MATTERS OF URGENCY

Senator ROBERTS (Queensland) (17:21): I thank Senator Lambie for this motion, which One Nation supports wholeheartedly. British prime minister Thatcher made the famous comment that socialists always run out of other people's money. Australia's federal debt under Labor has now passed $1 trillion, yet this government continues to run deficits to fund their big spending agenda.

Australia will shortly be unable to keep borrowing at affordable interest rates. We recently just barely avoided a downgrade to our credit rating, yet rates are rising anyway. Ten-year government bonds have gone from 4.85 per cent in the budget to 5.22 per cent—the highest level in 15 years.

This means our borrowing will cost more, the deficit will get worse and we will have to borrow even more to pay for it. Printing money is not an option. During COVID, the Liberal government printed so much money and ever since we've been living with the inflation this caused.

More printing will cause more inflation. This means Treasurer Chalmers had two choices: reduce spending and live within our means or sell off the silverware. He chose selling off the silverware.

One Nation would have chosen living within our means. One Nation's alternative budget listed savings of $90 billion, costed, turning a deficit into a surplus. We would then put $40 billion back into people's pockets through tax and duty cuts and still balance the budget.

One Nation does not need to sell off public assets, and we will not. Treasurer Chalmers is flogging off 67 Defence sites, worth $3.5 billion, including sites that are in use or would be in use under a One Nation government because he needs the money. Selling off Victoria Barracks is insane.

They defend our capital cities and should have an integral part of defence training and support. Selling any site weakens our defence capability and reflects this government's pathetic attitude to defence and to veterans. One Nation's advice to the Treasurer is simple: don't sell these sites; use them.