Stuart Robert (Fadden, Liberal Party, Shadow Assistant Treasurer) Share this | Hansard source

T () (): Nine months in government and nine consecutive interest rate rises—be in no doubt that you will always pay more under the Labor Party. Day after day, the Prime Minister wants to talk about everything except the cost-of-living crisis—Labor's cost-of-living crisis. It is the No. 1 issue facing Australians today. In relation to my electorate on the Gold Coast, if I look at Melbourne based firm Digital Finance Analytics, their data reveals that the number of Gold Coasters facing mortgage stress has increased by 1,500 people since November, with 25,404 now struggling to make their repayments. The postcodes with the highest proportion of struggling homeowners are predominantly in my electorate: postcodes 4216 to 4209, including Coomera and Pimpama.

This is a serious issue that requires a concerted focus from this government and a focus that, frankly, we're not seeing. This government has got to stop spending. It has got to stop $50 billion of off balance sheet expenditure. The Reserve Bank is seeking to take money out of the system by raising interest rates, and what is this government doing? It is recklessly spending. Families, including those on double incomes are struggling to make ends meet and they are having to make tough calls to keep their homes, including 25,404 homes in my electorate. They're taking second jobs, they're working overtime and they're giving up on holidays. Yet what does this government do? What does this government prioritise?

In fact, the very first economic decision of this government—the first decision taken by Treasury ministers—wasn't to deal with inflation or to deal with the cost of living. It was, as a statement of fact, to water down transparency as to what super funds report in relation to their funding and their slush fund payments. We'll deal with that in the Senate this afternoon, but that was the very first act of this government's Treasury. That was the most important thing the Labor government thought they had to do: to take away transparency of $40 million of payments from super funds to union movements. That was the priority. That's a statement of fact.

Let's wait and see what the Senate does this afternoon, because this morning the entire crossbench and the Greens voted against this lonely, pathetic government as they stood up and tried to block transparency. So let's not have the government walk in here and tell us that they are concerned about cost of living when the very first action of their Treasury ministers was to water down transparency. Those opposite can hide under any number of rocks, but they can't hide from that decision. After nine sordid months of hiding, it will catch up on those opposite. Hardworking Australians are paying more and more for their mortgages while this government hides, without transparency, because the government cannot get its priorities right. As they make industrial relations less flexible and make it harder for companies to employ Australians, we're seeing mortgages of $750,000 and the mortgage holders paying an extra $16,000 a year in repayments. Without an economic plan from this government, the Reserve Bank is having to do all the heavy lifting, and, as the Reserve Bank governor said yesterday, further rate increases are on the rise to get consumption down and to get inflation down. Without an economic plan from those opposite, hardworking families and struggling businesses will pay the highest price.

But I will give one recommendation to the government. Over 50 days ago, Michelle Levy issued her report on how to make it easier for Australians to get financial advice. This government, in opposition, used to scream at the previous government about releasing reports. 'The Hayne royal commission report,' they said, 'must be released immediately.' We took 2½ days over the weekend to look at it. This government has had 50 days on the Levy report. It was released today. The government should have stood up and said, 'We're going to implement all the recommendations.' What did they do? They said they were going to have a consultation on the consultation they just had. Pathetic. Agree to every single recommendation of the Levy report. It will help Australians. It will assist them in getting advice. It will at least be the start of an economic plan. (Time expired)

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