Maria Kovacic (NSW, Liberal Party) Share this | Link to this | Hansard source

Tonight the government faced a test. Tonight's budget was a test to see if Labor could deliver a budget for the next five years, not for the next five weeks or so, and they have undoubtedly failed that test. Their budgets so far have been lost opportunities. We have seen two windfall gains completely wasted and now we have deficits far into the future—a further impost on young Australians. Strong gains have been squandered, with Labor locking in deficits for at least the next decade. Despite the messaging of those opposite over the last three years, this Labor budget reveals $1 trillion in debt in 2025-26. Sadly, it reveals that Australians will pay almost $10 billion more in income taxes over the next five years, and our superannuation accounts will be hit with almost $10 billion in extra taxes over the next five years.

Australians needed a budget that showed courageous leadership, a budget that restored the standard of living that has been lost under this government. Under Labor, Australians' standard of living has collapsed further and faster than ever before. This budget needed to be one that restored our prosperity and opportunity for all Australians—a budget that restored the fiscal guardrails, the disciplines and the honesty that have served Australians well in past budgets. This budget has failed.

But Peter Dutton and the coalition have a plan, and the Australian people will hear that plan on Thursday night. We have a plan to restore prosperity, to get cost of living under control by tackling inflation head-on and sustainably, to reduce energy prices, to deliver affordable homes, to deliver quality health care and to keep Australians safe with safer communities.

No matter what tricky lines the Treasurer dreamt up tonight, they cannot stop the reality. We are paying more for rent, more for food, more for power and more for gas. Under Labor we've had the biggest fall in living standards in the developed world. Since the last election, the price of everything remains nearly 11 per cent higher than at the last election. Food is up 13.3 per cent, housing is up 14.4 per cent, rent is up 18 per cent, and gas is up 34.2 per cent. A family with a typical mortgage has paid an extra $50,000 in interest payments since this government came to power. And we'll keep repeating that fact because that is a painful fact—an extra $50,000 in interest payments since this government came to power. That's $50,000 that those households will never get back. The Labor government has consistently made bad decisions and held the wrong priorities throughout the entire term of this parliament. This fourth budget is unlikely to do anything to restore what Labor have cost Australians, and we cannot afford another three years of them.

Small businesses have endured the worst of Labor's incompetence. Despite claims from those opposite that the Australian economy has turned the corner, fresh ASIC business insolvency data reveals a grim reality—2025 has had the worst start of any year on record for business failures. In January alone, 727 Australian businesses became insolvent, breaking a 12-year record. February saw 1,214 businesses close for good, smashing a 13-year record. Those are month-on-month records. The Prime Minister has now overseen the collapse of 28,962 businesses since taking office, and the responsibility for these failures lies squarely at his feet. Our iconic cafes, restaurants and small businesses have been hammered by Labor's high-cost economy, and we have lost one in 10 hospitality businesses as a result.

With business failures on the rise, the need for change is clear. As we see rising bankruptcies and closures, Australians cannot afford another three years of a government that has failed to protect those who drive our economy forward. The reality is that the $150 subsidy barely scratches the surface, and, for many Australians, it won't even cover anticipated increases in energy prices. Writing in the Sydney Morning Herald tonight, economics editor Ross Gittins sums up the ambition of this government perfectly: 'The government is timid, uninspired and uninspiring. This budget fits it perfectly.' (Time expired)