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

I rise to take note of the answers given by the ministers in the government today. It is another day, and it is another reminder that the economic policies of the government are perfectly calibrated for the vested interests which enrich their campaign machines and their preselections through their donations. The reality is that, when you are so busy lining the coffers of the people that sent you to Canberra, you don't have time to do any work for the Australian people. That is the central problem with the government's economic policy. Everything is about grifting and delivering for unions and big super funds and other fellow travellers. The list of priorities is so distorted, and that is the central problem that the government and the country face. In what universe does a country with a productivity and inflation problem need pattern bargaining, the abolition of labour hire and more and more money sent to a locked box called superannuation, where a 25-year-old prospective first home buyer can see their hard-earned money 35 years from now? The reality is that, until Australia has a government that is prepared to look at governing for all the people of Australia and to take seriously the dual problems the country has—high inflation, driven by public spending, and low productivity—I fear that we are looking at a very difficult economic situation in the next few years.

It is true that, if you do a survey of people in Australia, you will find that high mortgage costs and high rents are the major problems that are facing the Australian people. Under this government, we've seen 11 interest rate rises in a row. The Reserve Bank has been trying very hard to rein in inflation in an environment where the government can't say no to their favourite vested interests and they keep on spending. They've already had two budgets which increase spending, and the government come in here and tell us that they are running a neutral budget policy. The reason they say it's neutral is that they have the gall to come into this chamber and argue that their new spending is offset by the energy price caps and that the energy price caps are the parliament enacting a law to reduce inflation, effectively. If it were that easy then we could just pass a law tomorrow saying, 'Okay, we're now setting inflation at three per cent, the top of the RBA's band, for the next five years.' We're getting to the stage of having Argentine style economic policy here in Australia. The whole show is run by the unions and the super funds, and the government is leading its economic debate by arguing that price caps and legislating away inflation are the way to go. We are in very dangerous territory, I would say.

The other point I wanted to make is that, when you have no time to look at the broader challenges facing the Australian people, you do, of course, just focus on the issues that are important to the vested interests. What else do the vested interests want? One example is that the super funds have asked the government to legislate an objective of super so they can keep all the money in the funds and never be forced to release any money for first home buyers who might want to use their super for a first home. I can't find any Australian that can say to me, 'The No. 1 priority facing us is that we want to see the objective of superannuation legislated,' but it is a very good example of the twisted priorities of a government that is run by vested interests. As I say, when the preselections, the funding and the organisational arrangements are all run by the unions and the super funds, maybe we shouldn't be surprised that all the policies and all the rhetoric about the economy comes from outside.

Question agreed to.