Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Hansard source

We see it with homelessness, as the shadow minister says. We see it wherever we go, but we saw it today in the figures in a startling, startling way.

We see from the GDP numbers that this is the weakest annual growth since 1991. In 1991, Bob Hawke was the Prime Minister—until December. Of course, he was rolled by his Treasurer, who blamed the bad economy on the Prime Minister. Well, the bloke over there—he hasn't turned up—I'm sure will be blaming everybody, and ultimately the Prime Minister, because that's exactly what happened in 1991 and that's the last time we saw growth where it is today. We've seen negative GDP per capita growth—that's per person. That's the one that really counts, because what you feel is the economy on a per-person basis. That's how we see it. That's how families see it. That's five quarters of negative GDP per capita growth—five in a row. It just doesn't stop—1.3 per cent through the year.

We know that the only thing growing in the economy now is the population, and that is not how you make people better off. Again, they're extraordinary numbers that we see today. There are over 1.2 million more Australians than two years ago. We're a proud immigrant nation, but that is too many for our housing supply. It's too many for our economy to absorb and cope with. We're seeing it in the inflation figures; we're seeing it in everything as we get around Australia.

There is another extraordinary number in what came out today, which is the productivity results. It's true that the RBA governor made the point today—

We'll talk about this. I'm glad to take that interjection from the Assistant Treasurer, because he should have a look at the numbers. That has fallen by 5.2 per cent under this Labor government. Labour productivity has fallen by 5.2 per cent since Labor came to power.

By the way, it's important to note that the number that came out today is very different from the RBA's forecast, and that tells you the RBA has a very big problem with this government. The Doctor of Economics over there knows that if the government doesn't do its role, if it doesn't get it right on its policies, the RBA has to do all the work, and that's pretty damn hard work when productivity has gone backwards by five per cent—over five per cent—in two years. It's a diabolical position for the RBA governor to be in, but that's what this government has achieved, and Australians are paying a huge price for that—not surprisingly, when labour productivity has gone back that far. That has not happened since the data series on productivity began. This is the first time we've seen anything like it. It is completely unique. Those opposite like to say this has happened before; it hasn't happened before.

Household disposable incomes are down 7.8 per cent since Labor came to power. That's your standard of living. That's Australians' standard of living: real household per capita disposable incomes down almost eight per cent since Labor came to power. Labor makes you poorer, Deputy Speaker—that's what we see in the numbers. The result is that Australians are having to dig deep. Savings have gone almost to zero—0.9 per cent. People have given up. They're digging deep into their piggy banks because that's all they've got left. There is nothing else left. They're cutting back on any spending they can cut back on. They're working extra hours. They're having to work harder and dig deep into their savings. Australians are paying a high price for this government, this Treasurer, this Assistant Treasurer and their absolute ineptitude.

There is a better way. It's going back to basics, making sure that you align your immigration policy with your housing supply. I would have thought that was common sense, but it's not common sense to those opposite. It means making sure you don't spend money that you don't have to. Corporate welfare—those opposite love it. We've seen in estimates over recent days the waste from the Minister for the National Disability Insurance Scheme: $600,000 for a speechwriter. I'll tell you what: the speech we got today wasn't worth that! There is a better way. It is about going back to basics and about getting Australia back on track.

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