PRIVATE MEMBERS' BUSINESS
Mr ABDO (Calwell) (19:09): Those opposite have a lot to say about the economy, but there's one part of the economic story they conveniently leave out: their own record. When the coalition left government, inflation was running above six per cent and rising. Before those opposite lecture this parliament about inflation, they should explain to Australians how it got so high on their watch.
Food inflation was twice what it is now, while the cost of health and education increased by 35 per cent under their government. Their economic record put enormous pressure on the essentials Australian families rely on every day. When they were in government they doubled Australia's gross debt, even before COVID, and racked up $600 billion of debt before we came to office—almost two-thirds of total gross debt.
Debt went from $257 billion in 2013-14 to $542 billion in 2018-19 before COVID. At the last election, the coalition proposed bigger deficits and more debt. Since then, they have made more than $110 billion in unfunded commitments.
Under their plans, gross debt will be more than half a trillion dollars higher by the end of the decade. Their approach means bigger deficits, more debt and greater risks to inflation and interest rates. Our government has identified almost $180 billion in savings, with more than a third included in our most recent budget.
They cannot credibly lecture Australians about fiscal responsibility while opposing our budget savings measures and at the same time refusing to explain what they will cut, so let's ask some obvious questions. Will they cut access to free GPs and bulk billing? Will they cut the three-day childcare guarantee that helps parents return to work while giving children a strong start in early education?
Will they cut cheaper medicines, our investments in Medicare, free TAFE, paid parental leave, housing or a future made in Australia? These are the measures Australians rely on, and they are precisely the areas the coalition must explain if it intends to criticise while proposing more debt. We recognise the cost-of-living pressures inflation continues to place on families.
That is why our government has acted to help Australians keep more of what they earn, access essential services and build a more secure future. We expanded paid parental leave and introduced superannuation payments on parental leave for the first time. We mandated payday super, and, while they want Australians to raid their super, we are strengthening retirement savings so more Australians can retire with dignity.
We delivered further permanent income tax cuts and cut income taxes five times in five different ways, putting nearly $3,000 a year into the pockets of an average-income worker by 2028. We are backing workers through increases to minimum and award wages while supporting small businesses with loss refundability, a permanent $20,000 instant asset write-off and simpler tax arrangements.
By investing in skills recognition education, we are helping businesses find the workers they need and opening doors to better employment opportunities and higher wages. Cost-of-living relief also means making health care more affordable and accessible. In my community, our investments in Medicare have helped more than double the number of fully bulk-billing GP clinics to over 94 per cent, with 49 Medicare bulk-billing practices now serving our community.
Under Labor's cheaper medicines policy, more than two million cheaper scripts have been issued locally, helping residents access the medicines they need at a lower cost. Nearly 5,000 people have purchased their first home thanks to our five per cent deposit scheme. We have pursued these measures while maintaining budget responsibility and improving our fiscal position.
We have found almost $180 billion in savings across our budgets and budget updates, including substantial savings in our most recent budget. By contrast, the coalition delivered no budget surpluses in nearly a decade in government—and that record matters. Australians deserve an honest debate about the economy.
That means acknowledging the pressures families face, being transparent about the costs of government policies and explaining how those policies will be funded. After nine coalition budgets that delivered zero surpluses, the Australian people deserve better than lectures from those opposite without an honest account of their record and a clear explanation of what they will cut.
The Albanese Labor government will continue working to ease cost-of-living pressures and deliver practical support for working Australians and for families and communities like mine.