Dean Smith (WA, Liberal Party, Shadow Assistant Minister to the Shadow Treasurer) Share this | Hansard source

We do not have to wait for too much longer. Soon Australians will be put out of their budget pain, because tonight they will be hearing from Angus Taylor on what is the alternative plan to Labor's budget of broken promises, Labor budget of higher taxes, Labor's budget of lower living standards and Labor's budget of less housing. What can Australians expect when they hear from the Leader of the Opposition, Angus Taylor, this evening? They will hear how the coalition has a believable plan to restore Australia standard of living and to protect our way of life. The Leader of the Opposition's speech will be a serious speech because these are serious times. The budget reply will outline the coalition's plan to end mass migration and bring in only as many people as Australia can house; a coalition plan to build more homes and help young Australians into homeownership; a coalition plan to create the conditions for more investment, more jobs and stronger growth; a coalition plan that will make Australia more energy secure; and a plan that will reward aspiration instead of punishing people for trying to get ahead. This will be a clear contrast—a contrast between what we heard on Tuesday night about a budget built on broken promises, built on higher taxes, built on higher government spending, leading to rising inflation, leading to more interest rate pain for Australian households. The coalition's budget reply will be about lower costs, more homes, stronger borders, secure energy and a fair go for Australians who work hard, save hard and want to get ahead.

Much has been said by Labor about its claim to intergenerational fairness in its budget of broken promises. The fact is that Labor in its budget is committing a fraud on young Australians. Earlier today we heard about Labor's youth tax. The $1 trillion debt that this country is forecast to have in coming months, rising to $1.2 trillion, is a tax on the future livelihoods of young Australians. It is a tax on their future and a tax that will inhibit them finding homes, affording rents and building families. That $1.2 trillion of debt, Labor's youth tax, means $42 billion a year in interest payments alone. That $42 billion in interest payments alone is calculated at $80,000 a minute. This is money down the drain. This is interest repayments. This is money that does not go to a productive outcome. It's a burden on young Australians. It is Labor's youth tax, and over coming weeks we will hear more about Labor's tax on young Australians.

Tonight Australians will be able to watch and listen intently. There will be an alternative plan to Anthony Albanese and Jim Chalmers's budget built on broken promises, built on less housing, built on falling living standards, built on higher taxes.

Debate interrupted.

Sitting suspended from 17:30 to 20:14