Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

A great place—I'm sure it is, second only to Western Australia. My colleague, in his question, talked about the National Australia Bank Consumer Sentiment Survey. Let me share with you what the consumer sentiment survey says. It says higher consumer stress associated with the cost of living is now at its highest point since 2018. It says that cost-of-living pressures are resulting in consumers changing the way in which they spend. Sixty-one per cent of consumers surveyed are now switching to cheaper brands or shopping around for cheaper products; 54 per cent of those surveyed said they were cancelling or cutting back on food delivery services; and 47 per cent of survey respondents said they were cutting back on entertainment. But there's more.

The survey says a growing number have also cancelled or cut back other subscriptions like newspapers, magazines and audiobooks. People are now cutting back streaming services and gym, sports and club memberships. That is where the rubber is hitting the road, and Australian families are now having to change their decisions because they are feeling the real impact of inflation. They know they must prepare for the worst because the government has failed to deliver on any real, meaningful measure that will put downward pressure on inflation. And, if there is a meaningful measure that the government can point to that is putting real downward pressure on inflation, then I invite them to nominate it. We've got Labor senators in the chamber now. I invite them to nominate it in their future contributions.

What does this mean for people's hip pocket? The consumer sentiment survey says consumers, on average, estimate—so this is consumers themselves—that they will be paying around $239 in three months time for groceries when they're currently paying $180. The consumer sentiment survey says that for fuel, where they're currently paying $67 a week, that is expected to climb to $102 in three months time. For utilities like gas, electricity and water, consumers estimate they are currently spending around $244 per month, and this is expected to rise by $320.

People deserve a better plan from this Labor government.