ADJOURNMENT
Mr CALDWELL (Fadden—Opposition Whip) (19:30): Today's CPI shows price pressures are heading the wrong way again. Headline inflation is up 1.3 per cent in the September quarter. This is the highest quarterly rise since March 2023.
Annual inflation was 3.2 per cent, up from 2.1 per cent in the June quarter. Respected economist Chris Richardson tweeted: 'Ouch. That doesn't look good.' Energy is the big culprit.
As temporary rebates unwind, household prices have jumped and are pushing up the overall number. In fact, the ABS was quoted as saying: The Electricity series recorded a rise of 23.6 per cent over the past 12 months. The annual rise in electricity costs is primarily related to State Government rebates being used up by households.
State Government electricity rebates that were in place in September quarter 2024 included the Queensland $1,000 State rebate, the Western Australia $400 State rebate and the Tasmania $250 State rebate. Over the year, those rebates have been used up and those programs have finished. And what do we have?
The exposure of the true cost of power to households and businesses in Australia. Labor promised lower power bills but, instead, bills have surged and heavy industry faces shutdowns. Tomago, our largest smelter, has warned in the last few days about power costs forcing their closure and putting thousands of jobs at risk.
But this also hurts small business—the local butcher, the local car workshop—because energy is a core input cost to doing business. On the Gold Coast and right across the country it means fewer hours, tighter margins and jobs being put at risk. And how tough must our cafe owners be doing it?
In addition to the 23 per cent power rise, the ABS highlighted this for specific comment: Other notable price rises over the past 12 months included the 14.6 per cent rise for coffee, tea and cocoa. This reflects lower supply from major overseas suppliers of coffee beans. Well, guess what?
Coffee over the counter hasn't gone up to cover these costs. Our businesses are suffering. They are struggling to make ends meet.
These valuable local places that we gather at to have our coffee are struggling. The RBA had cut rates earlier this year but now they're going to be extremely cautious. For families out there who were holding out for some further relief before Christmas, sadly, we can't now hold our breath.
Not only are this government hurting your hip pocket; they are failing you on housing. Minister O'Neil was hapless in home affairs and she is hopeless with homes. Labor's centrepiece, the Housing Australia Future Fund, is now under a performance review audit into its design and delivery by the Auditor-General.
When even the Auditor-General steps in, you know something's gone badly wrong. The chair of Housing Australia resigned last week, and Labor, for some reason, continues to keep secret a $24,000 report into the poor governance of Housing Australia. What exactly are they hiding?
After chaos and resignations, billions in commitments and headline after headline, there's basically no delivery. Australians can't live by Labor press releases. Labor promised 1.2 million new homes over five years, but Treasury and industry experts have confirmed the target is simply unachievable on current policy settings.
The result of all this is higher costs, fewer building starts, and young Australians being locked out of the market regardless of whether they want to rent or buy. Labor make out that they are the party of young people, but the truth, and these young Australians will realise it, is this: millennials and Gen Zs are the forgotten generations under Labor. Home ownership is slipping away from them.
Rent pain is rising. Their buying power has been eroded by inflation. Shame on Labor.