STATEMENTS BY MEMBERS

Mr LEESER (Berowra) (13:54): Today Australia crosses a deeply troubling milestone: $1 trillion worth of Labor's debt. That's $1 trillion that needs to be serviced by Australian families. The interest bill alone is running at more than $52,000 every minute.

That's money that can't go to better roads, better hospitals, stronger schools, national security or cost-of-living relief. It's money Australians are paying simply because this Labor government cannot control its spending. Families in the Berowra electorate understand what that means: if you spend more than you earn, the bill eventually arrives.

You can't tax and borrow your way to prosperity. Australians understand the consequences. It's higher interest costs today, fewer choices tomorrow and a growing burden on our children and grandchildren.

Australians are already working harder just to stand still, paying more for their groceries, their electricity, their insurance and their mortgages. John from Glenorie tells me his electricity bill has increased by 14 per cent, and he's not alone. For families under pressure, Labor's debt means even less room in household budgets tomorrow.

Now Australians are being asked to carry the cost of Labor's trillion-dollar debt. The Treasurer may tell Australians not to worry, but debt matters and interest matters. Australians know that, ultimately, when Labor spends, you pay; when Labor taxes, you pay; when Labor racks up the debt, you pay; when Labor racks up the interest payments, you pay.

Australians are poorer because of this Labor government.