Leah Blyth (SA, Liberal Party, Shadow Assistant Minister for Defence Infrastructure) Share this | Hansard source

Last night's budget made one thing very clear. This is a budget of higher taxes, more debt, lower living standards and fewer homes for Australians. After four years of this terrible Labor government, Australians are working harder, paying more and falling further behind. It feels like everyone is going backwards and that is because we are. Labor has announced more than $50 billion in higher taxes, including $15 billion in higher personal income taxes.

Labor continues to prove itself inept at economic management and has set the record as one of the highest-taxing governments in Australia's history. Labor cannot manage money. Australians are now facing a decade of deficits. Our debt is set to reach record levels under Labor, and this budget shows that debt is only going to continue to grow. The debt is climbing to $1.25 trillion, and every single Australian is going to be forced to foot the bill. Debt is a tax on future generations, and it is those future generations who will pay the ultimate cost for Labor's economic mismanagement.

It was only 20 years ago under former Prime Minister John Howard that Australia was debt free, and now, under Labor, debt has surged and will continue to surge well over a trillion dollars. The yearly interest bill on that debt will hit more than $42 billion—that is, about $80,000 every single minute in interest. That is money not spent on aged care, not spent on roads, not spent on schools and hospitals and other essential services; that is just the Australian taxpayer servicing the debt of this Labor government. Labor's debt and this debt will kill Australian aspiration for years to come. These are the businesses that our children and our children's children won't be able to start, the memories they won't make on trips overseas and the families they won't be able to afford.

Australians' living standards are falling. This budget confirms Australians are now worse off under Labor. There is no plan by this Labor government to deal with inflation; instead, the Treasurer is bucking the trend and the pleas of the RBA governor and is spending more and more money, which means inflation will only continue to get worse. Labor continue to break the commitments they made to the Australian people and Australians have been misled. This is not the budget Australians were promised. The Prime Minister went to the last election promising there would be no changes to negative gearing, saying, 'Yes, it is not that hard, for the 50th time.' They are the words of our Prime Minister when asked by a journalist whether he would change negative gearing in Australia. This is the same Prime Minister who told Australians 'my word is my bond', and last night that bond was well and truly broken.

Under Labor, our children will not be able to own their own homes. The government's budget actively works against your children's future because Labor's housing tax will reduce the supply of homes by over 35,000 over the decade while simultaneously increasing Australians' rents. Their own budget papers say this. Labor has not heard the concerns of Australians when it comes to housing because Australians know that to increase housing supply, you must reduce demand as well.

Under Labor's new budget, migration is still out of control. Their migration target is expected to blow out by another 90,000. This means Labor will bring in almost two million migrants across their first two terms in government. Where are all the houses? Where are the new hospitals? Where are the new schools? Where are the roads? Labor would have driven the country into a recession already if not for papering over the economic mismanagement with excessive and reckless immigration targets. Labor will play this budget off as a win for Australians, distracting them with a $250 sugar-hit tax refund. But Labor's $250 back on your taxes is not a gift. That is your own money that you have paid in hard earned tax being returned to you. Jim Chalmer's budget is an assault on aspiration. What's next? The family home? Your super? Labor no longer has any integrity at all, and we will continue to fight every day against Labor's agenda.