Matt O'Sullivan (WA, Liberal Party) Share this | Hansard source

I rise today to address an issue of profound importance, and I thank my colleague Senator Kovacic for bringing this critical discussion to the Senate. As we approach Christmas, Australian families are writing their wish lists, but there's one item that everyone has in common—relief from the cost-of-living crisis. Sadly, what they're getting from this Albanese Labor government is not relief but more empty promises. Across the country, families are struggling to find the festive cheer. Skyrocketing grocery prices, relentless interest rates and Labor's mounting failures are leaving Australians with empty stockings and even emptier wallets.

One of the greatest casualties of Labor's mismanagement is the Australian dream of homeownership, a dream that has never seemed so out of reach as it is today. In the two years since Labor took office, the housing crisis has gone from bad to worse. Their pro-union tendencies have left the construction industry in chaos. Supply chain constraints, unchecked immigration and rising costs are making it even harder for first home owners to enter the market.

Australians are worse off today than they were three years ago, and, under this government, there's no recovery in sight. Families are shouldering the pain of 12 consecutive interest rate rises, a burden that will weigh them down for years to come. Costs are up; incomes are down. Australian households are enduring the longest household recession on record. Living standards have plummeted, and Australians are working harder than ever just to stay afloat. Labor's reckless and undisciplined spending is driving inflation higher and keeping mortgage rates and grocery prices painfully elevated.

Every day, Australians are paying the price for a government that prioritises short-term political gain over long-term economic stability. The reality is stark. Australian living standards aren't expected to return to pre-inflation levels until well beyond 2026, possibly not until the end of this decade. But this isn't just an economic issue; it's a human issue. The financial strain is breaking families and fracturing communities across the nation.

Disturbingly, Labor's plans to spend a record $87 billion off budget over the next four years is hiding critical spending priorities under the guise of investments. This alarming lack of transparency raises serious concerns about their fiscal management. It's Australians already doing it tough who will foot the bill for this government's failures, and, when it comes to priorities, Labor is completely off course. Take their backpedalling on gambling reform as an example. Despite promising to phase out gambling ads, the Prime Minister has folded. Under pressure from powerful corporations like the AFL, the NRL and media giants who profit from bombarding Australians with gambling ads, Labor is protecting those who exploit vulnerable people to make billions in profit. Or consider the spectacular backflip this week on the Communications Legislation Amendment (Combatting Misinformation and Disinformation) Bill 2024. While abandoning it is a win for free speech, let's be clear: Labor didn't walk away willingly. This wasn't principle; it was panic and a desperate retreat in the face of public outrage and parliamentary backlash.

Perhaps the most troubling of all is Labor's plan to undermine the independence of the Future Fund. This fund isn't just an account. It's a sovereign asset designed to secure our nation's financial future, yet the Treasurer wants to use it as a piggy bank to cover up Labor's economic mismanagement and failed pet projects. Let me be clear: raiding the Future Fund is short-sighted and irresponsible. It sacrifices the prosperity of future generations for the political survival of this government.

This government is weak. Its leadership is weak, and Australians deserve better. It's time for a government with a real plan that prioritises Australian families, safeguards the future and builds the trust and hope that this Labor government has squandered.