Tony Sheldon (NSW, Australian Labor Party) Share this | Hansard source

Senator Walsh was making some very fine points before, and I think I will grasp a little bit of what she was saying before because obviously those opposite aren't listening. This is the unbearable truth about the budget: the Reserve Bank governor made it clear our budget is addressing inflation, not adding to it. At Senate estimates on 31 May 2023, in an answer to those opposite, the Governor of the Reserve Bank, Mr Lowe, said:

I don't think the budget is adding to inflation. It is reducing inflation by the next financial year.

That's the point. They can't live with the unbearable truth that the budget that was brought down by the Labor government, by the Albanese Labor government, was a budget that is successfully tackling the issue of inflation.

As those across the way know, when we go to the issue of inflation and some of the techniques to battle inflation, the budget is critical. It's got a big tick from the Reserve Bank. What you have to also look at is the pressure around the world on the budget and inflation. Of course, everyone around the kitchen table is worried about what will happen in the future and the economic plans to actually meet those challenges. You have to have reasonable cost-of-living responses, which we've done. You've got to invest in skills and industries to lift the speed limit on our economy. We're investing after a 10-year drought from those opposite. We're addressing the skills issue within this country. Of course, you have to have sensible spending restraint and budget management, and we're doing that; we've made those changes.

But what you won't hear those on the opposite side talk about are the massive profits that have been taken through this period. They won't actually look at the sorts of headlines and questions that are raised by the ABC, such as the article by Michael Janda titled 'Profits dominating inflation according to OECD research. But is it really that simple?' Or there is the opinion piece from Ross Gittens: 'Big business cries poor on wages even as profits mount.' There is an article by Shane Wright called: 'Corporate profits heat up inflation: OECD'. The reality is that the Organisation for Economic Co-operation and Development—that progressive left-wing organisation run by that very progressive left-wing leader of the OECD!—is 'the latest leading economic body to publish research showing the important role played by historically high corporate profits in explaining the surge in inflation after the COVID pandemic'. Jim Stanford, the Director of the Centre for Future Work at the Australia Institute, said:

This new OECD research is fully consistent with our earlier research on profit-price inflation, in terms of both its methodology and its conclusions.

Clearly, if we want to deal with cost-of living-issues, then one of those important aspects is something about the rights and conditions of working people and the middle-class in this country. Those shrunk under those opposite. They shrunk, because they keep voting against every proposition that this parliament put and every proposition this parliament passes to make sure that working people, middle-class people, have an opportunity to turn around and lift themselves. Multi-employer bargaining reform—they voted against it. Supported bargaining system for the low-paid feminised industries—they voted against it. Remove limitations on single interest to multi-employer bargaining—they voted against it. Empower the Fair Work Commission to operate within bargaining disputes—heaven forbid, you would think that would be one they'd vote for. They voted against it. They are not about improving the opportunity for people to come into the middle class and to deal with the cost-of-living pressures. They are about the bland marketing of their position, which is contrary to what the Reserve Bank says and contrary to every piece of legislation that has been put before this parliament when it comes to labour rights and many other areas dealing with cost-of-living pressures. When it comes to the future of cost-of-living pressures, I will see how they vote in the future IR legislation coming before them—whether they will take the side of the middle class in Australia or vote against them again.