Steve Georganas (Adelaide, Australian Labor Party) Share this | Hansard source

We all know that Australians are doing it tough, and they're doing it tough right now. I hear this, as I'm sure all of you do, when I go doorknocking, at street corner meetings and when I meet with constituents and move around the community. That is why this Albanese Labor government has put measures in place. That is why this Albanese Labor government's No. 1 priority is easing the cost-of-living pressures. There is no doubt that that is the focus of this government. You can see that through the actions that this Labor government has taken. That is why we have given every Australian taxpayer a tax cut and why we are giving every household $300 off their energy bills.

We know there is more to do; there is no doubt. Inflation is still higher than we would like, but it's less than half its peak and significantly lower than what we inherited from the opposition. We've delivered the first back-to-back surplus in almost two decades, which the Reserve Bank governor has said is helping in the fight against inflation. We're also on track for a larger-than-forecast surplus, which could be the largest back-to-back surplus on record. All of this helps the economy. It stabilises it and tries to push inflation lower.

If you look at the budget we delivered in May, it was specifically designed to help take pressure off Australians and make a real difference to people right across the country. That is why the Albanese Labor government is providing $3.5 billion in energy bill relief to all Australian households and to one million eligible small businesses. More than 10 million households will receive a total rebate of $300, and eligible small businesses will receive a rebate of $325 on their electricity bills throughout the year.

This government's current energy bill relief plan has moderated electricity price increases. In the year to June quarter 2024, electricity prices rose six per cent. Electricity prices would have risen 14.6 per cent without our energy rebates. That is a really big difference. This budget recognises that households and small businesses are doing it extremely tough and remain under pressure. When you look at the budget, it extends and expands that relief. Wholesale electricity prices in the national electricity market have fallen eight per cent in the first quarter of 2024 compared to the same time last year, as more cheap renewable generation is rolled out to deliver the government's 82 per cent renewable energy target.

We know that, if the previous government actually had an energy policy over the last 10 years, there would have been more investment in renewables, more people taking active business within renewable energy and more sources to gain renewable energy, and, therefore, prices would have been much lower. It's as if the world only began in May 2022 for the opposition. They forget those 10 years and the things they put in place that brought us to the position we're in. We all know how well the opposition went with energy plans while they were in government.

The government will also cut $3 billion in student debt, which is a real difference for students. The budget makes the HECS-HELP system fairer for three million Australians. This means that HECS debts will never grow faster than wages. This change will support 29,157 people with a HECS debt in my electorate of Adelaide.

The Albanese Labor government has invested almost $4 billion to deliver cheaper medicines—this is all money in people's pockets—to ease pressure on household budgets governance by freezing the PBS co-payment and adding more medicines to the PBS. Residents in my electorate of Adelaide have already saved $3,000,742 thanks to this government's commitment to delivering cheaper medicines. Pensioners and concession cardholders in Adelaide won't pay more than $7.70 for their PBS medications for the next five years.

We are also investing $1.9 million to help nearly one million Australian households with the cost of rent by increasing the maximum rates of Commonwealth rent assistance by 10 per cent. This will benefit 7,580 people in my electorate. (Time expired)

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