Ross Vasta (Bonner, Liberal Party) Share this | Link to this | Hansard source

My question is addressed to the Treasurer. Would the Treasurer inform the House of the latest research demonstrating how Australians, including those in my seat of Bonner, have benefited under the economic stewardship of the coalition government?

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Bonner for his question. I would refer him today to an analysis published in the Australian by NATSEM, the Labor Party preferred modeller, because the analysis which is in the Australian today—done not by the government but by NATSEM—shows that couples with no children have seen their disposable income increase 23 per cent since the government came to office and couples with children have seen their disposable income increase 29 per cent since the coalition came to office. Looking at all families and singles, the overall increase in disposable income over the 10 years since 1996-97 has been 20 per cent, showing undoubtedly that this government has put in place real benefits in terms of increased disposable income for Australian families.

Ann Harding, writing in the Australian today, says that the real spending power of a single aged pensioner has increased nearly a quarter since 1996-97. She says:

This growth in income has been driven by a liberalisation of the pension income test, the introduction of special tax concessions for seniors and increases in the pension rate.

Again I quote Ann Harding, the Labor Party’s preferred modeller:

And this bonanza for seniors with some private resources does not include the additional benefits bestowed by the introduction of the special subsidised rate for pharmaceuticals for self-funded retirees in 1999.

There we have the analysis by NATSEM. Families have increased their disposable income, singles have increased their disposable income and seniors that have some additional income have had a 25 per cent increase in spending power—and that is not including the extension of pharmaceutical benefits to those with the Commonwealth seniors health card. What this proves is that with sound economic reform, with 1.9 million more jobs in this country and with improvements to the taxation system—all of which were opposed by the Labor Party—those that needed help in Australia have been given help, and it is only a coalition government that has the capacity to do that.