ADJOURNMENT

Ms BELL (Moncrieff) (16:53): The economic conditions created under this government are putting immense pressure on families, on workers and on businesses across Australia. Instead of enabling the conditions for genuine productivity and private sector growth, this prime minister is strangling our economy with his spending sprees. Under Labor, government spending is now at its highest level in 40 years, outside the pandemic.

As a result, we've seen taxes higher than ever before and inflation still sitting above that of any other major advanced economy. Interest rates continue to cripple Australian mortgage holders, and our small business sector has experienced record insolvencies. This is what happens when a government does not understand the importance of fiscal responsibility.

Whether it be through the taxes of today or the debt bill of tomorrow, when the government spends it is Australians who pay. Our national debt just hit $1 trillion. In a nation taxed as highly as we are in Australia, that number is simply unacceptable.

Every 60 seconds, our debt increases by $52,000 on the interest alone. Think about what that could be funding. That could fund hospitals, roads, generational infrastructure, tax cuts for everyone.

When a government can't get these basics right, it has no excuse to be borrowing more money, like Labor have, and blowing it on wasteful spending. The government loves to point to Australia's strong credit rating, but a credit rating does not make our debt disappear. This is precisely why we have a plan to put a speed limit on government spending—because government debt cannot be compared to that of a business or of an individual.

When a business takes on a loan, they invest in assets that will generate a return and strengthen their position for the future. When an Australian family takes out a mortgage, they are buying a home that will build equity and set them up for their lives. I ask this government: can it honestly say that every dollar spent has been invested in something that strengthens our nation?

When Australian families and small businesses borrow, it delivers something of value. Too often, this government has borrowed only to blow it on short lived sugar hits—not to mention the broader impact this spending continues to have on inflation. Despite Labor's state of denial, Australian inflation is home grown and remains higher than any major advanced economy's.

Underlying inflation has remained above the RBA's two-to-three per cent target band in 14 of the 17 quarters since this government took office. Let me tell you, no-one is more concerned about inflation than our aspiring first home buyers. These Australians have saved every dollar they can in the hope that one day they can put down a deposit on their first home.

As this government continues to spend and inflation continues to rise, savings accounts are quietly eroded while the dream of homeownership slips further and further out of reach. If this government can't get their spending under control, slow the rate of inflation and pay down the debt, then we are headed for serious trouble. When our economy is strong, every family, every worker and every business becomes stronger with it.

Government dependence does not create prosperity; business does. When we back private enterprise we encourage investment, embrace trade, create jobs, create higher incomes and expand the economic pie. That means less reliance on government, a stronger tax base, reduced government waste and more capacity for tax dollars to be directed where they are needed most.

It's important that we remember the importance of fiscal responsibility, which keeps our national debt down. When the global financial crisis hit, Australia would not have had the capacity to respond as it did if Howard and Costello had not eliminated the debt years earlier. Even Treasury admits that it's because of these strong conservative fiscal foundations that Australia improved its economic resilience.

In a period of so much global uncertainty, we must remember this lesson and ensure Australia has the fiscal capacity to respond should future crises hit. It's precisely why the coalition has a plan to establish a future generations fund. This means when resource revenue is above projections, 80c of every dollar will go to paying down the debt so that future generations don't have to.

It's not fair for a government to continue spending for today with no regard for the impact on tomorrow. Question agreed to. House adjourned at 17:59