Zaneta Mascarenhas (Swan, Australian Labor Party) Share this | Link to this | Hansard source

Gongxi facai—which means 'wishing you to be prosperous' in Mandarin. This is said by Mandarin speakers around the world during lunar new year celebrations. In the comedian Ronny Chieng's translation, he says it means, 'I hope you get rich.' To someone not used to this direct translation, it might sound a bit shocking or even materialistic. But, in my opinion, to say, 'I hope you and your family prosper,' is hardly cold-hearted or materialistic; in fact, I think it's very honest and Australian. To wish for better times and to hope for better economic improvement in another person's circumstances shows solidarity in the face of hardship and hope for a better future.

We naturally all know to pursue happiness instead of money. To wish someone a happy new year places little demand on the person wishing it. After all, another person's happiness is unique and individual. To wish someone prosperity, on the other hand, requires a little more from us, and around the lunar new year the hope for prosperity gains a semisacred significance.

In our culture, one would be hard pressed to find a more sacred value than the idea of a fair day's work for a fair day's pay. Years of stagnant wages meant that expectations had been slowly tarnished, but that primary source of prosperity is now returning, under this Labor government's wage policies. We have seen wages grow by four per cent in the September quarter—the fastest annual growth since 2009.

I can't think of anything more sacred from a country to a citizen than to say, 'Everyone here gets a fair go.' This lunar year, I do wish for everyone to be happy—and to be not just happy but prosperous as well. I am committed to the improvement of material circumstances for my community and to be there for my community during these cost-of-living pressures.

We, as a country, need to be comfortable with confronting the economic realities. So let's talk about some basic economic concepts here, and a concept called diminishing marginal utility. It simply means: money matters more when you have less of it. In the Morrison formula for the stage 3 tax cuts, the most basic economic facts were nowhere to be seen. Labor's improved tax cuts are going to help the people hit hardest by the cost-of-living pressures: those on middle and low incomes. We are putting more money back into more people's pockets. I can't conceive of the wasteful attitude that spurred the coalition government on to embrace inequality and saw those on the lowest bands of income get nothing.

People in my community know that a bulk-billed GP appointment is a lifesaver when the private GPs are out of reach. Cheaper child care and a working mother's income are game changers for a family doing it tough. A small amount of money means a lot to a family with little, and it means not so much to someone with a lot. Diminishing marginal utility is so basic that this change is such a great idea, so much so that the opposition would rather not talk about it, waving it through as if they never opposed it.

Middle Australia is the foundation of our economy. As of July, 85 per cent of my electorate will be better off and will have money where it matters, which, in a cost-of-living crisis, is back in their pockets. The thing that I'm really excited about is the way that this will have a positive impact on young Australians. More than 90 per cent of young Australians will have more money in their back pocket. This will also have an incredibly positive effect for women in my community. The truth is that we want to give everyone targeted relief and do it in a way that doesn't increase inflation pressure across the economy. We are being intentional. We listened to our community, and we acted. The Albanese Labor government is on course to deliver its most sacred promise, which is a better future for all Australians. So I say gongxi facai, and I wish everyone in my electorate and across the country a happy Lunar New Year.