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Thursday, 13 September 2018
Page: 47

Economy


Mr KATTER (Kennedy) (14:14): My question is to the Treasurer. Thirty years of deregulation and privatisation has resulted in electricity, at $670 a year for 11 years, exploding to $2,400; housing skyrocketing from $5,600 to $15,000; food markets shrinking to just Woolworths and Coles, resulting in margins between farm gate and Miss Housewife soaring from 80 per cent to 300—

Mr Laming interjecting

The SPEAKER: The member for Kennedy will resume his seat. The member for Bowman will cease interjecting. I'm trying to hear the member for Kennedy. Could the member for Kennedy begin again.

Mr KATTER: Obviously, Mr Speaker, you thought it was so good that you wanted it to run again! I appreciate that.

The SPEAKER: If you could read my mind! Anyway, let's start, Member for Kennedy.

Mr KATTER: Question to Treasurer: 30 years of deregulation and privatisation has resulted in electricity, at $670 a year for 11 years, exploding to $2,400; housing skyrocketing from $5,600 to $15,000; food markets shrinking to just Woolworths and Coles, resulting in margins between farm gate and housewife soaring from 80 per cent to 300 per cent; outpatients being abolished; the impossibility of getting elective surgery; and retirees and families having to now pay $4,000 a year in medical insurance. Treasurer, is policy going to continue to be based on ideology or judged upon real, tangible outcomes? (Time expired)

Mr Fitzgibbon interjecting

The SPEAKER: Member for Hunter!







Mr FRYDENBERG (KooyongThe Treasurer) (14:16): I thank the member for Kennedy for his sentiment and for his question. I can inform him that, when it comes to energy, this side of the House is taking action that is driving people's power bills down; those opposite will send them up. We are implementing the ACCC's recommendations to create a default offer, which I can tell the member for Kennedy will see a household save up to $400 and will see a business save up to $1,400. The member for Hume is busy implementing the ACCC's recommendations, creating new generation to support those industrial customers. So the actions that we are taking on this side of the House are driving prices down, as we have seen from 1 July this year in Queensland, South Australia and New South Wales. When the Labor Party was last in office, prices doubled.

When it comes to housing, we are taking action to improve the affordability of housing, and we have seen that the prices have come off in the key markets of Sydney and Melbourne, moving to a more sustainable footing. We have seen more supply, more targeted measures around foreign ownership and stronger protections in terms of investor loans. When you talk about manufacturing, the national accounts show that we're actually seeing good growth in the manufacturing sector—3.3 per cent up through the year. A total of 61,000 jobs were created in the manufacturing sector in the last year. That compares to those opposite—when they were last in government, they lost 150,000 jobs from manufacturing. They pretend to look after the blue-collar workers, but they sold them out, and jobs went as a result. When it comes to jobs overall, as the August numbers today show, there are 44,000 new jobs. The numbers confirm that younger people are going into the workforce in greater numbers than ever before. More than 100,000 young people are getting a job.

Mr Perrett interjecting

The SPEAKER: Member for Moreton!

Mr FRYDENBERG: For a financial year, that's the best result since records were first kept, and it builds on the one million jobs that we have created as a coalition. So I say to the member for Kennedy: we on this side of the House are in favour of more jobs. We're in favour of more jobs in the manufacturing sector and we're delivering. We're in favour of lower prices in the electricity sector and we're delivering. And we're in favour of a more affordable housing market and we are delivering.