Maria Kovacic (NSW, Liberal Party, Shadow Assistant Minister for Women) Share this | Hansard source

I'll quote then from some of Australia's most eminent economists. AMP's chief economist Shane Oliver said:

A lot of the factors driving (inflation) relate to government spending.

That's not me making it up. That's not the opposition making it up. That's one of Australia's top economists. I have another one for you. IFM Investors chief economist Alex Joyner said:

We already have fiscal policy getting looser, but it could be even looser than we expect. The fiscal guard rails have come off.

The government has even lost support from its friends from the industry super sector. But I have more. HSBC chief economist Paul Bloxham said yesterday:

… the primary driver of the pick-up in inflation is not strong demand. To the extent that demand is playing much of a role, it is that public demand growth has been strong, due to government spending.

Again, that's not me. That's yet another economist.

That is the legacy of the Albanese Labor government—spending growth running at four times the rate of the growth of this economy and debt set to reach $1 trillion. Since coming into office, this government has added $100 billion to the national debt. Despite what those on the other side think, this government cannot escape the laws of economics. High government spending always results in higher inflation, and higher inflation demands higher interest rates. Australians are paying more when they have to pay their mortgage and when they have to pay their rent because this government is spending much more money than they have. The impacts to Australians are such that their standards of living have crashed to amongst the lowest in the developed world. The Prime Minister and his Treasurer have a lot to answer for, but ultimately what we need them to do is start doing their job and start protecting Australians' way of life because Australians cannot take any more of this. Australians are struggling. Our economy is weak, our fuel supply isn't guaranteed and Australians absolutely are hurting.