Anne Stanley (Werriwa, Australian Labor Party) Share this | Hansard source

Few speeches in this chamber are as closely examined or analysed as the Treasurer's annual budget speech. Reams of column space and hours of broadcast and airtime are devoted to dissecting every aspect of it. The reason for the intense interest in the budget is obvious. Budgets matter. They matter a lot. They matter for the country and the way it is travelling and moving forward, and they matter for the individual. Both aspects are equally important. For the country, the budget is a technical statement on our economy. It's a barometer, if you like, of how we are travelling and our estimated revenues and expenditures. For the individual, on the other hand, the budget is a clear demonstration, in financial and other ways, of understanding where the government's priorities lie. So, if budgets matter, what does the most recent budget say to the country as a whole and to the individual? What message is it conveying?

With regard to the country, the budget clearly says that, in difficult global times, we are making progress. We may be an island continent, but we are not an island economy; hence, international concerns, interest rates and inflation are also very much our concerns. On these issues, though, progress has been made. For the second year in a row, a budget surplus has been delivered—an outstanding result. But it would be fair to say that the key to our economy is understanding that matters are finely poised, and, while we can remain quietly optimistic and confident, we need to remain vigilant.

Secondly, what does the most recent budget say to the individual in Australia, the pay-as-you-go taxpayer? What's the take-home message for them? The answer here, I think, lies in my former statements. Australians can be quietly confident about the future. They can be confident that the inflationary pressures that are driving the cost-of-living pressures are being addressed. They can be confident that responsible measures announced in the budget will make a real difference without adding any further inflationary pressures.

We look at the budget measures in this budget and we see a truly Labor budget—one that delivers for all Australians, not just a few; one that delivers real cost-of-living relief for all Australians to help with their everyday pressures. Across every part of this Labor budget and across every portfolio, the Albanese government is helping Australians.

From 1 July, every Australian will be paying less tax. That's 13.6 million Australian taxpayers who'll be better off under this government's fairer and better changes to the stage 3 tax cuts. In my community of Werriwa, that means over 80,000 Australians will be paying less tax. Under the Albanese government's bigger and fairer tax cuts, an additional 2.9 million Australians will now receive a tax cut, when compared to the coalition's plan. More low- and middle-income Australians will benefit. That's real money in the pockets of hardworking Australians, making a big difference to those in my community.

Changes to the previous government's tax plan will also see an increase in the Medicare levy low-income threshold, which will mean more than one million Australians will continue to be exempt from the Medicare levy or pay a reduced rate. The increase to the threshold will help those on low incomes keep more of what they earn, helping many in my community and across Australia who are doing it tough. This is because the government believes all Australians should earn more and keep more of what they earn. The budget delivers on that.

The cost-of-living measures in this budget don't end there. The budget delivers $300 in energy bill relief for every Australian household from 1 July. So every household will see a $75 reduction in their quarterly bills over the 2024-25 financial year. Energy bill relief is good for Australian households and good for the economy. It helps put downward pressure on inflation, which benefits everyone. Small businesses also benefit, with a $325 energy rebate for eligible small businesses.

The budget also helps one million Australian households with the cost of rent by increasing the maximum rate of Commonwealth assistance by a further 10 per cent, building on the 15 per cent increase in September 2023. That builds on the increased assistance since we came to office in 2022. In my community over 9,000 households have benefited from these increases.

The budget also continues to freeze social security deeming rates for a further 12 months, supporting over 6,000 income support recipients in Werriwa, including jobseekers and people on parenting payments, student payments and carer payments.

In addition to these measures, the Albanese government is freezing the cost of the maximum PBS co-payment for scripts to no more than $31.60 until 2026. For those Australians on pension or concession cards, the maximum PBS co-payment is frozen at $7.70 for five years, ensuring that Australians don't have to choose between filling a script and putting food on the table.

This budget not only addresses the short- to medium-term issues facing Australians but invests in supporting Australians in the long term. In Werriwa and broadly across Western Sydney, our communities have endured consistent underfunding in our infrastructure, the effects of which are now being acutely felt. Our communities have rapidly grown, yet the infrastructure investment required to support the growth has fallen short. This has markedly changed since 2022, with our election to government and with the election of the Minns government in 2023. Whilst it will take some time to make up for the lost investment, the government is committed to seeing Western Sydney succeed.

The budget delivers much-needed infrastructure funding to Western Sydney and my community of Werriwa. It delivers $1.9 billion towards 14 new projects and two existing projects, including Mamre Road stage 2 upgrade; Elizabeth Drive priority sections upgrade; Western Sydney Rapid Bus infrastructure upgrade; Cambridge Avenue upgrade; Western Sydney Freight Line stage 1; Western Sydney roads future planning; and South West Rail planning. Many familiar with these roads will know how traffic prone they are and how vital the investment will be.

The Albanese government is also locking in progressive increases to local roads funding under the Roads to Recovery Program and the Black Spot Program. Liverpool City Council will receive $12.59 million under Roads to Recovery, a boost of $5.4 million, under our government. In total, the five-year investment in Roads to Recovery for councils in Werriwa will increase to more than $45 million. I know that this investment will make a huge difference to my community. It will mean that they will get home sooner, spend less time in traffic and spend more time with their families.

This budget also delivers more funding for mental health services, with a $361 million investment to expand mental health service access for Australians. It builds on previous investments announced in the October 2022 budget and the May 2023 budget. A good example of this is the headspace in Edmondson Park. This was a commitment I took to the 2022 election, and I'm delighted to say it is now being delivered on. Recently I visited the site at Edmondson Park, alongside the Assistant Minister for Mental Health and Suicide Prevention, Emma McBride. Once the building work is complete, my community will benefit from better access to mental health services. I look forward to it being open in August this year.

These are not press release announcements. These are investments in real people and services and make a tangible difference in all our communities. I commenced my remarks today by noting that budgets matter and that few issues discussed in this place draw more public attention or scrutiny in the media. In a world where freedom of the press is often challenged and genuine analysis of government policies is often lacking, the scrutiny is welcome and in fact is needed more now than ever.

In this regard, I am firm in the belief that any serious examination of the 2024 Australian federal budget will show that it is finely tailored and cut for the time. It gets the balance right and it provides confidence for markets and investors, both nationally and globally, as well as responding to the real and genuine needs of the Australian public and my community in Werriwa. The 2024 budget is good for the economy and good for working Australians. It delivers where it needs to and hits the mark. I commend it to the House.

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