Angie Bell (Moncrieff, Liberal National Party, Shadow Minister for Early Childhood Education) Share this | Hansard source

There is a fibber in the Lodge—and what's next? I ask Australians: what's next? It could be your investment property or tax on the family home, perhaps. Negative gearing and capital gains tax on the family home could be up for grabs next. How can anybody across our nation trust what this Prime Minister says when he has broken his solemn promise to them?

The Treasurer—and I see he's in the chamber now—was asked on 29 January about a plan to make changes to negative gearing, and he said that Labor wasn't considering it. That's what they said about stage 3 tax cuts: 'My word is my bond. We're not changing tack. We're not changing our position. We haven't changed our position.' And then they changed their position! So, if they're saying that about negative gearing and tax on the family home, how can you believe what they're saying? You simply can't. The string of broken promises from This Prime Minister is eclipsed only by the outright assault on the values that Gold Coasters hold so dear, which are reward for effort, working hard and keeping more of what you earn.

There are more than 70,000 businesses, and our aspiration and hard work are under attack through the wealth redistribution strategy coming from the most socialist government since Whitlam. It's true, the facts are there for all to see. In Labor's first 18 months, personal income tax has risen by a record 27 per cent. As I said, in the cost-of-living crisis, you're getting 10c back in the dollar for the mistakes that Labor made managing our economy in the first 18 months of their reign.

The Albanese Labor government spent all of last year distracted by its failed Voice referendum, meanwhile Australians are now thousands of dollars worse off as a result of this government's economic mismanagement. Australians have seen their living standards collapse by 8.6 per cent, or $8,000. I will say it again; that is a lot of money. That is one child in a private school if you've got enough money to send your children to a private school. If they have a mortgage, it's far more. It's $24,000 if they have a $750,000 mortgage with 12 interest rate rises.

Australians know that food costs more. They know that electricity costs more; they're paying it every day. While Australians have spent the last 18 months crying out for help, it's apparently only occurred to the Prime Minister and Treasurer over summer that Australians are in this cost-of-living crisis. It's only occurred in the lead-up, as I said, to the by-election, where the good people of Dunkley in Victoria will have their say as to whether they want more of this reckless government or whether they want the LNP's candidate, Nathan Conroy. We remain committed to fighting bracket creep and baking in aspiration, because Australians want to get ahead and they should be able to get ahead.

Our package, the package under the opposition leader, will deliver lower, simpler and fairer taxes. It will fight bracket creep and bake in aspiration in our tax system. Labor's broken promise entrenches bracket creep in our tax system and increases taxes by $28 billion on more than four million Australians over the next 10 years. Our tax policies will reward hard work and effort, and support a strong economy where every Australian can get ahead if they want to, not punish 1.8 million taxpayers, who will be worse off. That number will increase to four million by the end of the medium term—four million! Give Australians more opportunity to get ahead and to stay ahead; that's what we want to do. Our package will be fully costed and ready to implement when we are elected and, most importantly, we will keep our promises to the Australian people.

On a parting note, I just ask Australians: Do those opposite deserve to be trusted to tell the truth ever again?

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