Phillip Thompson (Herbert, Liberal National Party, Shadow Assistant Minister for Defence) Share this | Link to this | Hansard source

We are in the Labor Prime Minister, Anthony Albanese, cost-of-living crisis. The Treasurer and his economic policies have consistently failed to address the core needs of hardworking Australian families. Rising mortgage defaults and the decline in credit applications are the canary in the economic coalmine. They are the leading indicators that Australians can't pay all their bills. They are trapped in a nightmare scenario. Do they feed their families, pay for their electricity or pay for housing? Under Labor, they can't do all three. Under this Treasurer, food, electricity and housing have all become luxury items.

Townsville businesses are reeling under the weight of exorbitant costs. Electricity bills have skyrocketed, burdening these businesses with an average increase of 34 per cent. Business administration costs have surged by an alarming 60 per cent. This statistic alone highlights the dire state of affairs under this Treasurer's failed economic policies. Some businesses, once vibrant and promising, have been forced to shut their doors, leaving a trail of lost livelihoods and shattered dreams. The majority of business owners find themselves unable to pay themselves the minimum wage. We need a government who sees small business as the heart and soul of our economy, not the enemy that needs punishing.