Zaneta Mascarenhas (Swan, Australian Labor Party) Share this | Hansard source

I'd like to start by acknowledging that I know that Australians are doing it really tough at the moment. This is a really tough economic chapter in Australia's history, and I know that households are having to make tough decisions around the kitchen table, and this is something that the Albanese Labor government needs to replicate at the cabinet table. I'll also highlight that the Albanese Labor government hasn't inherited a great set of books or economic and government positioning. The coalition racked up a trillion dollars of debt with very little to show for it. The Abbott-Turnbull-Morrison governments didn't really know what to do when they finally held government. Prime Minister Abbott ended up being more effective as an opposition leader rather than a prime minister, so he forgot the need to lead the country and, of course, was challenged. Then we had Turnbull, who had some leadership skills but forgot to ensure that caucus was aligned. Finally, we had Morrison, and we all know that Prime Minister Scott Morrison was more interested in power than in actually doing anything. It was quite telling when journalist Deborah Snow discovered that Prime Minister Morrison had never thought about his legacy.

The role of governments is to build foundations to improve the lives of all Australians, and this should be done both today and in the future. With the coalition asleep at the wheel of the metaphorical national car, the Albanese Labor government is trying to methodically, carefully and intentionally steer the nation back on track. The Albanese Labor government has a three-point plan on addressing cost-of-living and inflation challenges in the budget. It's about relief, repair and restraint. Responsible cost-of-living relief includes cheaper medicines, direct energy relief and cheaper child care. I realise that the coalition may not have got the memo that women are employed in the paid workforce and aren't stuck at home doing the ironing, and also that modern men are doing their own ironing. The government's plan is also about repairing supply-side constraints. We've introduced fee-free places in areas of skill demand, and this will help reduce skills shortages. We've also introduced the National Reconstruction Fund because we learned, during the pandemic, how fragile our supply chains are; that, as an island nation, we need to be more resilient as a nation; and that we need to increase our sovereign capability.

Then, of course, there's cleaner and cheaper energy. I know that the coalition likes to magic up that energy challenges are based on the nine months since Labor took over and we should forget the nine years that they were at the wheel. And you would want to forget. It's hard to remember all 22 of their energy policies. The weaponisation of climate policy has been to the detriment of capital investment in decarbonising our grid. The lack of investment in renewables has had a direct impact on energy prices. Let's think about the inputs to create electricity. We have gas and coal which are commodities which are sold on international markets, and are therefore subject to international commodity prices and exchange rates. With the war in Ukraine and challenges from the pandemic, supply shocks have seen commodity prices skyrocket. Then you have energy sources such as wind and solar. And guess what? When the wind blows and the sun shines, they don't care if there's a war in Ukraine, and there aren't restraints due to fossil fuel companies selling too much of our commodities overseas and putting at risk Australia's energy security.

The thing is we have a great Australian example—on RenewEconomy, as Michael Mazengarb explained in June last year: 'Electricity users in the Australian Capital Territory will see average electricity costs fall by at least 1.25 per cent come 1 July, as the Capital Territory's extensive contracts for 100 per cent renewable electricity shield its customers from the chaos rippling through Australia's energy markets.' Imagine if the coalition had actually read the writing on the wall and invested in our clean energy future. We might have had the ability to hedge against the challenges that we've seen in the electricity market—and perhaps they wouldn't have lost so many seats to the crossbench.

Finally, part of our approach is around a responsible budget with spending restraint, returning almost all of our revenue upgrades to the bottom line and keeping spending essentially flat over the next four years to not add to inflation. The Pre-Election Economic Fiscal Outlook revised total revenue by $63.2 billion. Much of this comes off the back.

See this speech in context