Scott Buchholz (Wright, Liberal Party) Share this | Link to this | Hansard source

It's no secret that, under an Albanese Labor government, Australians are worse off today than they were three years ago. We face an economy weighed down by Labor's severe mismanagement and there doesn't seem to be a quick solution in sight. Australians are enduring the longest household recession on living record. Australia's costs are up, incomes are down and families are struggling to make ends meet. Mortgage payments have tripled for many households, due to 12 unnecessary rate rises under Labor's watch. Disposable incomes have collapsed by 8.7 per cent, the largest fall since records began, and living standards have fallen off a cliff.

What is causing this pain? It is Labor's undisciplined spending. By pumping $350 billion into wasteful programs, Labor is fuelling inflation and driving grocery and energy prices up higher for longer. Australians are now grappling with skyrocketing costs: electricity prices are up over 30 per cent, rents are up 16 per cent and gas is up a staggering 33 per cent. Meanwhile, the Reserve Bank confirms that there is no interest rate relief in sight. Even worse, Labor is undermining key national institutions to try and cover up its failures. Their plan is to use the Future Fund as an independent sovereign wealth fund to secure Australia's financial future. It's reckless and it's unjustifiable. Redirecting the Future Fund's investments to pet projects not only threatens its independence but also risks the prosperity of current and future generations, adding further to the evidence that when Labor run out of their own money, they'll come looking for yours.

Labor never sought a mandate from the Australian people to make those changes and, when questioned in the parliament, they had no answers. Labor's priorities are just all wrong. Remember, instead of addressing the cost-of-living crisis, Labor spent the $500 million on a failed referendum, showing their misdirected priorities. On nearly every metric, Australians are worse off. Labour productivity has fallen 6.3 per cent in just two years. Household savings have collapsed, business insolvencies are at record highs, GDP per capita—a measure that reflects what Australians truly feel—has gone backwards for six straight consecutive quarters, and it's a darn shame.

It doesn't have to be this way. A Dutton-led coalition government will deliver a back-to-basics economic agenda, fight inflation, cut red tape and secure our energy future. We'll reform taxes, support small businesses and restore Australia's living standards. The coalition's focus is clear: restore economic discipline, rebuild productivity and get Australia back on track. Under our leadership, Australia can look forward to a bright and more prosperous future.

My communities, my businesses, my farmers, my families and my pensioners are all struggling, and all Labor can offer them is a free TAFE course.