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

After four years of higher taxes, more debt, fewer homes, weaker borders and falling living standards under Labor, the coalition is putting forward seven policies to restore Australia's standard of living and protect our way of life. Under Labor, inflation has pushed up prices, wages and tax bills. Australians are not better off, but they are being taxed as if they were better off.

From 2028-29, a coalition government will index the bottom two tax income thresholds to inflation. This will fully protect around 85 per cent of income earners, with relief of around $250 in year 1, growing to more than $1,000 a year in year 4. From 2031-32, the coalition will index the top two thresholds as well, fully protecting all income earners from inflation.

We will restore common sense to housing and immigration by ensuring Australia only brings in as many people as it can house. Under the coalition's policy pledge, net overseas immigration will be capped each year at the number of new homes completed in Australia. We'll put Australians first by reserving welfare payments and future eligibility for the NDIS for Australian citizens. From 1 July 2028, access to 17 welfare payments and benefits will be limited to Australian citizens only. Future eligibility for the NDIS will also be limited to Australian citizens.

We will establish a future generations fund to ensure resource windfalls are used responsibly. Where resource windfalls are higher than forecast, a coalition government will bank 80c in every dollar into the future generations fund.

We'll deliver more fuel, more storage and more security for Australia and reduce pressure on families and small businesses by scrapping Labor's safeguard mechanism, a carbon tax on business that will cost refineries, for example, around $165 million by 2029-30. We'll back small businesses to invest, with a permanent $50,000 instant asset write-off. Any business with a turnover of less than $10 million will be able to immediately deduct assets costing up to $50,000, on a permanent basis.

We'll make Australia stronger and safer in the face of global threats, with a whole-of-nation national security strategy and a real increase in funding for defence. By increasing defence spending to three per cent of GDP, the coalition will provide increases to defence spending so that the men and women of the Australian Defence Force have the proper platforms, equipment and protection to fight for us.

We must back Australians who work hard, save hard and want to get ahead, because this is a country that is worth fighting for.