STATEMENTS BY MEMBERS

Mr CALDWELL (Fadden—Opposition Chief Whip) (13:52): As we've heard, today is 1 July, the start of a new financial year. But what most people think about is it's tax time. The Treasurer, being the king of taxation—it's his birthday in March, but, like all good monarchs, he's celebrating today.

Why is he celebrating? Because he's got a sneaky inflation tax that erodes your hard earned money. That's right.

Today there's a big splash on socials about a tax cut, but it's a tax cut that doesn't even keep up with inflation. So the Treasurer is actually celebrating because this means more money in his piggy bank. What Australians deserve is a plan that removes that sneaky inflation tax that Labor have working for them.

That's what the coalition tax-back guarantee does. It would put $400 back in your pocket in year 1, but, with strong economic management, that would mean so much more. As we have seen today, the 73c tax cut is described by the Herald Sun as 'Too little, too latte'—73c, a token gesture swamped by the rising cost of living for every Australian.

So, while the Treasurer says, 'Look over here at my 73c,' Australians are looking over there at their rising mortgages, the rising cost of electricity and the rising cost of groceries. Australians won't be fooled by this government. They know their standard of living has collapsed.

They know that Labor's responsible. So, Mr Treasurer, here's the 73c. You can barely see it.

You most certainly can't feel it.