Milton Dick (Speaker) | Link to this | Hansard source

I have received a letter from the honourable the Leader of the Opposition proposing that a definite matter of public importance be submitted to the House for discussion, namely:

The Government trashing the economy and destroying our way of life.

I call upon those honourable members who approve of the proposed discussion to rise in their places.

More than the number of members required by the standing orders having risen in their places—

Angus Taylor (Hume, Liberal Party, Leader of the Opposition) | Link to this | Hansard source

If anything reinforces the failures of the last four years of the Albanese government, it's the last fortnight. Where to start? There was the Prime Minister insulting the Japanese Prime Minister. Now, if that wasn't bad enough, what we saw was a prime minister so stubborn, so full of hubris that he couldn't do the right and decent thing. He refused to apologise for his crass and unstatesmanlike remarks and gestures not only to the Japanese Prime Minister but also to the many women he offended with his disrespectful and sexist comments.

Days later, the Minister for Social Services came out and rightly condemned the lewd behaviour of the Sydney Swans, yet she and other female Labor MPs couldn't apply the same standard to the Prime Minister. This is completely indefensible. This is the very definition of hypocrisy that we see from those opposite day in, day out.

Then there's the energy minister—we've got a long list to go through here—wasting $20 million of taxpayers' money on his net zero talkfest in Fiji with no major leader attending. Over this fortnight, we also learnt that his secretive Capacity Investment Scheme, the biggest green grifter slush fund of them all, is not only failing to get renewable projects up and running; it's channelling millions of dollars of taxpayer money into so-called social licence schemes and driving up the price of electricity—40 per cent so far. Lord knows how much further it's going to go.

But it gets worse, because we saw Labor's $2.5 billion bailout of Tomago. All of us want to see a successful aluminium smelting sector in this country, but this was an absolute admission that Labor is sending its net zero policies industry in this country offshore. They drive up the price of electricity by 40 per cent, and the only way they can keep industry in the country is by using hard-earned taxpayer money subsidies. Labor's ideologically driven energy policies are de-industrialising Australia and underpinning a future made abroad.

Then there is the royal commission into antisemitism. Key witnesses have not been called, and I'll give you a long list, Deputy Speaker. Senior figures in the arts and cultural community were not called. University leaders—and we know what was going on in the universities. So many Jewish Australians know exactly what was going on in the universities, and we've heard that from the member for Berowra many times. Organisers of antisemitic protests were not called. The Human Rights Commission representatives were not called. Senior public servants and Commonwealth ministers with responsibilities for these areas were not called. This is a royal commission that needs more time. We have called for it, and those opposite and the Prime Minister have refused to give that extra time.

Then there's defence. So ill-equipped are our war fighters, our wonderful war fighters in this country, those who serve our country in uniform, that when there's a drone incursion on a key base, our defence personnel are told the best defence is to shut their blinds. Is that the way you deal with a drone incursion—shut the blinds? The underfunding of Defence in this country is an absolute and utter disgrace, but their answer is to shut the blinds.

Then there's the housing market, utterly smashed by changes from Labor to negative gearing and capital gains tax. We've heard the National Australia Bank and Ray White saying rents will rise by 30 per cent over two years. The Labor Party's own budget, the government's own budget, said rents were going to go up, and they stand there gaslighting every single day saying, 'No, it's all alright.' But the truth is coming out day by day. The ABS data shows that new home loan commitments have dropped by five per cent in the June quarter alone, Westpac's mortgage applications have plunged 20 per cent since Labor's budget, and they stand up and say, 'It's all alright, because first homebuyers are okay,'—but they're not. We know loans for aspiring first homebuyers have dropped as well under this Labor government.

Meanwhile, there is the Minister for Veterans' Affairs. We've heard time and time and time again this week that he refuses to listen to our veterans. He won't get rid of Labor's cruel cap on allied health services. Today, he completely refused to say where that cap had come from. He rejects meetings with our veterans in the same week as the 60th anniversary of the Battle of Long Tan and Vietnam Veterans' Day. Then, when he finally caves under pressure, he gives our veterans a cold and callous reception. It's complete disrespect to our veterans. Those veterans have lost confidence in this minister, but this Prime Minister will not act. The truth is that he was offended today by the comments made by a veteran who said: 'Dealing with this minister, I'd prefer to deal with the Taliban. That was much more simple.' He was offended by that. Well, I'll tell you what that veteran was offended by—the behaviour of the Minister for Veterans' Affairs. The veteran said, 'I signed up to fight enemies of Australia, not fight our own MPs,' but he has to fight our own MPs, because the Minister for Veterans' Affairs will not stand up for veterans.

Then there's the mean spirited widows tax. After 98 days, it's finally axed. It was a tax on widows, on divorcees, on those going through tough times. It hasn't gone because Labor wanted it gone. It's gone because we forced Labor to axe it. We forced Labor to axe it, and the Prime Minister gave in under pressure. This is a long list of incompetence over this fortnight, but $1 trillion of debt is right near the top of the list, because that's where Labor has got to. That's occurred under this incompetent treasurer's watch at a time when they have received a windfall of $400 billion. That's the windfall. That's what they've got, and they still managed to get us to $1 trillion of debt under this doctor of spin. He should have stayed as a media adviser. He did a much better job on that! That's what he does every single day, because he has no idea how to be the Treasurer of this great nation.

What we see under this government is more government spending, more subsidies, more bureaucrats, more government interference and more government taxes every single day of the week. They've lost control of inflation. They've lost control of interest rates. Fewer homes are being built. Power prices are skyrocketing. Childcare costs are up. There is a better way, and it is to fix our economy and protect our way of life.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

No to props!

Angus Taylor (Hume, Liberal Party, Leader of the Opposition) | Link to this | Hansard source

We know by axing Labor's toxic taxes, by cutting energy prices, by increasing the number of houses, by capping migration based on housing supply and by putting Australians first, we can get our country back to where it needs to be. While I'm talking about $1 trillion of debt, our future generations fund is about taking that $400 billion windfall and putting it aside for hard-working Australians, our children and our grandchildren to ensure they have the very future we all want to see on this side.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

We'll try and have fewer interjections.

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

I note the opposition leader has fled the chamber. How disappointing that you bring a motion on for debate, and you don't even stick around to listen to the contributions.

Hon. Members:

Honourable members interjecting—

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

I wanted to start by saying—

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

I'm sorry, Assistant Minister. I did start this with, 'Let's try fewer interjections.' I would like to apply that. The assistant minister has the call, and I'd like to hear her.

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

There's something I'd like to address first before I get into my substantive contribution. Maybe it's the reason for the opposition leader fleeing the chamber. I wanted to address his remarks, where he characterised a very serious matter, an ongoing police investigation into an alleged sexual assault by the Sydney Swans football players, by describing it and characterising it as lewd behaviour. That diminishes the seriousness of this issue, and, as a leader in our nation's parliament, I think that he should come back in and make further remarks to demonstrate that none of us in this place take this matter as anything other than seriously. This is an incredibly serious moment for our nation. I'm pleased to see the Sydney Swans respond the way they have this week. I have to say they were a little bit slow to respond in the way women of Australia deserve. Unfortunately, in this country, one in five women have experienced sexual violence by the age of 15. This is not an abstract concept. It is not lewd behaviour. It needs to be called out and named for what it is. I urge the opposition leader to do that now.

To the contribution that I will make on this motion, I'm an animal lover. In my first speech, I spoke about growing up on a farm and being Tasmanian. I have a soft spot for one creature in particular. One of my favourite animals is the eagle. I love eagles, so I'm always on the lookout for news about eagles. It wouldn't be surprising to those in this chamber to hear that I also am on the lookout for news about politics. So imagine my surprise that just this week there was a combination in a news story of politics and an eagle. I thought, 'How lucky could I possibly be?' It turned out it was rather interesting. I don't know if the opposition leader saw it as well. The Western Australian Liberal leader compared the opposition leader's chances of becoming a PM with his own chances of becoming the coach of the West Coast Eagles. If your own members in your own political movement rate your chances that poorly, why should any of us or the rest of the Australian population take your leadership seriously? From what I can tell, the chances of the Leader of the Opposition becoming the coach of the West Coast Eagles is about as likely as me becoming the coach of the Tasmanian Devils.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

The member for Page, on a point of order.

Kevin Hogan (Page, National Party, Deputy Manager of Opposition Business in the House) | Link to this | Hansard source

The point of order is on relevance. The MPI has the content of what we're discussing, and I think the minister is—

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

I think it had a pretty wide range in there. I am listening to the minister, which is why I asked people to stop the interjections. The first few minutes have been in direct response to what the Leader of the Opposition raised, and I'm listening to where we're going next. Thank you. The minister has the call.

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

It's hard to soar like an eagle when you're surrounded by turkeys, though, isn't it, Deputy Speaker?

Kevin Hogan (Page, National Party, Deputy Manager of Opposition Business in the House) | Link to this | Hansard source

I would ask her to withdraw the comment.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Well, I didn't even get to hear that, because I was talking.

Kevin Hogan (Page, National Party, Deputy Manager of Opposition Business in the House) | Link to this | Hansard source

To assist the House, I'd ask the minister to withdraw the comment.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Member for Page, I don't know what was said in that regard. If there was something unparliamentary, I would like the assistant minister to withdraw.

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

I withdraw, if the opposition takes offence.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Thank you.

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

So, instead of being coach of the Devils, I find myself in here debating a motion brought on by the second Leader of the Opposition in this term. It appears there are some colleagues on the west coast who think we might have a third opposition leader before the term is up.

Opposition members interjecting—

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Member for Moncrieff, Member for Goldstein, Member for Page, Member for Casey—

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

Perhaps, there's an attempt now with the relaunch of your glossy brochure to relaunch your chances—

Opposition members interjecting—

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Sorry, Assistant Minister—

Opposition members interjecting—

Just stop it. Enough. I've asked you three times to stop the interjections. I'll be asking you to leave the chamber next time. The assistant minister has the call.

Rebecca White (Lyons, Australian Labor Party, Assistant Minister for Women) | Link to this | Hansard source

Thank you. Perhaps in an attempt to boost his chances to remain as opposition leader for the full term, he has relaunched his glossy brochure. I haven't been lucky enough to get my hands on a copy—

The glossy brochure he was referencing—he waved it around in his contribution. I haven't been able to get my hands on a copy yet. I look forward to that, because I'm sure there are some gems in there—yes, please pass it down—that we'll be able to refer back to over the course of the next couple of years. But I did have a look at the website, and I can tell that it's uncosted, it is unfunded, it brings back nuclear power—which went so well for them at the last election!—and it does nothing to help first home buyers get a foot in the door and turn the key in the lock of their very first home. I've looked on your website; I can see for myself that there are absolutely no costings associated with any of these ideas.

The opposition's record speaks for itself. You don't have to take my word for it; the people of Australia voted on that at the last election and rejected their plan. They took a position in this place to vote against every single cost-of-living measure that would help working Australians. And, even after denying Australians support, they were still somehow able to take a budget position to the last election that had bigger deficits and bigger debt. Australians would have been worse off under a coalition government. And who do you think makes up the economy? It's the Australian people. If you have just a look for one moment at the data, it shows us that unemployment has gone down under our government to the lowest average unemployment rate for any government in 50 years, four per cent. Unemployment under the coalition averaged at 5.6 per cent.

We've seen wages growth under our government. Annual nominal wages have grown about four per cent for 16 consecutive quarters—the longest run in more than a decade and a half—and the wage growth has averaged 3½ per cent. Now compare that to the record of those opposite in government. At a time when the Leader of the Opposition was a senior cabinet minister, there was not one quarter in the 35 quarters they were in office where annual nominal wages grew above three per cent, and wage growth averaged 2.3 per cent. The workers of Australia, who drive the productivity of our economy, are better off under a Labor government than they would have been under a coalition government.

Look at the gender pay gap data. The gender pay gap today is the lowest it has ever been in Australia's history. Our employment data demonstrates that more people are in work, and we know that the hard work of Australians, in partnership with our government, has guided the direction of our economy.

If you want to compare our budget management against the opposition's, then the evidence shows on any measure, particularly on debt and deficit, that our government does a better job. If you have a look at some of the fiscal data, it shows very clearly that debt doubled before the pandemic under those opposite. In the period between 2013 and 2022, most debt in the budget was racked up. It was racked up under those opposite. They're all care and no responsibility. They had their turn, and the evidence speaks for itself.

Have a look at the way our government has worked to pay down debt. We've banked every dollar of tax upgrade for the last two updates and banked 76 per cent of total tax upgrades. Now compare that to those opposite. They banked around 40 per cent of tax upgrades and never banked all of the upgrades in any one round.

Have a look at taxes. I think Australian people know very well about this one. We've cut the taxes for working Australians. There's a $250 working Australians tax offset in this budget that those opposite voted against. In fact, they took higher taxes to the last election.

There is a clear record to compare here when it comes to budget management. The opposition doesn't support working people. They don't support compulsory super. They question the merit of paid parental leave. Those opposite—and I'll include One Nation, the National Party and the Liberal Party in my assessment of those opposite when I speak about this—have cast doubt on the value of child care. If you want a productivity-enhancing investment, child care is one of the key investments you can make. Not only does it provide an opportunity for children to get the best start in life; it enables families to get back into training and to take more time to go to work and to have more hours of work to not only support them but to support our economy too. Not only have they cast doubt on the value of child care; they've argued against wage increases for our lowest paid workers, including in the ECEC space.

We know what they feel about housing. They voted against measures to support our first home buyers, and in that glossy blue document over there they lock that in.

Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

Let's be frank. That was the weakest defence I have ever heard of a government period, let alone the Albanese government. I'm starting to realise why the member was a failure of an opposition leader in Tasmania, but we welcome those skills on the bench of the Albanese government because we know that that is what is now going to be added to the contribution of the country. We have a government—

Government Members:

Government members interjecting—

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Order! Despite provocative statements being made, I don't expect interjections from this side either. But it carries for everyone, and I'm going to ask for a little bit of respect to be brought into this debate. I have been very unhappy with the way it has been conducted so far. I'm going to give you the call, Member for Goldstein, and let's give this another go.

Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

Let's use eagles as a comparison then. We have not seen the eagles soar from the previous speaker. In fact, we have heard a very weak defence of the Albanese government. Australians are living the consequences of the Albanese government's active inflation agenda, and at 10.30 today we ticked over a new milestone: $1 trillion of public debt.

Despite every single spin, every single narrative and every single interjection we're getting from the members presently, it doesn't change some simple facts. Through inflation and mineral resources, this government has seen a $400 billion windfall. What's their answer? What's their solution? 'Let's just spend it, stoke the inflation, tax the inflation and then go on and continue to spend the inflation in a vicious cycle so Australians get poorer.' The $1 trillion of debt is the reason why the prices are rising at the supermarket.

The successive failures of this government—despite the boasts of the Treasurer and the Prime Minister at the dispatch box during question time about how Australians have never had it any better—mean that the Australian lived reality is very different, with rising rents and the biggest collapse in living standards in the advanced world. Let's remind the House again about that again—the biggest collapse of living standards in the advanced world under the Albanese government. They are living Reagan's dictum, which says:

If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

The government simply does not understand what leads to growth, what creates opportunity and what improves the living standards of Australians. But there is one thing we do know, and that is that this government is addicted to spending and to inflation. As inflation junkies, they're always looking for their next hit. That's why the $1 trillion of debt is so important, not just because today's debt is tomorrow's taxes—though it is. It's a constant injection into the economy, which is stoking inflation and which means that young Australians are going to be left with bigger debt and higher taxes, and they're going to have a corrosion of their living standards every step of the way.

What Australia needs now more than anything is change. We need a change where we see a future with young Australians who are not looking at their shoes in despondency but looking at the horizon with hope. That is absolutely why we have a plan to get—

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

No to the props! Get them away immediately. The Leader of the Opposition did that earlier, and I warned him, so don't dare bring it out again.

Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

I'm happy to table and seek leave to—

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Put it down. I've told you no props. Put it away.

Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

I seek leave to table a copy of our plan.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

Well, you didn't ask for leave. Is leave granted?

Andrew Leigh (Fenner, Australian Labor Party, Assistant Minister for Productivity, Competition, Charities and Treasury) | Link to this | Hansard source

Leave is not granted.

Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

This is the problem with the government now. They don't want to see a plan of hope for the future, they don't want to hear a plan of hope for the future, and they certainly don't want anybody to speak of a plan of hope for the future, because they know that a plan for the future which isn't built on taxation, regulation and stoking inflation and which will leave Australians poorer, would embarrass this government and its legacy. Now is the time Australians need to stand up against their government and call out their hubris and their arrogance, because they are sending Australia backwards with the biggest decline in living standards in the advanced world.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

A reminder that there will be no props on any side.

Claire Clutterham (Sturt, Australian Labor Party) | Link to this | Hansard source

I welcome the opportunity to speak about the Australian economy in direct response to today's MPI. That is because Australia remains one of only nine countries with a AAA sovereign credit rating from all three major ratings agencies and with lower gross debt than every major advanced economy. That is a powerful endorsement of this government's fiscal and economic agenda—a AAA credit rating is the highest available rating. It carries with it the lowest possible expectation of default risk. It means that there exists 'an exceptionally strong capacity for payment of financial commitments' and that this exceptionally strong capacity 'is highly unlikely to be adversely affected by foreseeable events'. The sovereign AAA rating is a measure not just of whether a country is good for the money but of how it is faring politically, economically and financially.

S&P's opinion was that Australia's fiscal performance is sound, with modest public debt by international standards and an ambitious reformist agenda to shore up and improve Australia's fiscal position over the next decade. S&P also highlighted Australia's strong institutional settings, sound fiscal metrics and strategic success in shoring up fuel security for this country. Finding savings, finding efficiencies and reprioritising targeted spending means that gross debt at the end of the 2025 financial year was billions of dollars lower than originally forecast, and that's the trajectory this government will maintain. We're determined to maintain that even in the face of significant global uncertainty and volatility, particularly in the Middle East.

Data from the Australian Bureau of Statistics also shows average weekly full-time earnings have now increased by more than $300 a week since the Albanese government was elected. They have grown by an annualised average of 4.2 per cent, compared to 2.5 per cent under our predecessors. In dollar terms, this means average weekly ordinary full-time earnings are at $2,084 a week, or $108,352 a year. That is a good thing.

Under this government, some things go up, like average weekly earnings, and then some things go down, like the gender pay gap, which is now at a record low of 11.3 per cent. That means more money in women's pockets, encouraging and valuing women's workforce participation.

More money is also in the pockets of all working Australians because of the series of tax cuts implemented by this government, cutting taxes in five different ways since we came to government, including the $1,000 instant asset write-off, the working Australians tax offset and three bracket-specific tax cuts. Under this government, the average full-time worker is getting tax cuts of more than $60 a week, or just over $3,000 a year, once fully implemented. That amount of money means something to many people in this country. Tax cuts put more money in people's pockets, and deliberately so, because people then spend a portion of that at businesses operating in the consumer marketplace, leading to increases in business revenue, cash flow and profit. This in turn means companies have more resources to procure capital, improve technology, grow and expand, and all of these actions increase productivity, which grows the economy.

Careful deregulation also increases productivity and economic growth, and the government's regulatory omnibus bill introduced earlier this year is a case in point. Effective and balanced regulation is a powerful tool for addressing challenges big and small, and this is crucial now more than ever for tackling things like climate change, online gambling and social media and for unlocking the benefits that artificial intelligence can bring whilst managing the risk. The balance this government strikes with respect to regulation is to encourage innovation and embrace new technologies without paralysing business, at the same time as ensuring appropriate oversight.

Balanced regulation, faster growth than almost every major advanced economy, low unemployment, solid wage growth, stronger public finances and a AAA sovereign credit rating—that's the Australian economy under the Albanese Labor government.

Angie Bell (Moncrieff, Liberal National Party, Shadow Minister for Youth) | Link to this | Hansard source

It's been quite an entertaining MPI today, and even more so when the member for Sturt can get up and suddenly be on the same page as the Treasurer and the Prime Minister after sending an email out to her constituency saying that she agreed with their concerns about it being a flawed budget. It's interesting how a government member seems to be able to say one thing one minute and then completely disagree with herself here in this place—quite an entertainment.

Of course we had some entertainment as well from the member for Lyons, who was, of course, the former opposition leader down in Tasmania. After three failed attempts at the state elections down there, we actually had to send some of our Liberal members back down to Tasmania to sort them out down there and win the state election, which, of course, they did.

But today does mark a critical point with our economy and a critical point in Australian history, because today the Labor government has taken Australia's national debt past $1 trillion. It's hard to believe. I don't know what that pile of money would look like. I don't think any of us have seen $1 trillion at the mint and seen what that looks like, because there's probably not that much cash in the economy, frankly.

One trillion is an enormous number, but the important question is: what does it actually mean for younger generations—for 18-, 25- or 30-year-old Australians? If you can't really imagine what $1 trillion is like, the member for Flynn has been very helpful. He's worked out—actually, for young Australians—that one million seconds is about 11 days, that one billion seconds is about 31.5 years and that one trillion seconds is about 31,500 years. That's sometime in the Star Wars of the future. So, if we were to pay that back at a dollar per second—

This is not including interest, member—I'll take the interjection. Not including interest, it would take 31,500 years if we paid it back at $1 per second.

Of course, it is for future generations to carry that burden. Young Australians are already asking, 'Will I ever be able to afford a home? Will my wages keep up with the cost of living? Will I be able to raise a family? Will I have the same opportunities that my parents had?' Instead of making those things easier, Labor is making the starting line for young people harder. For young people who may be listening out there, I know the headline that Labor wants you to read is that they're making your life easier, but they're doing exactly the opposite. Just look at what the NAB and Ray White have reported. They reckon that, for young people, rents are going to go up by 30 per cent. Why? Because of your Labor government. That's why.

It's not an abstract argument about accounting. It's about the young people of this country and the debt that they will inherit. The government is maxing out the national credit card. The national credit card is bigger than this chamber. It is huge. Every dollar of this debt has to be paid back by the taxpayer, and, with the debt now at $1 trillion, every year $27.7 billion is going down the drain on interest. That is a huge amount of money in interest only. It is $52,000 every minute. That interest is money Australians will see absolutely no benefit from. It's money for nothing.

The point isn't just that the number is too large; it's what that money could otherwise do. For that money, young Australians could have more than 200,000 nurses or around $1,800 in tax relief for every taxpayer, including young Australians. These are not theoretical opportunities. They are things Australians actually need and this government is wasting. They could have two years of annual childcare fees for 1.5 million children, and that's about how many children are in our childcare sector right now. Just over three years could pay off every Australian HECS debt. That is the sort of money that we're talking about when it comes to the debt.

But I want to get back to young Australians. They are getting squeezed from every direction, and it's because of this government that they are getting squeezed. It's only the coalition that has a plan. We have a plan to fix the economy and a plan to protect our way of life in this country, because, when Labor run out of money, they come after yours.

Matt Burnell (Spence, Australian Labor Party) | Link to this | Hansard source

Clearly, there's a serious presence of amnesia emanating from that side of the chamber. I remember, when I was elected to this place in 2022, we went through a process of trying to undo a former prime minister who held five secret portfolios. That's right; we had two treasurers, two health ministers, two finance ministers, two home affairs ministers and two industry, science, energy and resources ministers. It was no wonder that debt tripled under those opposite—nobody knew who was steering the ship. They have the audacity to come in here today and say that this government is trashing the economy and destroying our way of life. Seriously, take a good look in the mirror.

In the 2014 budget delivered by those opposite, they ripped $80 billion out of our health and education system and froze indexation on Medicare payments to GPs, and then they put the nail in the coffin for workers at Holden. I remember being at home watching the then treasurer, Joe Hockey; and the then prime minister, Tony Abbott (1) dismissing workers and the need to support a car manufacturing industry in my home electorate but (2) failing to subsequently deliver for those workers that were displaced. So to come in here and say that this government's trashing the economy and destroying our way of life—I will put it to the other side that you did destroy the way of life in my community. You ripped the heart out of our community and left people to suffer for a decade or more. The hypocrisy coming from that side of the chamber—seriously, read the history books.

I am extremely proud to be part of the Albanese Labor government. We are providing hope to people in my community and to communities around Australia. In January, we announced 17,000 new homes, of which 7,000 are for first home buyers in Munno Para as part of an $801.5 million investment. Playford Alive has a $50 million three-year federal loan only for 400 first home buyers. I remember being at an announcement recently with a young couple. Aidan had a chat to us. He said that the first home buyer grant has made all the difference to him and his partner being able to share in the Australian dream of home ownership. That's not wrecking our economy; that's building it up. That's what good Labor governments do. We build people up.

We've delivered an urgent care clinic in my community, right in the heart of Elizabeth, alongside a Medicare mental health clinic. I spoke about this in yesterday's MPI, but I'm happy to speak about this again today, given that the Leader of the Opposition wanted to talk about it again. We delivered a veterans and family wellbeing hub that is making veterans' lives better every single day, and that is something that I am extremely proud of.

I stood alongside the member for Blair at the time, who was the shadow minister for veterans' affairs when we announced that in the lead-up to the '22 election. I was so proud to stand alongside my mate the Minister for Veterans Affairs and Defence Personnel when we opened that just one week shy of a year ago. That was a really proud moment for our community to finally deliver something tangible for our veterans where they could go and seek the support that they need. That's not destroying the economy and destroying our way of life; that's lifting people up. That's what good Labor governments do.

We've delivered over four million cheaper scripts, saving the people of Spence over $21 million. I was at the Women's and Children's Hospital Foundation Family Health and Wellbeing Hub, a $26 million investment by the Labor government. That's building something that will support young families going through hard times—again, lifting people up.

Mary Aldred (Monash, Liberal Party) | Link to this | Hansard source

In my electorate of Monash, families are not reading budget papers. They're not reading media releases. I'll tell you what they are reading. They're reading energy bills stuck to the fridge, and they're wondering how they're going to pay them and afford groceries that week. They're reading every single one of those numbers, and it tells the same story: under this Albanese Labor government, Australians are going backwards.

Let's start with the number that should worry every single person in this chamber: Australia's gross government debt today hit $1 trillion. That's according to the Parliamentary Budget Office, who also gave a number of other sobering statistics. What does this mean for families on the ground in my electorate of Monash? I want to call out food banks because food banks are at the coalface of Labor's economic mismanagement right across this country—the food pantry in Corinella; the Wonthaggi Owl Ute Community Pantry; the marvellous volunteers in the area that run Baw Baw Food Relief; and the Neerim South foodbank, Judy and her team. I won't mention the food bank, but I heard a story the other day about a lady who's sleeping in her car in the car park of a local food relief centre. That centre is going out of their way to look after her and do everything they can to support her. This is the Australia we are all living in under this Prime Minister.

The debt that we're looking at of $1 trillion is more than $37,000 for every Australian man, woman and child. By 2029-30, it's forecast to blow straight through the $1.2 trillion cap this Treasurer set himself. Labor didn't just miss this target. They set the target and they ran straight past it. Here's the bit that should really concentrate minds. I referenced the Parliamentary Budget Office just earlier. It says that interest costs are now one of the fastest growing items in the entire Federal Budget—not health, not Defence but interest. The cost of servicing Labor's own debt is eating the budget alive, and it's projected to keep rising for years yet to come.

While the previous coalition government lives rent free in this government's mind four years after they first came to office, I'd really like to see them get on with the job of governing well and governing for Australians instead of flapping around and throwing insults. Actually concentrate on the men and women in my electorate, the families who are doing it really tough.

Let me put some of those numbers into context. Australians are now paying $27.7 billion a year in interest on Labor's debt. That's $52,000 every single minute.

I'll take the interjection by the member for Hughes, because I think those numbers deserve respect. I think families in my electorate deserve respect for the challenges and deep hardships that they're facing. Every minute I've been speaking to this motion, the government has spent more on interest than most families in my electorate earn in an entire year.

Think about what that $27.7 billion could actually buy. Let's start with 200,000 more nurses or around 400,000 high-needs aged care packages for our elderly. Let's not get started on the home care packages and the people waiting on them time after time who really need them and who end up in public hospitals putting more strain on an already stretched system. Or it could be $1,800 in tax relief for every single taxpayer in this country. Instead, it's gone. It's evaporated, burned on the interest bill for Labor's spending, and when Labor spends Australians pay.

What have Australians got for it? The worst collapse in living standards of any developed nation on earth. Real wages are down, GDP per person has gone backwards in 10 of the last 15 quarters and power bills are up 40 per cent. In Monash, that's not a statistic. It's a farmer choosing between fuel for the tractor and fuel for the family car, it's a young couple who have given up the dream of owning a home, and it's an elderly couple who are watching their nest egg, their family home, shatter in value. Australians deserve far better.

Ash Ambihaipahar (Barton, Australian Labor Party) | Link to this | Hansard source

I want to begin with a story about my Australian way of life. I was born in Sydney. I started with a bit of a basic lifestyle growing up in an apartment full of people, sometimes sleeping on the floor. I lived between families who took good care of me as well, including my uncle. Even though I was born here in Sydney, I was actually considered stateless. I was stateless, and I got my citizenship when I was much older, not really understanding what it actually means. But having experienced that lifestyle, having grown up in Australia and having been welcomed to this country, I have always considered it my home.

I went to school locally at Hurstville Public. I went to university at Sydney Uni. I became a scientist. I worked in a mortuary, and then I retrained as a lawyer. I went to UTS, I did that for a while, and now I find myself here in this parliament. I own a home now. I've got an amazing husband, a pretty cool dog as well, Layla, and stability that I couldn't have even comprehended when I was a little girl sleeping on the floor in Hurstville. This country gave me so much hope and opportunity. These are two key parts of the Australian way of life.

Listening to the contributions from the member for Monash, I understand. But my concern is that our economic system has stopped giving many young people the same hope. Kids growing up like I did may not feel that they have the same opportunity to build a better life. House prices have risen by 400 per cent over the last two decades or so, while fewer young people own homes. Former tax breaks helped investors outbid first home buyers and owner occupiers. And young people are graduating into a workforce that is telling them that entry-level jobs are simply going to be completed by AI. They are looking at some of their leaders, across this chamber in particular, who are also telling them that net zero is a hoax and climate change isn't real, when they are literally living through so many natural disasters and hotter summers.

When young people cannot find secure work, afford a home or trust that their future will be safe, they understandably feel that the Australian way of life is slipping out of their reach. So I accept that some might feel that the economy is hard. But it's not that this government is trashing it. We are actively changing the system for this generation and the next. And I back housing reforms aimed at renters who are trying to buy their first home, not the investor who is trying to buy their ninth. I back the 20 per cent reduction in HECS debt. I support first home buyers having the ability to buy with a five per cent deposit, and I know that a lot of them are moving into my electorate of Barton—welcome. And I support new data from the ABS that shows that average weekly full-time earnings have now increased by more than $300 per week since the Albanese Labor government was elected.

I support our major expansion of paid parental leave and super being paid on top of that, so that young adults feel secure enough to take the next step in becoming parents. I support superannuation, especially for under-18-year-olds. To suggest that this is akin to giving super to cats and dogs is disgusting. And newsflash: some people have to start work really young to support their families. They themselves should be supported in retirement, and superannuation makes sure that happens.

These reforms are not destroying our way of life. They are about protecting what makes it possible: secure work, a home of your own, the freedom to start a family and the hope that your children can build an even better life. And I want the next little Ash, who might be watching this, potentially, to say, 'I think I can be like her.' The reforms introduced by this Albanese Labor government are going to make sure that it is very possible.

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

I thank the Leader of the Opposition for bringing this matter of public importance to the House. This morning Australians got another update on the economy. The jobless rate has jumped to 4.5 per cent. Last month, 15,800 Aussies lost work. The participation rate fell, too, down to 66.9 per cent—fewer jobs and fewer people looking for one. That is not an economy turning the corner. That is an economy going backwards.

Last year the Prime Minister and the Treasurer told this country we had turned the corner on inflation. Four and a half years in, they have nobody to blame but themselves. Since Labor came to office, Australians have had the biggest fall in living standards in the developed world. GDP per capita has gone backwards in 10 of the last 15 quarters. Power bills are up by 40 per cent, and real wages have been down in every one of the 16 quarters since Labor took office. For every $100 pay rise, Labor's 'inflationferno' has taken $111. The average full-time worker's wage has trailed inflation by $1,600 a year. Australians are working harder but going backwards.

In my electorate of Grey this is felt hardest. Everything we buy, everything we grow and everything we make travels further. Every one of those kilometres has a cost, and it is paid by the families, the farmers and the small businesses.

Today, government debt hit $1 trillion for the first time. Australians are paying $27 billion a year on government interest. That's more than $50,000 every single minute. That interest bill is money that cannot go to a country hospital, a regional road or a doctor for a town that desperately needs one. Every dollar borrowed today is a bill handed to the next generation. The point to remember is that this government has received $400 billion in revenue windfalls, the largest in our history, and it's still managed to deliver $1 trillion in a budget black hole. Government spending is now at the highest levels in four decades, outside the pandemic. Labor spends, and Australians pay.

A year after Labor promised to fix productivity at their three-day talkathon roundtable, their productivity has gone backwards and the Reserve Bank is once again downgrading its forecasts. On the Reserve Bank's current numbers, it will take eight years to get back to where we were in 2022. You do not lift productivity with a summit. You lift it by backing businesses to invest and employ.

The coalition has a plan to lower taxes by axing Labor's toxic taxes and delivering our tax-back guarantee, a plan for cheaper power by scrapping net zero and making this country an energy superpower, a plan for less migration and more homes by capping migration to the houses we actually build and plan for a future generations fund to pay down the debt and build the roads, ports, water infrastructure and energy assets the regions have waited on for years.

This is also about protecting our way of life. It's about getting our regions growing again. It's about ensuring our farms are passed on to the next generation. It's about ensuring our local footy and netball clubs can still field a side. The people I represent are not asking for much. They want to run a small business, fill the ute, keep the lights on and put a little bit away at the end of the month. They're asking for a government that can manage money. This government cannot.

Before I conclude, let me say this. There is one word to describe the fellow who promised to take $275 off your power bill. It rhymes with 'tyre'. It sounds like 'briar'. It resembles the word 'flyer'. But I will not say it.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

I also saw the back of that piece of paper, which I consider to be a prop, and I do not ever want to see it back in here again.

Sarah Witty (Melbourne, Australian Labor Party) | Link to this | Hansard source

Labor governments have always understood something those opposite never can. A strong economy matters because of what it means for people. It means the security of a decent job. It means knowing you can afford to go to see a doctor when you are sick. It means being able to support your family. It means being confident that, after a lifetime of work, you can retire with dignity. That is what motivates this government. Even in the face of significant global economic uncertainty, the Albanese Labor government has remained focused on backing working people time and time again—backing families, pensioners, students, young people, first home buyers and frontline workers and backing the Australians who keep this country moving every day.

There is a reason Labor has always fought for fair wages, stronger workplace rights and a stronger safety net. It's that we believe everyone—yes, everyone—deserves a fair go. When this country was hit was hit by global inflation issues and rising costs, we did not tell people they were on their own like those opposite continue to do. We delivered tax cuts for every taxpayer, we made medicines cheaper, we strengthened Medicare, we expanded Paid Parental Leave, we increased supports for families and we backed wage rises because that is what Labor governments do.

From 1 July this year, more than 14 million Australians received another tax cut thanks to Labor's reforms. A worker on average wages will pay up to $2,800 less tax than they otherwise would have. From 1 July this year, the minimum wage increased beyond $1,000 a week for the first time ever. Since Labor came to office, the national minimum wage has increased by more than $12,000 a year. New ABS figures released last week showed average weekly full-time earnings have increased by more than $300 a week since this government was elected. That is not a country standing still. That is not a country going backwards. That is workers earning more and keeping more of what they earn. From 1 July, payday super commenced, helping close the $6.2 billion unpaid super gap by ensuring workers receive their super contributions alongside their wages, because the retirement savings of workers earned beyond belong to workers.

Nowhere are Labor values more clear than in the way we support families. From 1 July, eligible families can access up to 26 weeks of paid parental leave. Parents can receive almost $30,000 in support whilst spending time at home with a new child. Parents receiving paid parental leave also receive super. Those reforms reflect who we are as a government. We believe parents should be able to spend time with their child. That is important for families. We believe families deserve support. We believe caring for a child should not come at the expense of economic security.

These policies are part of a bigger story, a story about what kind of country we want to be—a country where hard work is rewarded, where health care is affordable, where retirement comes with dignity, where families get the support they need, a country where opportunity is not reserved for those fortunate few like those opposite would have you believe. That has always been Labor's mission and it remains Labor's mission today.

The difference between this government and the three right-wing parties on the other side could not be more clear. We are a government focused on building Australia's future, increasing wages, expanding Medicare, growing super and supporting families. Those are Labor values, those are Australian values and those are my values.

While those opposite spend their time talking Australia down again and again, Labor will keep building up and keep delivering.

Sharon Claydon (Newcastle, Australian Labor Party) | Link to this | Hansard source

This discussion has now concluded.