Maria Kovacic (NSW, Liberal Party, Shadow Assistant Minister to the Leader of the Opposition) Share this | Hansard source

I thank you for your indulgence. We were talking about the Reserve Bank. Senator Paterson asked questions to the Minister representing the Treasurer, Senator Gallagher, about the comments of the RBA in relation to government spending. It is a fact that the RBA has made numerous comments in relation to the spending of this government.

Over the past term, the Albanese Labor government has pointed to the fact that their inflationary problems are the fault of the Opposition, even though the RBA has pointed to government spending and the Treasury has pointed to government spending.

Now, today, we have Senator Gallagher telling us that it's actually because of big global pressures. It's never the fault of the Albanese Labor government! Whatever happens in this country seems to be somebody else's fault—usually ours, even though we are in opposition. We do appreciate the sentiment of being able to control what the government does, from opposition, but that's not quite the fact.

Seriously though, this is a significant problem for Australians. Inflation in our country has been described as sticky. It's been described as persistent. Call it what you will, but the reality is that inflation is causing significant cost-of-living pressures for Australians. I'll talk about housing in particular. Those opposite, when you hear them speak, will often reference the three rate cuts under this government, but what they will not reference is the 12 rate rises under this government that preceded the three rate cuts. According to my very basic maths, there were a lot more rate increases than rate reductions. Maybe we should have a think about that, because that differentiation is still costing Australians about $1,800 a month more on their mortgage repayments. That's a lot of money. We're not just talking about mortgage repayments. If we talk about rents, there's a significant price increase there too.

You've heard me talk many times in this chamber about the plight of young Australians who want to own their own home. I first spoke about it in my maiden speech. The reality is—and I'll say it again—no matter how hard young Australians work they fear that they'll never own their own home. How can they, when the cost of everything has gone through the roof under this government? Mr O'Brien in the other place referred to it as 'Jimflation', but the inflation that is a product of this government, that is homegrown, has put so much cost pressure on every Australian. Can you imagine what it's like to be a young Australian paying extraordinary rents and trying to save for your first home? Think about that. You're paying rents that have gone through the roof. You're trying to save for your own home. Everything, from your groceries, your electricity and your insurance to your petrol, is more expensive, and those opposite are trying to pretend that there's nothing to see here. Well, there's plenty to see here, and it is a result of their actions and inactions.

Treasury has said that this is the biggest-spending government since the Second World War. That's a problem, and young Australians are paying for it today with their inability to save and get into housing, to buy and own their own home—because that's what we want. We want young Australians to buy their own home and not be subject to a lifetime of renting under the build-to-rent proposals of the government. But the government don't seem to care. They are focused on doing what it is that they want to do, because of their vested interests in big super, the CFMEU and the impacts that they have on the cost of housing in our country. It is a real shame that they will not acknowledge the impacts that their reckless spending has on Australians, which they are ignoring. (Time expired)

Question agreed to.