Deborah O'Neill (NSW, Australian Labor Party) Share this | Hansard source

I relish the opportunity to make a contribution on this important day, because I really do care about the third of Australians who are going to find it difficult to stay in their homes. But I'm disappointed by the nature and the quality of the questions and the attitude that we've seen. It's almost gleeful delight from those in opposition that this is a tough time for Australians, because they can manufacture that into some sort of political campaign. In the meantime, we are the government that has to act responsibly and in the national interest, and responsibly managing the budget is a vital task. That's why I'm proud to be a Labor senator alongside the Treasurer, Jim Chalmers, who after all the promises of the previous government delivered the first surplus Australia's seen in decades.

Economic responsibility is a signature of a good government, and we have to do the very best we can for Australians. That is why we've got two things we have to do. One of them is certainly to really watch what's happening in terms of inflation. But it's not the government that determines when a rate should rise, when the Reserve Bank raises or lowers rates. It is the Reserve Bank that does it independent of government. The reason that's done is the wisdom of establishing that separation. Of course as a government you don't want to see people suffer. You don't want to see that suffering and that hurt. We want to do everything we can to support people. But the reality is that, just as COVID was an international phenomenon, so is inflation. It is like a disease in the economy, and we don't live in an economy that sits outside the world. We are part of the world. With the increase in the rates that did come through today, we are responding to that as a nation at the direction of the RBA.

In New Zealand their current policy rate is 5.5 per cent. They've raised their rates by 525 basis points—5.25 per cent. Ours is now 4.35. Listen to the comparators. In the US they've raised it by 5.25. In Canada they've raised it by 4.75 per cent. The European Central Bank raised it by 4.5 per cent, and in England they raised it by 5.15 per cent. No-one, no government, wants to see inflation rise. No government can afford to allow it to fester. We have to use the tools that we have, and the responsible direction of the RBA is critical to what we do. But, while we are suffering that pain as a nation together—every single one of us who has a mortgage or loves somebody who does, making up one-third of the nation—a responsible government does things to assist those who are struggling. That's why $23 billion is being invested, against the wishes of those opposite who asked the questions today, to help Australians get through this tough time. That's what Labor governments do. We won't leave people hanging, lingering in financial suffering. That is why, even though those opposite didn't want it, there's electricity bill relief for five million Australians. Those opposite would have left them hanging.

There is cheaper child care. Ninety per cent of Australians who've got child care are getting improved support because of the Albanese Labor government. We increased rent assistance—the biggest rise in decades—because we know how hard it is. They opposed that. Medicare bulk-billing has come in three times—the largest rise in support for Medicare in 30 years. They opposed that.

This Labor government is absolutely committed to supporting Australians in the good times and in the tough times. We are investing this money in Australians to help our fellow Australians get through the difficult periods, boosting income support payments and making sure people can go to TAFE and get retrained fee-free so they can get a job and manage the challenges of this economy. We are building more affordable homes and expanding paid parental leave. These are things that the Labor will do to support people through the challenges that lie with us and ahead.