Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

I move:

That the Senate take note of the answers given by ministers to all opposition questions without notice asked today.

As I kick off, I'd like to first assist our mathematically challenged Minister for Finance, who didn't know the answer to what a 25-basis-point rise and a cash rate of 3.85 per cent was going to cost an average mortgage holder. It will cost your average mortgage holder with a $600,000 mortgage an additional $100 a month. In case the maths is too hard for you, that's $1,200 a year, Minister. That's what I would like to take note of—the fact that this Labor government has ignored the increased cost because of this interest rate rise for all mortgage holders around Australia and anybody that has a debt, in fact, whether it be a car loan, a personal loan or a home loan. That's going to go up for them. That's the cost of living in action.

This rate rise was no accident. We knew it was coming. We knew it was coming because inflation went back up again. Why did inflation go back up again? It's pretty simple. Inflation went back up again because there is too much demand in the economy caused by public spending. What causes public spending? Labor causes public spending. It's pretty clear. This economy is not serving Australians well. These guys will tell you all about what a great job they're doing, but you don't need to go too far to speak to the average Australian and find out that they are hurting right now. Households are going to have to make decisions. Because of this rate rise that's happened under Labor, they're going to have to make decisions about what to cut out of their family budgets. Electricity has already gone up 38 per cent, but its due to go up another 24 per cent just this year alone. Rents are up 22 per cent. Health has gone up. Food has gone up. Insurance has gone up by 39 per cent. Education has gone up by 17 per cent. It's no wonder that this cost-of-living crisis, which has dragged on and on under Labor, is hurting average Australians.

At the same time, we're seeing economic growth stagnating. In fact, the only thing that's been propping up economic growth has been immigration that has run well out of control. It's an extremely badly managed immigration system. In fact, GDP per capita has gone backwards under this government. At the same time, we've seen productivity go backwards as well. So actually increasing economic growth without driving further inflation is becoming harder and harder.

The tax settings in this country are sucking the life out of our entrepreneurialism, innovation and aspiration. We've got budget deficits as far as the eye can see. There is not a budget for the next 10 years that is not forecasting a deficit. What does that mean? That means that the government is planning to spend more than it earns. Can you imagine a household out there that, for 10 years, said, 'We're going to spend more than we earn'? That's what Labor are doing. That's what they're planning on. That means that debt rises higher. I think we've now hit a trillion dollars. I'm pretty sure we've hit a trillion dollars in debt, and it's rising to $1.2 trillion. It's not this generation that's going to pay for it; it's the next generation. It's our children. It's our grandchildren. This is happening on Labor's watch.

What has the Treasurer said about this? You'll be pleased to know that he's really thought long and hard about this! There have been sleepless nights! Do you know what he said today? He said that it was the fault of people who had taken holidays that inflation was rising. He actually said that it was driven by a 'Christmas spendathon' by individuals and families. So, if you took a holiday, it's apparently all your fault that inflation is rising, not the government's. He hasn't taken responsibility for that. In fact, he hasn't taken responsibility for anything. Actually, he loves it when inflation goes down. He loves it. That he takes responsibility for. When interest rates go down, when inflation goes down, that's all Jim. That's all the Treasurer. That's all his good work. But, when inflation goes up, when interest rates go up, that's got to be somebody else's fault. And any time somebody criticises him, well, that's 'politically motivated'.

He was criticised by a very well-respected economist in Shane Oliver from AMP, who said that government spending is fuelling inflation and that's causing interest rate rises. Do you know what the Treasurer said? He said, 'Well, that's politically motivated.' I would be very interested to know whether all of those economists out there are politically motivated. Do you think that Paul Bloxham from HSBC is politically motivated? Is Richard Holden from the University of New South Wales politically motivated? Is Luci Ellis from Westpac politically motivated? Is Alan Oster from NAB? Is Chris Richardson, a very well-respected, independent economist, politically motivated too? What about Pradeep Philip from Deloitte? What about Stephen Anthony from Macroeconomics Advisory or Cherelle Murphy from EY? Is Alex Joyner from IFM, from industry super? Is he politically motivated? How about the Parliamentary Budget Office? They were the last people to call out Labor's lies. (Time expired)

Michelle Ananda-Rajah (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

The opposition emoting and waxing lyrical about the cost of living is honestly a little bit rich. Why? I was here in the first term of this government, and I remember that they voted against every single cost-of-living measure that this Albanese government put forward to this parliament. It's a bit rich and disingenuous that they would stand here and profess to actually care about the Australian people. We're a government who understands that Australian families, households and businesses are under pressure. The cost of living was the dominant issue in our first term of government. Unfortunately, we are still dealing with an inflationary hangover. That is evident. We understand that millions of Australians will be disappointed with this interest rate rise, but we're a government that is not here to emote. We are here to actually do something about this and support Australians during this period.

What are we doing about that? There's a whole suite of measures that I can describe. Health care has been a big area of action, as has housing, after a decade of Liberal and National neglect—I was about to say coalition, but they're not that anymore. I don't know what they are. We're acting on the skills shortage, which was absolutely forgotten about after a decade of drift under the Liberals. Of course, we're acting on wages.

If we just take one area, health care—an area I can speak about; I have some experience in health care—we have, with $8½ billion, pumped in the biggest investment in Medicare's 42-year history. Medicare is a great Labor legacy. It was borne out of the Hawke government—incredible vision—and before that was Medibank. It was resisted all the way through by the Liberals. They thought that free health care was ridiculous, that no-one should have universal health care. That is not the vision that a Labor prime minister, Bob Hawke, had. With that $8½ billion, we are actually seeing green shoots of recovery in bulk-billing. Since this rolled out on 1 November, we've seen about 1,300 clinics take up bulk-billing. Imagine that: going to see your doctor, and you don't have to pull out your credit card, just show your Medicare card.

We've also rolled out 120 urgent care clinics which have now seen 2.2 million presentations. A third of those presentations are actually kids. These are clinics that are open from morning till evening, usually seven days a week, and they're staffed by local doctors. They're walk-in, you don't need an appointment, and they're bulk-billed. The tests or diagnostics that are ordered at these clinics are also bulk-billed. So, of course, families with children are flocking to these clinics. Imagine, on a Saturday, when you've got a footy injury or some other ailment—maybe it's a sick child running a high temperature or gastro—and you don't want to be queuing up for hours in the emergency department. You can go to your urgent care clinic. Victoria now has six of these clinics open, and there is another one that will be open in Stonnington East, in my old electorate of Higgins. These clinics have already seen a six per cent reduction in emergency department presentations in Victoria. That is how we take pressure off our public hospitals, by providing options for Australians in the community.

We rolled out cheaper meds. Cheaper medicines are now $25 per script as of 1 January. It hasn't been that low since 2004. That was the lowest that it was, and it's again $25 per script.

In addition to that, we are looking after those one in seven Australian women who have endometriosis, with 33 endometriosis and pelvic pain clinics that have been rolled out throughout the country. These clinics are providing lifesaving care to women who have been forgotten, unheard by the medical profession. Endometriosis is not a condition that I was ever trained on when I went through med school, but we have elevated it thanks to a near $1 billion investment in women's health by this Albanese Labor government.

In addition to that, we have a pretty comprehensive program on mental health supports. As of a few weeks ago, Medicare mental health check-ins started. This is worth googling. It's an online digital resource which is available when you need it and where you need it, and it's evidence based. We know that there is more to do. But we are not just talking about it; we are acting. (Time expired)

Jessica Collins (NSW, Liberal Party) Share this | Link to this | Hansard source

How insulting! How insulting that, while Australians have just heard that interest rates have been increased, all we hear about from the government is bulk-billing, which is harder to find than a Labor government that knows how to spend your money well and reduce spending. I tell you what, that is absolutely disgraceful, and it is gaslighting in its highest form.

Last July, the Prime Minister stood before Australians and said that inflation had 'turned the corner'. That is not what the RBA said today. We are going to see it go up and up this year, as we will interest rates. Those opposite would have the Australian public believe that everything is fine and that you can rely on your Medicare card to get through this cost-of-living crisis. I don't know one person that has found a bulk-billing place yet. Every time you turn up, you have to turn up with your credit card. It is an absolute fallacy. Do not believe those lies. Australians are smarter than that. They can feel this cost-of-living crisis. They have seen their bills go up. Their energy bills have gone up by thousands of dollars while those opposite promised time and time again that they would go down. They were promised that fuel, food, health care and houses would be affordable, and we keep seeing them go up and up.

This government will not take responsibility for this. Treasurer Jim Chalmers is the first to take credit when interest rates fall, but when they go up he puts the blame on you—on good Australians who are working hard. He said it is because you spent too much money at Christmas time. How offensive is that! The RBA itself has said that the government is spending too much. We know that interest rates will always go up under a Labor government, but of course it's never their fault. Dr Jim Chalmers needs to be honest with the Australian people about why those interest rates rose today and why they will continue to rise under this 'spend now, pay later' government, because the effect is that Australians are poorer. Our living standard is dropping. I think this is the first time in modern Australia that the next generation will be handed a poorer standard of living.

The simple economic principle of supply and demand needs explaining to those opposite. When you drastically curtail the supply of goods like energy and houses through excessive regulation, sky-high taxes and ideological inflexibility, that supply goes down. When you have an immigration system that is out of control and not bringing in highly skilled, democratically valued migrants, the demand for those limited goods absolutely skyrockets. Over a million new arrivals in Australia have pushed Australians out of the housing market and into residence stress. We have record ramping issues at our major hospitals. Congestion and transport constraints are hurting commuters and freight in every major city in the country. Labor has no solution, only spin, and the regions are hurting the most. The great Australian dream of owning your own home is dead for young Australians, and these Labor ministers are the ones who killed it.

We hear about the poor economic management from this government, and all Australians see is our prime minister at the Australian Open with his son, on taxpayer dollars, enjoying himself as they try to work out their budgets while inflation is up, prices are up and interest rates are up. Families aren't spending; this Labor government is. And, when Labor spends, you pay.

Carol Brown (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

I rise to take note in this debate—about the economy, the cost of living and the difference between a government that is doing the work and an opposition that has completely lost the plot. What we have heard today is a decision that was widely expected, but that doesn't make it any easier, and I want to put on record a comment from the Hon. Dr Jim Chalmers, the Treasurer, who is an excellent treasurer, I might say. He said:

We know that many Australians are doing it tough, which is why we continue to roll out responsible cost-of-living relief, including a further tax cut this year and another one next year …

Right now, Australians are not asking for theatrics by the opposition. They're asking for stability, they're asking for help with bills, and they're asking for a government that knows what it's doing. That is what this Labor government has delivered.

When we came to office—it's important that those opposite are reminded of this because it appears, by the contributions that have been given thus far, that they've completely gone down some sort of memory hole in terms of the past, when they were in government—we inherited a budget that was weighed down by debt and excuses after a decade of big talk, very little discipline and no plan for what came next. What did we do? We delivered budget surpluses. We turned Liberal debt into Labor surplus—not by cutting Medicare and not by telling Australians to tighten their belts. We did it through responsible economic management, careful savings and clear priorities, and that matters because good economic management is not an abstract idea. It's what allows a government to help people when cost-of-living pressures bite. Make no mistake: cost of living is our No. 1 focus.

Every policy we have delivered asks the same question: does this make life easier for Australians right now? That is why every taxpayer received tax cuts, with another, as I have said, coming in July this year. That is why minimum and award wage workers have seen pay wage rises that total more than $9,000 under Labor. That is why student debt has been cut by 20 per cent, saving the average graduate $5½ thousand. That is relief, cost-of-living relief, which was delivered by their Labor government. We have rebuilt Medicare because health care should never feel like a luxury item. Bulk-billing has been expanded, with more than 1,300 practices now fully bulk-billing again. Medicare urgent care clinics have already delivered free care to more than two million Australians.

As of today, this Labor government has saved Australians more than $14 million through cheaper medicines alone, and that saving will continue, which will deliver more than $200 million back into household budgets every single year. That's cost-of-living relief. That's the sort of relief that those opposite scoff at. That delivers savings directly back into household budgets every single year. You feel that relief when you pick up your medicine script, and you feel it when you go to the doctor and you don't have to pull out your credit card.

We've expanded paid parental leave to 24 weeks and have paid super on it. These measures are all about supporting families and they are all about supporting households. We've introduced paid prac for nursing, teaching, social work and midwifery students, and we've expanded five per cent deposits so first home buyers can get a foot in the door.

We will keep the focus where it belongs, on the people we represent. We will not focus on ourselves, like those opposite. (Time expired)

Sarah Henderson (Victoria, Liberal Party) Share this | Link to this | Hansard source

I rise to take note of the government's refusal to address the acute pain it is causing Australians as a result of today's interest rate rise of 20 basis points. The cost for the average mortgage of $600,000 is an additional $100 a month, or $1,200 a year. Yet, when the Minister for Finance, Senator Gallagher, was asked what that average cost would be, she refused to answer the question. Senator Hume put that directly to her and raised the same question. She said it depended on the terms of the mortgage agreement.

When news of the interest rate rise broke during question time, it was like the emperor with no clothes—nothing to see here. There's nothing to see here because what we know now is that this is another very, very strong sign of this government's economic incompetence—its failure to run the economy. We heard those on the other side say, 'Oh, yes, we know Australians are disappointed.' Australians are more than disappointed; Australians have been betrayed. There have been 13 rate rises in less than four years. The price of economic incompetence by the Albanese Labor government is a nation going off the cliff.

There are debt and deficits as far as the eye can see, and for Senator Brown to talk about the surpluses is a joke. There are billions and billions of dollars of deficits facing this country. The country is $1.2 trillion dollars in debt, and we are seeing the worst living standards in this country for a very long time. Labor has presided over the biggest collapse in living standards in the developed world, while fuelling its addiction to spending. This spending is driving up the cost of living today and leaving that $1.2 trillion debt bomb for the next generation.

Australians have lived and breathed the cost-of-living crisis in this country as a result of this government. Insurance is up 39 per cent, energy is up 40 per cent, rent is up 22 per cent, health is up 18 per cent, education is up 17 per cent and food is up 16 per cent. Can you imagine all those young Australians right now who are desperately wondering how they're ever going to be able buy a house under this government.

This is the great Australian dream which has been destroyed by this government, and now this is another nail in the coffin. This has been something that's been taken up by economist Judith Sloan. What an insult that Labor, which used to care about working people, about supporting those who most needed the help of government, is now rolling out all these schemes which are not means tested. The five per cent deposit scheme—which, of course, was a very successful means tested program under us—is now being opened up to any Australian no matter how much money they have in the bank, or no matter how much money their parents have in the bank. We know that this scheme alone is driving up house prices.

The cost of living keeps getting worse under Labor and is not helped by government spending which is putting upward pressure on inflation. IFM Investors Chief Economist, Alex Joiner, has said 'the fiscal guardrails have come off' with spending now at its highest level outside of recession in 40 years. Even business groups, like ACCI, are calling on the government to cut spending. The average mortgage holder is already paying around $21,000 a year more in interest than they were under the previous, coalition government. Another interest rate hike is another nail in the coffin for so many Australians struggling to put food on the table, to pay the mortgage and to have that great Australian dream of homeownership. (Time expired)

Question agreed to.