Andrew Bragg (NSW, Liberal Party) Share this | Hansard source

Mortgages have not gone down under this government, and that was a poor promise to have made and one that I don't think will be kept for as long as this government holds office. The fundamental problems with this government are well known. It is a government for vested interests only, not a government for the Australian people. It is a government for vested interests which cannot say no to its fellow travellers at the unions and the super funds on policy, but it also can't say no on spending. We've seen in this recent budget a significant uplift in discretionary spending taken for 2023-24 and $42 billion in decisions taken in the last budget over the forward estimates.

The budget is not disinflationary. When you peel back the comments that were made by the Treasury secretary and the Governor of the Reserve Bank, whom the government has decided not to maintain in that position, they are saying something quite complicated. The overall picture is that the budget is neutral, but the only reason they're saying it's neutral is because the government have legislated energy price caps. The natural consequence of that is we could just pass a bill through this parliament, and that would be the end of inflation. I mean, how ridiculous! The idea that the only reason that the budget is not inflationary is the energy price cap bill is just a joke.

The overall position, the true position, is that the $42 billion in new spending just in this last budget taken in the forward estimates is putting pressure on inflation, and that is putting pressure on interest rates. That's why we've seen 11 interest rate rises under this government, which is in turn causing mortgages to cost more, not less. Until such time as the government is prepared to make judgements in the national interest, not in the interests of the unions and the super funds, we will have high inflation, because the government is not capable of saying no on policy; patent bargaining; same job, same pay; or sealing transparency off from the Australian workers when it comes to their super. Ultimately, they won't be able to stop inflation until they say no to their best friends at the unions.

Question agreed to.