Bert Van Manen (Forde, Liberal Party) Share this | Hansard source

It would be nice if he were here. I notice the Assistant Treasurer has also left the building. Worse off under every measure are the Australian people after two years of this government, and this budget does nothing to assist them. We've seen real disposable income reduced by nearly eight per cent over the past two years. Families are dipping into their savings to cover costs, with the household savings ratio dipping 9.9 per cent over the last two years. The reasons for this are that mortgage payments have almost tripled. There are all-time rental prices highs and record low supply, and there's been a 20 per cent rise in the collection of personal income taxes through bracket creep. I know those opposite are attempting to sell the notion that they're giving a little bit of that back, but I can say that the people I've spoken to don't know about it, and they won't see it. They just see their costs continuing to go up. There are continuing energy price hikes, prices on goods have increased by nearly 10 per cent and we continue to see productivity fall. It's fallen by some 5.2 per cent under this government. We all know in this place that productivity is a key factor in economic growth and long-term prosperity is impossible without it.

As I look at some of the other measures, there is one measure that is not talked about very often. Those opposite love to talk about wage price increases through the wage price index, but what they forget to talk about is the living costs index for employee households. The wage price index is running at some 4.1 per cent, but the living costs index for employee households is running at some 6.5 per cent. So, whilst wages might be rising, the truth is that employees are roughly 2½ per cent worse off despite those wage increases. As I've said, that has come about through higher mortgage costs and higher costs of living.

What we are seeing at the end of the day is an anaemic economy that only grew by 0.1 per cent in the last quarter. I talk to businesses out there. Their confidence is rapidly declining as they see their input costs growing and continuing supply chain constraints. Their rent has gone through the roof, and they have no confidence, or very little confidence, in the future direction of this country under this government.

Before us in the House at the moment is a bill that is going to further increase red tape and regulation. If we want to achieve productivity in this country, one of the things we've got to do is get rid of red tape and regulation. Yet what we are seeing the government doing at this very moment with a bill before the House is introducing scope 3 emissions accounting. For larger businesses, it means they will have to account for the emissions of all of their suppliers through their entire supply chain, from the smallest business in Australia that supplies a business that is covered by that regulation. Now, many small businesses do not have the time or the capability to do that properly, so they'll have to get outside consultants in, which will be another cost to business. I believe the estimated regulatory impact cost of that measures is some $2.3 billion to the economy, which will be borne by small and medium-sized businesses. This government has done nothing to support business, so I ask the question: when is the government going to stand up for Australians and do something for them? (Time expired)

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