Albanese Government – Speech in the Federation Chamber 05/11/2024

Hansard 05/11/2024  House of Representatives

Before the last election, the then opposition leader now Prime Minister Albanese promised Australians that life would be easier, cheaper and better under him. What I’m hearing from my constituency is that this Prime Minister has failed them dismally. He has failed them on almost every promise that he put forward to the nation, but the biggest one that my constituents live with every day is about the cost of living.

Two years after his taking government, our country is in a household and consumer confidence recession. The prices of everyday cost-of-living items—groceries, electricity—have all skyrocketed. We’ve seen an 18 per cent increase in the cost of living since the Albanese government took the reins. The cost of food has gone up 11 per cent. Just to feed yourself is 11 per cent more expensive now, under this Prime Minister. Housing and rental costs have gone up 15 per cent. Electricity has gone up 22 per cent. Gas is up 25 per cent.

Core inflation peaked at 3.9 per cent, consistently higher than in the other major advanced economies around the world. The thing about inflation is that it compounds when it comes to the price of things that you rely on every day. It compounds, and that is why it is so urgent that you get it back under control as quickly as you can. And that is what this government has failed to do.

We are lagging behind the rest of the world when it comes to reining in inflation, which means people are paying more and more and will continue to pay more because of this government’s economic settings. It’s an absolute disgrace.

Australians are worse off in terms of disposable income per capita, which has collapsed 8.7 per cent. We had six quarters of negative per capita growth. That’s the longest in 50 years.

Productivity—one of the most important metrics that we have in the economy—has collapsed; it’s down 6.3 per cent. Savings have collapsed by 10.2 per cent. Personal income taxes are up 25.3 per cent, so people are paying more tax. It’s an absolute disgrace. Mortgage payments have nearly tripled.

This Prime Minister came into office promising a cheaper, better Australia. He has absolutely deceived them and is delivering the absolute opposite.