Matt Thistlethwaite (Kingsford Smith, Australian Labor Party, Shadow Parliamentary Secretary for Foreign Affairs) Share this | Link to this | Hansard source

I understand that the Liberal Party are currently negotiating with the US rock singer Katy Perry to use her song Hot N Cold as their theme song for this year's election. You know the one, Deputy Speaker. It goes:

You're hot then you're cold

You're yes then you're no

You're in then you're out

You're up then you're down

First of all, the member for Warringah, former Prime Minister Abbott, was hot. The next minute he was cold. The GST was in. Then the GST was out. According to the Assistant Treasurer, house prices are going up. According to the Prime Minister, they are going down. The song is a perfect description of this government's approach to economic policy.

It would be a laughing matter if it were not so serious. Today the Australian Bureau of Statistics announced their latest figures on business investment, and they are quite shocking. They indicate an 18 per cent fall in business investment in this country over the last 12 months and a 16 per cent decline in housing construction. Unemployment has jumped up to six per cent once again. Real wage growth in this country is at a record low. The deficit has doubled and the level of government debt has increased astronomically under the leadership of this government. There is a lack of leadership. There is no economic narrative. There is no economic plan for this country. The Treasurer had his big opportunity last week at the Press Club. It was 46 minutes of nothing—not one single policy on economics from this government. No wonder the economy is in such a mess.