Sussan Ley (Farrer, Liberal Party, Shadow Minister for Women) Share this | Hansard source

Australian businesses shutting up shop in record numbers managed to survive the pandemic and the worst economic crisis since the Great Depression but have clearly been unable to survive this Albanese Labor government. External administrations are at a record high, and manufacturing insolvencies have tripled under this government. Industry is expecting anaemic growth, at or near the lowest levels in a decade. Industry is reporting a decline in new orders at the largest rate since the GFC. CreditorWatch reports invoice defaults at record highs.

This budget was an opportunity for the Albanese government to provide a credible economic plan for struggling Aussie manufacturers, but it has failed to deliver yet again. The Prime Minister promised before the last election:

Australia can be the land of cheap and endless energy—energy that could power generations of metal manufacturing and other energy intensive manufacturing industries.

Yet, we've seen power prices go up and up and up. So I ask the minister: when will the energy prices our manufacturers have to pay actually start coming down?

At the last election, the government promised a National Reconstruction Fund which would 'rebuild Australia's industrial base', yet, two years on, the NRF has not spent a single dollar on a single project. Embarrassingly, the Prime Minister claimed the NRF was open for business when it wasn't. Indeed, there were no formal processes until the coalition's questioning forced the government to airbrush their own website. The Assistant Minister for Manufacturing said that the fund would be up and running this financial year, so I ask the minister: When will the NRF invest the first dollar? When will the first dollar be spent in this financial year? Indeed, will the first dollar be spent before the next federal election?

This signature policy, they said, couldn't achieve. What couldn't it achieve? They haven't spent a dollar. It's a confused policy as part of a confused economic agenda of a confused government. The NRF Corporation CEO thinks we shouldn't pick winners. The corporation's chair thinks we should. And, depending on who you ask in the government, you get a different answer. There is not a dollar for our struggling manufacturers, but there is an additional $80 million in this bad budget to build the capacity of the NRF. When are we going to see funds put towards building the capacity of our struggling Australian manufacturers.

We have an industry minister on the outer—one who freelances policies and his own thought bubbles, signalling the rudderless nature of this government's industry policy. So I ask: will this government change the corporate tax rate? Will the government introduce economy-wide investment allowances? We know the industry minister has no say at the decision-making table, and our manufacturers are paying for it.

The government's latest $22.7 billion announcement in the budget, a series of measures labelled A Future Made in Australia, again makes no progress on a list of demands our manufacturers are making. They need better business conditions, not more government intervention. Productivity commissioners past and present have lined up to criticise this latest approach. So I ask the minister: what does this budget achieve for blue-collar manufacturers? What does the budget do for those industries who aren't hand-picked by this government?

There are more questions than answers around the strange dealings this government has had with PsiQuantum, a $1 billion deal. We've learnt that a legal services contract to get this deal over the line has risen from $280,000 to $3.3 million in just over a year, with nine amendments, three extensions and zero answers for taxpayers, who continue to see the largesse and waste of this tired government.

The coalition's Entrepreneurs Program was replaced by the Industry Growth Program, which has not progressed in a substantial way. So I ask the minister: are there grant opportunities open to applicants? When will the Industry Growth Program start delivering on the grants it advertises?

This government's failed and confused economic policies have delivered an insolvency crisis across the Australian economy. Manufacturing insolvencies are set to exceed last year's figures by the end of May. When will this government deliver a plan for all of our manufacturers, not just those with teams of lobbyists?

Our jetsetting industry minister needs to spend less time overseas and at glitzy black-tie functions and more time on the factory floors around Australia. Manufacturers large and small have been forthcoming with their concerns. Minister Husic actually needs to listen to the concerns and needs of our manufacturers and, much more importantly, he needs to respond.

See this speech in context