Matt Keogh (Burt, Australian Labor Party) Share this | Hansard source

Today we debate the idea that the government has failed to provide leadership in the economy. I think we should turn first to the Prime Minister's own words on leadership. He tells us all he is a strong leader. Well, he has forgotten the first rule of the strong leadership club: you don't tell people you're a strong leader; it's a bit of a giveaway that you're not.

Then, of course, when it comes to leadership in the economy, who comes in to defend the government? Is it the Treasurer? No, it's the sooky minister assisting the Treasurer! No leadership—not even the attempt or risk of leadership being shown at the dispatch box there! Let's look at this government's leadership of the Australian economy. It's all about bringing back trickle-down economics. That's the only thing they've got going on their ledger—trickle-down economics. When one looks up trickle-down economics—when you Google it, for example—you find that most economists, and in fact nearly every leading economist in the world, will tell you that it is just complete bunkum. That is exactly what it is. The leadership of this government, when it comes to economics is, apparently, about not investing in education. They don't believe in inequality—despite the Governor of the Reserve Bank just this Friday telling me in a hearing that inequality is a legitimate issue, and people are right to be worried about it. Well, not if you're this government, apparently.

And they won't countenance changes to negative gearing and capital gains tax. Well, actually, the Treasurer does agree with his predecessor, Joe Hockey, on that topic. But he got rolled in cabinet, further evidencing his government's failure to provide economic leadership to this nation. It's a bit like their policy on superannuation—announced, rolled, and then they tried to copy Labor's policy. Such leadership—not! They won't look at the unfair advantage to some that is provided by using trusts for income-splitting purposes, which is not available to others, and they won't support a royal commission into the banks. Instead, the Treasurer, this government, has a cup of tea with the chair of the Commonwealth Bank and gives them a good telling off. It's about as scary as being flogged with a piece of wet lettuce.

If we need a clearer example of why we need a senior executive responsibility regime in Australia for our banks, the Commonwealth Bank case is delivering it in spades. The Reserve Bank Governor only on Friday spoke about the need for good corporate governance and culture in our banks. But the government here gives us nothing. They have said the words but they don't give us action. They are taking up an idea by mentioning those words that actually Labor recommended in the banking inquiry report from 2016. In fact, this Treasurer hasn't come up with an idea of his own on economic leadership at all. At best he is a follower, although he doesn't even follow through with the ideas. At worst, he's just a grumpy old man who, in an effort to fill the gap where a policy idea might go, shouts about how Labor is leading the economic debate in this country.

The most recent example of course is this. He comes out and has a crack at Labor, saying: 'Look at all those economic policies of Labor; they're going to cost taxpayers all this money. And look: the PBO said this is how much it's going to cost.' It turns out that the PBO didn't actually say that at all, Treasurer. You made it up. But you were right about one thing: Labor is the only party with any economic policies for this country. But also—just to show that the government is not all about the economy—they need to understand this. This government come in here—and we had perfect examples on the other side during just this debate—saying 'economy this', and that they're the economic leaders and that it's all about the economy. Well, I don't think they've actually realised that government is not about the economy. A nation is not an economy; the economy is a means to an end. The government doesn't get this, and it's evident in its priorities, because its priorities are rather wrong.

Seriously, who ever thinks it is a better idea to give big business and their foreign investors a massive tax cut when we have underfunded schools? The government sword is constantly hanging over Medicare. We have seen increases in taxes on ordinary Australian workers. They haven't committed any rail funding to Western Australia, let alone provide a modicum of infrastructure funding to Victoria. We have seen cuts to the Australian Public Service, no support for their pay and no support for domestic violence leave, and then the government starts outsourcing the prosecutors from the Commonwealth DPP. We have seen pay cuts for the ADF, we have seen the disaster of an NBN and the mismanagement of the NDIS by those opposite. And apparently this is their leadership in economic management—all while cutting the taxes for the highest-paid Australians and spending $122 million on a marriage equality survey that we wouldn't need if they would just let us get on with the job in this place. This is a Treasurer who goes into the National Press Club to talk about GST reform and delivers nothing especially for WA. (Time expired)

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