Senator KOVACIC (New South Wales) (16:55): I would suggest that the government begins doing that work. I rise to speak on the matter of public importance before us, and I thank Senator Smith for submitting the MPI, because I know that cost of living and the current crisis is certainly important to the Australian people. I know this from speaking to families and small businesses across my state of New South Wales. This is the No. 1 thing they are talking about, particularly in Western Sydney. I have been hearing about the different challenges that individuals, families and businesses are going through. They are struggling. They are struggling because of the burden imposed on them by this Albanese Labor government.
The Australian people were sold a great dream at the last election. They were told they would see cheaper power prices, cheaper mortgages and better pay. But what have we seen? We have seen higher power prices and higher mortgage repayments, and the average worker's real pay packet is no better off. People can't afford to fill their cars with petrol. People worry when their electricity and gas bills come in and wonder how they are going to be able to pay them. Households and small businesses are literally turning off the lights. People now have to make more choices about what they can put in their trolley and what they can't. People are struggling to make ends meet as mortgage repayments have pretty much doubled over the last 15 months, and we have seen rents increase as well. More Australians than ever before taking on a second or third job just to make ends meet.
This is a far cry from what the Labor Party promised at the last election. This government is focusing on the wrong things at the wrong time. Those actions—and inactions—are making this cost-of-living crisis even worse. We have seen the absolute shambles that is the Qatar decision. No-one knows who said what to who and when. There are questions about what involvement Qatar's competitor Qantas had on a government decision. But how this impacts Australian families is that their government has denied them cheaper airfares and greater choice in the market—not just for international flights but with the flow-on effect for domestic flights as well. Competition and choice pushes down prices. That's high school economics. But this transport minister and the government don't seem to understand that. Instead, this government is focused not on the national interest but on the vested interest.
We have seen this time and time again from Labor governments. They promise the world, and then they don't deliver. Recently we have seen in the June quarter accounts that Australia is actually in a per capita recession. The only thing propping up the economy now is record levels of population growth. Productivity is in freefall, with another annual fall of minus three per cent. That is a fall of three per cent. Australians with a mortgage are paying double the amount of interest compared to a year ago—double. The household savings ratio has fallen to its lowest level since March 2008.
Challenges on the global horizon are not an excuse for a lack of an economic growth agenda today. This government seems to have an excuse for everything but is unable to take responsibility for what is happening. Australians are paying a high price for a Labor government. We need to address these issues as a matter of urgency. We need this government to act in this cost-of-living crisis and in the inflationary crisis that accompanies it. The Albanese government needs to stop acting in the vested interest and start acting in the national interest. Australians are feeling great pain and they are significantly worse off under Labor.
