Malcolm Roberts (Queensland, Pauline Hanson's One Nation Party) Share this | Hansard source

Today, Treasurer Chalmers has taken to social media to claim credit for the 2.6 per cent increase in annual GDP, calling the rise the strongest growth in the Australian economy for three years. Has the Treasurer forgotten he's been in office for almost four years—meaning the Treasurer took over the economy and made it worse!

Putting that aside, how did the Treasurer create this increase? To haul GDP out of negative territory, the Treasurer has spent like a drunken sailor. Almost all of the increase in employment and economic activity in the last year has come from increased government spending, which has to be paid for with? Higher taxes. In effect, the Treasurer has taxed everyday Australians more, and then spent their money faster than the taxpayers would have. As a result, the money supply has expanded 11 per cent in the last year, and our national debt has now passed $1 trillion.

A funny thing about spending other people's money: it eventually runs out. Already, the government is looking for ways to raise taxes. Capital gains tax increases and increased taxes on superannuation are on the agenda. Even worse, the government is selling off the silverware. The sale of Defence Force property has already been announced—$3.5 billion in extra cash. What was once a strategic asset, which didn't add to the money supply, will be cash in the bank for the Treasurer to spend—more solar and wind subsidies; more money to the Taliban. Already this government has given the Taliban $320 million.

Selling off the silverware to keep the GDP out of recession leads straight to even higher inflation than we have now. To counter this inflation, already the Reserve Bank has been forced to increase interest rates. The result will be a loss of spending power for everyday Australians, who will have to spend more of their income on their mortgage or rent. Government spending is approaching 28 per cent of our GDP and is heading to over 30 per cent, which offsets the reductions in private sector spending that have resulted from overregulation and a lack of confidence in this Labor government. In the short term, this approach makes the data look better. In the medium term, inflation spikes, and wage growth goes negative, as it has been for much of the Treasurer's term. If everyday Australians feel like they're going backwards and working harder, it's because they are going backwards—especially if they're paying off a home or renting.

One Nation will solve this vicious cycle of economic decline with our policy to shrink the government to fit the Constitution and to fit our means. One Nation took a policy to the last election to reduce the size of government by $90 billion in our first term. That number, from what we can see from Labor, is now looking much, much bigger than we can save. Our policy will reverse Labor's deficits, stop Labor's inflation, cancel Labor's interest rate rises and leave more money in the pockets of everyday Australians.