further stress and uncertainty. The rising cost of fuel, in particular, is a major challenge. Nobody—and I mean nobody—should be trying to take advantage of the conflict in the Middle East to price gouge and profiteer. I urge all businesses to operate responsibly and to treat their fellow Australians with respect.

We are taking action to protect Australian motorists. In 2022 we increased the maximum penalty for anticompetitive behaviour fivefold to $50 million. And yesterday the Treasurer introduced legislation—after having worked with the Assistant Minister for Productivity, Competition, Charities and Treasury—which again will increase the maximum penalty the ACCC can hand down, taking it from $50 million to $100 million. Today we passed that legislation through the House.

Unfortunately, as always, the opposition has been confused and opportunistic. They said that we needed to act quickly, but now they're also claiming that we're rushing things. And it's not the first time we've heard this. Well, we make no apologies for acting swiftly on these matters.

I have a message for any fuel retailers who seek to make Australians pay more than they should: it is those who are trying to make a quick buck who will ultimately pay the most. We have also extended the ACCC's petrol price monitoring program for a further five years and ensured it can issue infringement notices where it suspects misleading conduct.

The ACCC has put the sector on notice and made clear it will not hesitate to act if laws are broken, moving quickly to safeguard supply through tightly controlled supply coordination while stepping up price surveillance and enforcement.

We know that it's not just petrol and that things can be tough. That's why our government continues to roll out responsible, targeted cost-of-living relief. This includes two rounds of further tax cuts for every Australian taxpayer, cuts to student debt, cheaper medicines and cheaper child care. We're making it easier and more affordable to see a doctor. Almost all of those measures were voted against by those opposite. We're also backing increases to minimum and award wages, delivering cheaper energy and free TAFE, and boosting government funded paid parental leave. We are closely monitoring events in the Middle East and their impact on the Australian economy. We will continue to take action to ensure that our markets operate fairly and competitively, and we will continue to roll out responsible, targeted cost-of-living relief.

Dai Le (Fowler, Independent) Share this | Link to this | Hansard source

My question is to the Prime Minister. Prime Minister, constituents have told me today that fuel is now $3.15 in Fowler, south-west of Sydney. Since my question to the Treasurer on Tuesday, when he failed to answer—will you follow Italy's prime minister and cut fuel excise temporarily to provide immediate relief at the bowser?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Fowler for her question. It goes to the pressures that people are under when costs rise. I'd say to your constituents in Fowler two things. The first is, yes, the war in the Middle East is having an impact right around the world, whether it be in Fowler or in Grayndler, whether it be in Europe, in Asia, in North America, in South America—everywhere. Nowhere is immune to the impact that this Middle East war is having, and that flows down from an impact on the national economy right through to an impact on individuals.

Our job is to do what we can to shield people, such as the member for Fowler's constituents, from the worst impacts of what is a global event—not one that we chose, not one that we're participating in, but one which impacts us. And that's why, as well—as the Treasurer and Assistant Treasurer have just said—the tax cuts that have gone to every single worker in your electorate will make a difference. Some 65,000 taxpayers in your electorate alone are getting an average tax cut of more than $2,000 every year. That's why the student debt relief that helped 23,000 of your constituents will make a difference as well. The $15.7 million that's been saved on three million scripts in Fowler will make a difference for those constituents. The 15,600 people who've gone to the Liverpool Medicare Urgent Care Clinic—that has made a difference as well. In addition to that—

The SPEAKER: The Prime Minister will pause. The member for Fowler on a point of order—the Prime Minister has completed his answer. Resume your seat.