Wendy Askew (Tasmania, Liberal Party) Share this | Hansard source

The No. 1 issue facing all Australians is the cost of living, and all Australians are hurting, regardless of demographics or income level. Those opposite want to blame everyone except themselves for the cost-of-living crisis. They claim to be slaying inflation, but the evidence to the contrary is very clear. Living standards have collapsed during the term of this government, and there are no signs of things improving. In fact, analysis of forecasts by the Reserve Bank of Australia show high inflation continuing well into 2026, which is far too long for our households.

The RBA is Australia's last line of economic defence. Because of the failed actions of this government—in particular, spending at record levels—the RBA has been forced to raise interest rates 12 times to bring inflation to more manageable levels. But that's not happening either, with core inflation rising to 3.5 per cent as at today. And of course it's not just the interest rate increases that have impacted real household incomes. Families are struggling because of the sharp increase in the costs of so many things—everyday essential expenditure, which they must cover from their disposable income.

Since coming to power, the Albanese government has overseen the price of everything going up by at least 10 per cent, including health care, education, food and insurance. Remember how they promised to reduce everyone's power bill by $275? That reduction will never be seen. Australian families have experienced the largest fall in real disposable income in the advanced world under the stewardship of this government. It has decreased by a massive 8.7 per cent, representing the largest fall ever recorded. So of course household budgets are stretched.

As Christmas approaches, many families are struggling, trying to decide where they can save a few dollars or what they can go without so they can buy that special gift or perhaps cater a special lunch. This Labor government is a failed experiment. It's time to return to a coalition government. It's time to get Australia back on track so we can restore the living standards of all Australians.