think one of the best tests of whether this Labor Government is handling this crisis appropriately is to look at consumer confidence and the confidence of the Australian people.
Consumer confidence is at its lowest level in 50 years—its lowest point since 1972. The Australian people have lost confidence, and that, perhaps more than anything else, is of profound concern for the Australian economy. As President Roosevelt once said, “We have nothing to fear but fear itself.” That lack of confidence is deeply troubling.
Consumer confidence is even lower today than it was at the height of the COVID‑19 pandemic, when the Coalition was in government and faced the challenge of managing a crisis and the responsibility of delivering clear messaging to instil confidence in the Australian people. At that time, the government was pulling the necessary levers to protect Australia’s national interests and the interests of all Australians.
From my perspective, the fact that consumer confidence is now at its lowest level in 50 years is a damning indictment of the government’s response to the crisis we are currently facing.
The second point I wish to make relates to the Prime Minister’s national address, which is scheduled to occur tonight. I welcome the fact that the Prime Minister is speaking to the Australian people, but I believe it should have happened earlier, and it should have happened more often.
My concern is that this Parliament has been sitting for four of the last five weeks. As my colleague Senator Kovačević has raised, we have heard that this address may be pre‑recorded. That raises an obvious question: why is the Prime Minister not delivering this message here, today, in the Australian Parliament? Doing so would allow senators to raise concerns, interrogate the messaging, and put forward issues raised by the people we represent.
Why are we being deprived of that opportunity, particularly when this Parliament has been sitting for four of the past five weeks, yet the Prime Minister chooses to deliver a national address on the afternoon of the final sitting day?
Why?
Of even greater concern is that this Parliament will not sit again for five weeks, until the national budget. That means the Australian people will be denied the opportunity for their representatives to interrogate the government and the executive on its response to this crisis.
Finally, Australian families are being hit from all sides by the cost‑of‑living crisis. My attention was drawn to comments from the Westpac Chief Economist, Lucy Ellis, who said—and I quote—that even factoring in the reduction in fuel excise, she expects headline inflation to peak at 5.4 per cent in the June quarter.
She also expects the official cash rate to peak at 4.85 per cent this year. Ms Ellis had previously forecast one additional rate hike in May but now anticipates further hikes in June and August. That is devastating news for Australians servicing home loans, particularly young Australians.
The Australian people are being hit from all sides under this Labor Government.
