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

The first sentence of this matter of public importance says:

Labor's Budget is a Budget for an election, not one for our country's future prosperity …

Let me repeat that: the first sentence of the matter of public importance for today says:

Labor's Budget is a Budget for an election, not one for our country's future prosperity …

I will very shortly demonstrate that point with material drawn directly from Labor's fourth budget, presented last night.

When he was seeking the endorsement of the Australian community to be Prime Minister, Labor Prime Minister Anthony Albanese said—and I'll say this very clearly—'Families will be better off under a Labor government.' So said Anthony Albanese. He also said, 'Under our watch, what we have is a plan to reduce costs for working families.' Well, three years later, we know that that has just not been the case. Australian families have been ravaged by cost-of-living pressures. They've been ravaged by mortgage stress. And we know, as of today, there have been 27,000 small business insolvencies. But when Australians go to vote, I hope that they will think not about the next few weeks but the next few years, because in last night's budget papers was a clear indication that the future of this country is now perilous. The economic crisis—the financial insecurity—that has ravaged families and small business is now a national financial and economic crisis. Let me tell you why.

The budget papers show that gross debt for our country will surpass $1 trillion for the first time ever next financial year. The budget papers also show that the 10-year timetable that had existed to bring our budget back to balance has now been surpassed and that, now, bringing our budget back into balance is in the never-never. More than that, pre-election decisions made by this government—indeed, by Senator Gallagher, the Minister for Finance, who's in the chamber this afternoon—have worsened the budget bottom line by $34.9 billion. The government's decisions made before the election has even started have worsened the budget bottom line by $34.9 billion. Then the discretionary decisions of the government, which are decisions made by the government in the normal course of governing the country, have worsened the budget bottom line by $112 billion. This information is contained in Labor's own budget that was delivered last night.

So you're asking yourself: how are we paying for this? Let me tell you how you are paying for this. Revenue to government has increased in this country on the back of increased takings from personal income taxes and from very, very high commodity prices for things like iron ore, coal and gas. That is how these things are being paid for. It's not because the government has demonstrated any blood, sweat or tears in making sure the books are balanced, in making sure that your hard-earned taxpayer dollar is being put to the best possible use in the government—no, not at all. The $34.9 billion of extra pre-election decisions and the $112 billion of discretionary decisions taken by the government are all paid for off the back of increased personal income taxes and high commodity prices for iron ore, coal and gas.

Government spending, as demonstrated in this budget, is up 8.7 per cent to $731 billion, and federal spending is forecast to hit 27 per cent of GDP next financial year. It has not been that high for over 40 years. So what does this mean? In an uncertain and volatile world, if things were to go bad for our country, if iron ore prices were to collapse, if prices for coal and gas were to collapse, guess who would be left stranded? You, the Australian family and the Australian small business, because in that budget last night there is no insurance policy for when things go wrong in this country. There is no lifejacket for the Australian economy in last night's budget. If you're voting for the future, you must vote Labor last.