Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

Just in case you were curious, the honeymoon for Prime Minister Anthony Albanese, Dr Jim Chalmers and all the Labor senators in this Senate is over. The honeymoon is over. In terms of the Prime Minister's approval rating—a direct result of how Australians are judging his performance when it comes to managing the economy—his satisfaction rate is now down from plus 40 to minus10. Australians are waiting for the election because they want to cast their vote. They want to make a statement. They want to decide. They want their fellow Australians to know whether they're going to mark up the government for its economic management or whether they're going to mark down the government for its economic management. Let me tell you: my gamble is that many, many, many Australians are going to mark the government down.

Just this week, the Reserve Bank of Australia released the most alarming figures in regard to the proportion of mortgageholders in this country who are now in 90-day arrears. RBA data released this week makes it very, very clear that the number of Australian households that are now 90 days in arrears of their mortgage repayments has grown in every state in this country. In New South Wales last year, the percentage of households in 90-day arrears on their mortgages was just 0.31 per cent, and this year it is 0.57 per cent. In Victoria, last year the percentage was 0.37 per cent, and this year it is 0.67 per cent. In Queensland last year, it was 0.29 per cent, and this year it is 0.47 per cent. In my home state of Western Australia, it was 0.43 per cent last year, and now it is 0.62 per cent. In South Australia, it was 0.33 per cent last year, and now it is 0.54 per cent. In Tasmania it was 0.09 per cent, and now it is 0.5 per cent.

In some states they have had an 80 per cent plus increase in the number of households now facing 90-day arrears. Just think about this: when the Reserve Bank governor, as she will next Tuesday, stands before the cameras and gives the country the verdict on whether rates are going up or going down, she is marking the government. If interest rates hold or they go up, the Reserve Bank governor will be saying to Australian households that the government has failed in its task of managing the economy.

Once upon a time in this country people had high levels of job security. They saw interest rates increasing, and they thought to themselves, 'We'll be able to manage this because we can see that our job prospects are strong. We can see that we have job security, and that we'll be able to adjust our family budgets to 13 interest rate increases. We'll be able to manage because we can see that we have job security.' Guess what else has changed in this country? The number of Australians now worried about their jobs is increasing. Think about that for a moment. They are having to contend with the cumulative impact of 13 interest rate rises under Labor, and now they're worried about their job security.

Australian families are panicking. Their disappointment in the Prime Minister, Anthony Albanese, and the Treasurer, Dr Jim Chalmers, is turning to red-hot anger. I dare the government to wait until February next year for a general election. I dare the government to wait until May next year for a general election, because Australian families will be red hot with anger. Two and a half years ago, they trusted this government to manage the economy and, in just 2½ years, it is in tatters. Australians are waiting for the opportunity to cast their vote, because they want to mark the government down. Their financial security is in tatters, their job security is now not what it was before, and they're ready to vote the government out. (Time expired)