Hollie Hughes (NSW, Liberal Party, Shadow Assistant Minister for Climate Change and Energy) Share this | Hansard source

I thank all the colleagues on this side, as I rise to bring a matter of public importance to the chamber, that it was so overwhelmingly supported, and I know that's because every person in this place—or certainly every person on this side of the chamber—is willing to recognise that the single most important issue facing Australians today is the cost of living. You would also hope it would be the top priority for this Albanese government. We know that on 4 May 2022 Prime Minister Albanese put out a tweet:

Australians are being hit with a triple whammy of skyrocketing costs of essentials, falling real wages and now an interest rate hike. They need a government with a plan to ease the cost of living.

Do you know what? Never a truer word was spoken. Australians are now being hit with a triple whammy of skyrocketing costs of essentials; falling real wages, not that 'real' is a word that can pass the lips of those opposite; and now another interest rate hike, the 12th under this government. This demonstrates a clear failure of the Albanese government to deliver a cost of living plan.

Now, you would think that those opposite would be nodding along in fierce agreement, but they cannot bring themselves to acknowledge the full effect of pain and hardship being felt by households all over the country. They absolutely cannot bring themselves to do anything but partisan politics, and the Australian people are growing sick and tired of this, and it really is starting to show. The Sydney Morning Herald led a story, 'Voters' gloomy outlook worsens.' Aussies are bracing for hardship, according to the article. They're expecting price hikes and falling wages, despite the government's empty promises. Even the SMH can see through it:

Only 8 per cent of voters expect the economy to improve over the next three months and 50 per cent believe it will get worse …

Fifty-two per cent of people say this is the highest priority issue for their vote, and that's up from 32 per cent last year. The Australian today has an article entitled 'PM pays the rise for rising costs.' It says:

Anthony Albanese's standing among voters continues to tank amid rising cost-of-living pressures, 13 rate hikes and the voice referendum fallout, with a new poll revealing the Prime Minister's net favourability has plunged by 37 points since May.

They are two very different mastheads with very similar conclusions.

This is a government that's failing, and the people know it. Business knows it. The AFR reports today that our economy has taken a major plunge in a resilience ranking, that we have fallen from first place in 2004 down to 20th place in 2023. It has determined:

Australia dropped further than comparable countries including the United States, the United Kingdom, Canada and New Zealand in the same period. It plummeted 15 places on economic competitiveness, and from 21st to 52nd place on quality of energy infrastructure.

This is all indicative of the total inaction and obfuscation of this government on the economy. The Prime Minister is missing in action or, when he's seen, he is out there acting on ideological crusades.

We are now seeing the highest rates since 2011—not surprisingly, when the Labor government was last in power. When we left government the rate was 0.33. What is it now? It's 4.35. We know that an average family with a mortgage of $750,000 has to find an extra $24,000 a year. Rents are up. Nationally, we have seen a three-bedder go from $440 to $665 week and we know that on the east coast it's significantly higher than that. Inflation is way too high, higher than almost every other advanced economy. Electricity prices are up, and people are going to suffer this summer, particularly if it is as hot as predicted, choosing whether they can put food on the table or have a little bit of air conditioning. Insurance is up. Food is up. These issues all continue to compound on each other, making the pain worse for Australian families every day.

Mr Albanese, your own words condemn you. The triple whammy you spoke of falls squarely at your feet, and you were spot on. Australians deserve a government with a plan and it's clearly not yours.