Labor Senators' dissenting report

Introduction

1.1When the Albanese Labor Government came to office, it inherited an economy in distress. Inflation was at 6.1 per cent, climbing dangerously and on an upward spiral, reflecting the troubled economy and policy vacuum left by the former Coalition Government. Years of inaction had left ordinary Australians exposed to a perfect storm: a dire housing shortage[1], stagnant wages[2], energy uncertainty[3], and a critical lack of access to essential healthcare services.[4] These failures didn’t occur in isolation—they were the result of a decade without a cohesive vision for Australia’s future.

1.2In the face of these challenges, the Albanese Labor Government has achieved impressive, tangible results. Headline inflation has now moderated to 2.8 per cent—its lowest point in almost four years. The era of relentless interest rate hikes has finally ended.[5] This Government’s policies have resulted in the creation of more than one million jobs—more than any government in a parliamentary term[6], proving the effectiveness of Labor’s strategy to stimulate employment and grow our economy sustainably.

1.3Beyond economic stability, the Albanese Labor Government has provided real, immediate cost-of-living relief, crafted to not add to the outlook for inflation and be impactful.[7] From 1 July 2024, every taxpayer received a tax cut under the Government’s cost of living tax cuts, putting more money back into the pockets of everyday Australians. Every household will see help with energy bills throughout 2024[8], while childcare and healthcare are now more accessible and affordable and rent assistance has been increased. Bulk-billed GP appointments are on the rise[9], essential medications are cheaper[10], and Australians are seeing the impact of policies that make a genuine difference.

1.4Despite these substantial achievements, the conduct of this inquiry has fallen far short of Senate standards. Rather than a constructive investigation into the real cost-of-living pressures facing Australians, this inquiry has served as a partisan platform for the Coalition’s views. Labor Senators have encountered persistent obstruction and exclusion. Inadequate time to consider committee decisions has resulted in essentially unilateral decisions on hearings, witnesses, and reports. Nonetheless, the Labor Senators on this inquiry have continued to act in good faith, working to reflect the voices and concerns of witnesses in this report.

1.5Labor Senators acknowledge the extensive survey circulated as part of this inquiry and the significant volume of responses received. The sheer number of responses highlights the intense pressure Australians are facing amid the current cost-of-living crisis. These responses detailed a wide range of challenges, from housing and energy costs to healthcare affordability and stagnant wages, reflecting the diverse and multi-layered nature of the burden on households. Labor Senators firmly believe that the Labor Government comprehends this complexity and is taking a holistic, multi-faceted approach to addressing these pressures, as outlined in this report.

1.6This report stands as a testament to Labor’s commitment to real solutions and responsible governance, in stark contrast to the Coalition’s empty gestures and political gamesmanship. The Labor Government will continue its work building Australia’s future.

Economic Outlook

1.7Australia’s inflation has had broad impact across almost all sectors of the economy. Early warning signs began in mid-2021, driven by COVID related supply chain blockages. This translated to real world cost of living challenges after being exacerbated by the war in Ukraine, floods, fires, and domestic energy supply challenges.[11]

1.8The independent Reserve Bank of Australia (RBA) responded to these inflationary pressures by steadily increasing the target cash rate over the course of 2022 and early 2023.[12]

1.9The inflation experienced in Australia, peaking in December 2022[13], has had a particularly harsh effect on vulnerable and low-income families. The impact of inflation varies depending on a household's capacity to cope with rising expenses[14] and is most keenly felt by those on lower incomes with smaller buffers.[15] This economic reality has been starkly illustrated by evidence from charities and food suppliers, revealing a growing number of employed Australians facing difficulties in affording food.[16] This trend is attributable to deliberate policies of wage stagnation implemented by the previous Coalition Government.

1.10The global economic picture is mixed.[17] While there is an expectation that supply chain issues caused by the conflict in Ukraine have largely run their course[18], various other factors such as the delayed impacts of monetary policy tightening, ongoing conflict in the Middle East, and challenges in China's property sector are exerting pressure on worldwide economic performance.[19]

1.11Despite facing difficult circumstances, the Australian economy has shown resilience and performed better than other major advanced economies, excluding the United States. Although inflation remains elevated, it has decreased to its lowest level in almost four years. The job market remains robust, with low unemployment rates and high participation rates. The RBA gave evidence that they are expecting ‘a pick-up in real wages growth’[20] and that the economy is rebalancing.[21]

1.12In Supplementary Budget Estimates, the RBA Governor noted the care the Government is taking to ensure its policies have the intended effect:

I think the governments have been conscious of what they're doing; certainly when I talk to the Treasurer, he is very conscious that they need to be cautious in terms of what they do, in terms of the budget. He knows that – he's told me this – that fiscal policy has to work with monetary policy…So the policymakers are being very conscious of what they're doing with their spending. There are certain services that government has to provide. The government needs to provision for that, and they are doing so. So I think the attitude at the moment that I'm hearing from government is the right one.[22]

1.13Indeed, the latest figures released by the Australian Bureau of Statistics support this, showing that inflation has fallen to its lowest rate in almost four years. Headline inflation at 2.8 per cent is now the lowest it has been in almost four years. Underlying inflation is now at its lowest in almost three years.[23] This is encouraging progress in the fight against inflation, and while Australians are still doing it tough the Labor Government’s strong economic management is making a difference. These numbers show we are on track and on target for a soft landing in our economy.

Redesign of Stage 3 Tax Cuts

1.14In January 2024, the Labor Government announced a redesign of the stage 3 tax cuts legislated by the former Coalition Government. The revised tax cuts took effect on 1 July 2024. The redesign ensures that all 13.6 million taxpayers get a tax cut.[24] Of those 13.6 million, 11.5 million get a bigger tax cut than they would have under the previously legislated stage 3 settings.[25] In effect, every Australian taxpayer gets a tax cut, providing direct cost-of-living relief to Australian households.

1.15In contrast to the originally legislated stage 3, the Labor Government’s tax cuts will ensure this relief is provided Australians on low and middle incomes as well. As described above, the committee heard on multiple occasions that it is low and middle-income earners who are feeling the effects of the current cost-of living crisis most keenly.[26] This new package of tax cuts therefore is well targeted to provide much needed relief to this cohort.[27]

1.16Dr Steven Kennedy, Secretary, Department of the Treasury told the committee:

One of the benefits of this redesign is that it lowers the effective tax rates for people who are more likely to respond to that lowering of the effective tax rate … from a policy perspective, it makes sense to focus on those groups when we think about cost-of-living pressures because they have the least ability to adjust.[28]

1.17Ms Laura Berger-Thomson, First Assistant Secretary, Personal and Indirect Tax and Charities Division, Department of the Treasury, supplemented this evidence saying:

Looking at someone on average earnings, an average wage—and for this purpose we often use a measure of earnings called average weekly earnings, which is almost $73,000—someone earning that amount of money would get a tax cut of $1,498. That compares with $694 that they would have got under stage 3. So, it's $804 more.[29]

1.18Critically, witnesses made clear to the committee that the redesign of stage 3 was appropriate in the current economic climate because it would not have a material impact on inflation.[30] Indeed this appears to be the case as described by Mr Oster, Group Chief Economist, National Australia Bank:

We did a survey and said, 'What are you going to do?' I assumed that 50 per cent or more would say, 'I'm going to spend it,' but 60 per cent or more said, 'I'm not.'[31]

1.19By reducing the first tax rate from 19 to 16 per cent, the Labor Government’s tax cuts produce a smaller increase in average tax rates for the first seven income deciles over the next 10 years. Treasury explained to the committee that the changes reduce bracket creep more for these groups compared with the original Stage 3 and a no change scenario.[32]

1.20The committee also heard the significant impact the tax cuts would have on women with 90 per cent of women taxpayers receiving a bigger tax cut than they would have under the original stage 3.[33] This is of benefit not only to issues of gender equality but also to labour market participation more broadly.[34]

1.21Support for the tax cuts has been broad and conclusive. Witnesses from the community sector, social services and unions all voiced their appreciation for the change.[35]

1.22On the tax cuts Mr Fabian Webber, Youth Services Coordinator, Roseberry QLD said:

Yes. I think it will definitely have a positive impact. At Roseberry, one of the services that we have is our dignity hub in Gladstone. That's somewhere people can come and have a shower, wash their clothes and get a food parcel, a toiletry pack or personal hygiene items and that kind of stuff. We saw a 45 per cent increase in presentations to the dignity hub last year over the year before, and a significant rise in middle income people, so I think that those tax cuts should have a positive impact, especially on that cohort.[36]

1.23The tax cuts are good for middle Australia, good for women, good for helping with cost-of-living pressures, good for labour supply and good for the economy.

Wages and Employment

1.24Ms Brianna Casey, Chief Executive Officer, Foodbank told the committee:

Fifty-four— that’s the percentage of food-insecure households in Australia with someone in paid work. A job is no longer a shield against a cost-of-living crisis. Five hundred thousand—that’s the number of households that will struggle to put a meal on the table tonight. These are households in my community, in your communities and in a growing number of communities. Why? Put simply, it’s because people’s incomes are not keeping up with their expenses.

It’s that basic.[37]

1.25Reverend Stu Cameron, Chief Executive Officer, Wesley Mission/Wesley Community Services said:

Across our service providing crisis support we are seeing this right now: more first-time users. These are people who are employed and a double-income families seeking support for financial difficulties. This reflects the changing face of financial stress and poverty in our nation.[38]

1.26In March 2019, then Finance Minister in the former Coalition Government said that low wage growth was ‘a deliberate design feature of our economic architecture’.[39]

1.27The impact of this decade long policy tragedy was felt when global pressures began to drive the prices of everyday goods up for Australian households. Multiple charities and food providers reported to the committee that they are seeing significantly increased numbers of working Australians seek assistance to put food on the table.[40]

1.28Witnesses told the committee that causes of wage stagnation were downward pressure on bargaining rights for workers[41], changes to worker/employer power dynamics over the last decade[42], and the increased notion of the gig economy.[43] A significant link was also drawn between union representation and healthy wage growth.[44]

1.29In relation to the Labor Government’s proposal to create multi-employer bargaining, Mr Tim Kennedy, National Secretary, United Workers Union said:

What the evidence shows is that countries which allow bargaining at various levels and give workers a say on the scope of the bargain have considerably higher rates of collective agreement coverage. If you have higher rates of collective agreement coverage, you have higher rates of pay. This basically means you start to deal with the cost-of-living crisis.[45]

1.30Any suggestion of wage growth driving Australia’s recent inflation was thoroughly debunked[46], with a demonstration that, after nearly a decade of intentional wage suppression, real wages had fallen to the same point they were under the previous Labor Government in 2009.[47]

1.31The current Labor Government has made it a priority to get wages moving again and increase workforce participation. As outlined in the Employment White Paper, Working Future, the Government is focused on delivering sustained and inclusive full employment, promoting job security and strong sustainable wages growth, filling skills needs and building our future workforce, overcoming barriers to employment and broadening opportunity, and reigniting productivity growth.

1.32The convergence of decreasing inflation and improving wage growth has resulted in annual real wages returning to positive growths. Real wages, measured by the Wage Price Index and Consumer Price Index, increased by 0.3 per cent in the year leading up to the June quarter of 2024. This is a continuation of positive annual real wage growth from December 2023 after prolonged period of real wage falls from the March quarter of 2021.[48]

1.33Critically, with regards to cost-of-living relief, analysis from the Treasury indicates that individuals in the lowest income quintiles have experienced the most robust wage growth. Over the year leading up to December 2023, wages in the lowest two wage quintiles increased by an average of 5.7 per cent, surpassing the average growth of 3.7 per cent observed in the highest three quintiles.[49]

1.34As described above, the tax cuts redesign will also contribute to increasing women’s workforce participation.[50] Indeed, the adjustment to effective tax rates are broadly more efficient from a labour supply perspective.

1.35Dr Kennedy, Secretary, Treasury told the committee:

From a labour supply perspective, it's actually an improvement in the system: it is making it more efficient from a labour supply element.[51]

1.36The Labor Government continue their policy of encouraging sustainable wage growth, unwinding the intentional wage suppression of the former Coalition Government.

1.37The Labor Government continue their policy of cost-of-living relief for families and enabling workforce participation.

Energy

1.38Multiple witnesses and submissions confirmed that energy prices are a significant factor in cost-of-living pressures facing Australian households and businesses.[52]

1.39In December 2022, the Labor Government took immediate action to shield Australians from skyrocketing prices and announced an Energy Price Relief Plan. This consisted of a price cap on wholesale gas contracts of $12 GJ, a price cap for thermal coal in Queensland and New South Wales, implemented in partnership with those states, of $125/Tonne, and $1.5 billion in targeted energy bill relief for households and small businesses.

1.40It should be noted that, despite repeatedly calling for cost-of-living relief, the Coalition voted against this urgent help for millions of Australians. The Labor Government’s urgent response also sits in contrast to the Coalition approach on gas and energy policy which saw average gas prices increasing by 250 per cent between the 2019 and 2022 elections.

1.41The targeted energy bill relief in the form of consumer rebates was made available to more than 5 million households and 1 million small businesses. This relief was aimed at those most in need with those eligible including pensioners, veterans, seniors and other concession card holders, as well as recipients of the Carer Allowance, Family Tax Benefit, and anyone eligible for existing state and territory electricity concession schemes.[53]

1.42Dr Kennedy, Secretary, Treasury, confirmed the effect the rebates had on prices and inflation:

Over the six months leading to December…the energy bill relief rebates reduced electricity prices by 11.9 percentage points—both reducing the pressure on inflation more broadly.[54]

1.43Australian Energy Market Operator’s (AEMO) Q4 2023 Quarterly Energy Dynamics report confirmed that the Labor Government’s policies capping coal and gas prices correlated with lower wholesale prices.[55]

1.44Discussing the impact of the market intervention on electricity prices, Clare Savage, the Chair of the Australian Energy Regulator, stated:

Well, last September, October [2022], we started briefing ministers on what we thought could happen to the electricity prices this year [2023], and so we started doing estimates of what we might have been deciding today. And at that time, those estimates ranged between 35 and 50 per cent. Most of them were between 40 and 50 percent. So that was obviously very alarming; 40 to 50 per cent price increase is just horrific. So it's really good to see that all governments have intervened in both coal and gas markets and that has brought down the price expectations in the system, and so today's decision is more like 20 to 22 per cent…… 20-22% is still a significant increase, but it is much much lower than it otherwise would have been.[56]

1.45Witnesses ‘applaud[ed] efforts by the Federal and State governments to rectify the total market failure’.[57]

1.46With the sustained pressure that energy prices have been placing on households, the Labor Government has continued its delivery of bill relief, providing energy rebates to all Australian households for the financial year 2024-25. All Australian households will receive $300 off their bills and approximately one million small businesses will receive $325 off their bills over the course of the year.[58]

1.47According to the ABS’s latest quarterly Consumer Price Index (CPI) release, electricity prices have fallen 20 per cent since June 2023, and without Labor’s Energy Bill Relief Fund, electricity prices would have increased 16 per cent in that same period.[59]

1.48In addition to this direct action to alleviate the pressure of energy prices, the committee heard that the Labor Government’s action to transition Australia’s energy grid to renewables is also contributing to reliable energy and lower prices. There was an acceptance from witnesses of the need to transition to renewable energy and ensure our energy infrastructure can deliver reliable energy to Australian households and businesses in a low carbon economy.[60]

1.49Again, witnesses outlined that these issues have built up over an extended period of time, with one witness describing ‘a decade of policy chaos’ that dampened private investment and investment confidence, and left Australia exposed to a ‘disproportionate impact of fossil fuel hyperinflation’.[61]

1.50Another witness outlined the missed opportunity that the ‘decade of chaos’ the former Coalition Government created; if there had been expanded investment in renewables and energy storage, then when the war in Ukraine and global gas and coal prices increased, Australia would likely have seen less impact on prices for households and businesses.[62]

1.51Fortunately, since the 2022 federal election, the Labor Government has listened to experts and taken immediate steps to change the policy environment. Much needed certainty has been created with the reform of the Safeguard Mechanism, the Climate Change Act, the introduction of the Capacity Investment Scheme, and renewed support for the Australian Renewable Energy Agency and the Clean Energy Finance Corporation.[63]

1.52Mr Tim Buckley, Director, Clean Energy Finance told the committee:

There is definitely a solution in sight now that we have the clarity of an energy and climate policy that makes sense, that's aligned with the science, aligned with the economics and aligned with the interests of a sustainable economy in Australia. I think that will be great news for Australia. We are seeing very clear policy developments, whether that's the Safeguard Mechanism or the Climate Change Act. There are all sorts of programs. We've seen a reiteration of support for the Australian Renewable Energy Agency and the CEFC [Clean Energy Finance Corporation] in order to drive and crowd in private investment.[64]

1.53The Australian Energy Regulator’s (AER) draft Default Market Offer (DMO) for 2024-25 drives home that this action is having a real-world effect. The DMO shows the retail energy bill benchmark stabilising and trending downwards.[65]

1.54Furthermore, AEMO’s Q4 2023 Quarterly Energy Dynamics report highlights the increased share of renewables in the grid when discussing the sale in wholesale energy prices:

Record generation from grid-scale renewables and rooftop solar is triggering wholesale energy prices and greenhouse emissions to fall, according to AEMO’s latest quarterly analysis of Australian energy markets.

The Quarterly Energy Dynamics report for the last quarter of 2023 shows that new records are being set for the amount of renewable energy being fed into the grid, reducing the reliance on traditional coal-fired generation.[66]

1.55The committee heard repeatedly that not only are renewables the most cost-effective option in transitioning to a clean energy system[67], but specifically that the Coalition’s plan to rely on nuclear energy does not make sense as a plan to ensure reliability and deliver price relief.

1.56Dr Cahill, CEO, The Next Economy told the committee:

Currently—and I've spoken to people about this in the industry—from an emissions point of view, if you're looking at emissions reduction, it makes sense to keep nuclear going in countries that already have it because they're not producing emissions currently. In Australia the challenge is that we don't have a workforce or an industry set up to be able to service that industry currently. It is expensive and it takes a long time to build a nuclear power plant. So from a climate perspective, in which most people are raising this as an issue, it doesn't actually make sense. And it is way more expensive than renewable energy plus storage. So from that perspective, it doesn't make sense.[68]

1.57Indeed, former Liberal NSW Treasurer and current Chair of the Climate Change Authority said at Supplementary Budget Estimates:

There’s no bigger rent-seeking parasite than the nuclear industry,

If you want to see who is trying to pull one over the eyes of the Australian public it’s the nuclear industry, who are there propping up the coal industry who want to extend their business models, squeeze out the last bits of profits at the expense of Australian consumers.

People are going to pay a lot of rent to these vested interests when there's no business case or economic case for it

Battery technology is falling so rapidly that it’s eating other technologies’ lunch – or it will certainly do so in the foreseeable future.[69]

1.58There was broad support for energy efficiency investment, from multiple submissions and witnesses.[70] The Labor Government is significantly investing in ensuring better efficiency of households, including a $125 million investment with the Clean Energy Finance Corporation (CEFC) and the Commonwealth Bank to encourage green home construction[71], and agreement to update the National Construction Code to require Nationwide House Energy Rating Scheme equivalent of 7 stars in new houses and apartments.[72] The broader Household Energy Upgrades Fund administered by the CEFC[73] will deliver $1 billion of finance for retrofitting homes to improve energy productivity, including the use of clean energy technology, with innovative financial products designed to assist renters and strata properties.

Healthcare

1.59Australia is lucky to have one of the best healthcare systems in the world, ranking highly on key indicators relating to health outcomes, equity and access.[74] However, 10 years of cuts and neglect under the former Coalition Government has left the system in a poor state, unable to meet the needs of Australians struggling with the current increased cost of living. The Labor Government has taken significant steps to strengthen Medicare which are improving affordable access to quality healthcare and delivering cost of living relief to Australians.

1.60On 1 November 2023, the Labor Government made record investments in Medicare to triple the bulk billing incentive.

1.61Dr Higgins, President, Royal Australian College of General Practitioners told the committee:

…investment in primary care has resulted in a reversal of the trajectory of gap costs for our patients, especially in our rural and regional areas, as bulk billing increased significantly in areas such as Tasmania and regional Queensland. This demonstrates that targeted funding and supporting areas for the vulnerable has results.[75]

1.62This testimony is supported by data showing the increase in bulk billed GP appointments. Since the tripling of the bulk billing incentive came into effect on 1 November 2023, it has revived bulk billing and created an additional 103 000 bulk billed visits to the GP every week, on average, or a total of 5.4 million additional bulk billed visits.[76] This initiative is particularly felt by the most vulnerable and therefore those most likely to feel the burden of cost-of-living pressures: children under 16, pensioners and healthcare card holders.[77]

1.63The Labor Government is also delivering cost-of-living relief through cheaper medicines. In January 2023, the maximum cost of a prescription on the Pharmaceutical Benefits Scheme (PBS) was lowered to $30 from $42.50, in the largest cut to the co-payment in the 75-year history of the PBS.[78]

1.64With regards to the real-world difference this is making to Australians’ lives Ms Clarke, Policy Advisor, Asthma Australia told the committee:

In terms of the co-payment, we did have consumers tell us that it has changed—it was reduced quite substantially, so, yes, it has altered their available income.[79]

1.65Again, the data is clear in its support of this assertion. As of November 2024, Australians had saved $1 billion on the cost of their medicines.[80]

1.66In addition to reducing the cost of prescriptions, the introduction of 60-day dispensing of key medicines means fewer trips to the GP for patients with stable, ongoing health conditions.

1.67On the impact of 60-day prescriptions, Ms Hardy, Director of Policy and Advocacy, Arthritis Australia said:

Medicines is one of the biggest costs that we hear about from people with arthritis, and all the consumers that we spoke to were really supportive of it.[81]

1.68Ms Shakespeare, Deputy Secretary – Health Resourcing Group, Department of Health and Aged Care discussed the way in which this initiative is targeted:

The medicines reform that I've mentioned, to allow people with stable chronic illness to receive more of their medicine through a single co-payment under the Pharmaceutical Benefits Scheme, is specifically targeted at supporting people with chronic illness to ensure that they can afford their medicines and use the medicines that help them to effectively manage their illness.[82]

1.69The reform to introduce 60-day prescriptions was first recommended in 2018 by the Pharmaceutical Benefits Advisory Committee but was not acted upon by the former Coalition Government. As a result, Australians with chronic conditions lost a total of $1.6 billion in potential savings.[83]

1.70The Labor Government continue their policy of strengthening Medicare, reversing the damage caused by 10 years of neglect under the former Coalition Government.

Housing

1.71Housing was outlined as a fundamental element of cost-of-living challenges for the Australian economy. Multiple witnesses reported that, at its core, Australia has a housing supply shortage[84] and more specifically an affordable housing supply shortage.[85] The result is that it is harder for Australians to buy their first home, and harder and more expensive for Australians to find a rental. The proportion of Australians in rental accommodation has grown, and the proportion of owner occupiers has fallen.[86]

1.72Witnesses spoke of a crisis that has been emerging and growing for decades. When pressed however, expert witnesses were only able to name one Commonwealth Government initiative under the former Coalition Government that attempted to address housing affordability. Indeed, certain schemes, such as the former Coalition Government’s HomeBuilder scheme, had a ‘deleterious effect on affordability’, because the way it was framed ‘created a rush’ and created ‘supply chain issues of its own’.[87]

1.73In contrast, witnesses acknowledged the pace with which the Labor Government is taking action on housing affordability and supply, with legislation introduced to the Parliament before the end of 2022.[88]

1.74Specific mention was made by business,[89] community groups,[90] and governments[91] of the importance of the Housing Australia Future Fund (HAFF).

1.75In their submission to the Senate inquiry into the HAFF Bill 2023, the Australian Housing and Urban Research Institute was clear:

The Australian Government is to be commended for the pace and ambition of the legislative agenda being pursued through this legislative package, and for moving not only to directly respond to the housing crisis, but to work in partnership with other tiers of government, community sectors and industry in addressing these complex housing system challenges seen across the nation.[92]

1.76Peak organisation, National Shelter, called the HAFF legislation the ‘most critical housing legislation to be brought forward for the past ten years’.[93] The Brotherhood of Saint Laurence was similarly unequivocal saying ‘Social housing supply is inadequate, and the HAFF will increase supply’.[94]

1.77The Labor Government’s Help to Buy scheme has also been applauded as a responsible, non-inflationary measure to ‘level the playing field for first-home buyers and help arrest the decline in home ownership among poorer Australians of all ages’.[95] This makes the fact that the Coalition, Greens and One Nations united to block the bill in October 2024 even more disappointing. The Help to Buy bill would help 40 000 low- and middle-income Australians buy their own home.

1.78The Labor Government is also working to boost construction of rental housing, introducing tax incentives to encourage investment and construction in the build-to-rent sector.[96] A model that has been used successfully overseas to increase housing supply, build-to-rent developments are specifically designed to be rented out rather than sold to individual buyers. Attracting more investment into housing will support an ambitious national effort to build 1.2 million new, well-located homes over five years from 1 July 2024.

1.79The Labor Government has committed to $32 billion in housing investments over the next decade and will continue to work closely with all levels of government to ensure more Australians have a safe, secure and affordable place to call home.[97]

1.80Finally, the Labor Government has taken strides to provide immediate relief to those in the rental market with the increases to Commonwealth rent assistance. In February 2024, Dr Kennedy, Secretary, Treasury gave evidence:

The increase in Commonwealth rent assistance has helped to reduce the impact of rental price rises for the most vulnerable households. Over the six months leading to December, Commonwealth rent assistance reduced the increase in rental prices by 1.6 percentage points and the energy bill relief rebates reduced electricity prices by 11.9 percentage points—both reducing the pressure on inflation more broadly.[98]

1.81Since then, the Labor Government has continued this policy of assistance to those renters most vulnerable to cost-of-living pressures with the first back‑to‑back increase to Commonwealth Rent Assistance in more than 30 years. In September, Rent Assistance was increased by a further 10 per cent plus indexation which will benefit nearly a million households around the country. Combined with indexation, maximum rates of Rent Assistance are up 45 per cent since the Labor Government came to office.[99]

1.82Once again, in contrast to this the wholistic approach outlined above to improve housing supply and affordability, the Coalition’s First Home Super Buyer scheme is a reckless and personally detrimental policy proposal. Superannuation exists to deliver income in retirement, and to relieve the future tax burden of funding the Aged Pension. Depleting its balance depletes an important personal investment that improves the standard of living and wealth of people in retirement.

1.83Moreover, this proposed scheme in fact stands to increase house prices and worsen affordability overall while making it harder for low- and middle-income earners with average super balances to compete with high income earners with larger super balances. This, in an environment where, the committee heard repeatedly, low- and middle-income earners are feeling cost-of-living pressures most keenly.[100]

1.84It is also worth rebutting here a view that the actions of the Construction, Forestry and Maritime Employees Union (CFMEU) have contributed to increased costs in the construction sector. To the contrary, the committee heard elevated costs in construction are a result of increased labour and construction costs with demand being the primary driver.

1.85Mr Reardon, Chief Economist, Housing Industry Association told the committee:

There is certainly significant competition from other industry sectors for employing subcontractors, such as carpenters, electricians and all of those skilled trades that are the base of our industry. We have had that from the mining industry for a number of years and, at the moment, yes, there is a boom in construction activity, and that is absorbing any excess labour that there might be from residential home building.[101]

1.86Mr Reardon also provided a positive outlook for labour costs in the construction industry going forward:

If we look at skilled trades at the moment, we're looking at an increase (in labour costs) that's much more like CPI than we've seen at any stage through the past four years.

That's a positive; it's back to more stable prices… more stable pricing now in detached home building.[102]

1.87The Senate support the Labor Government’s agenda to improve housing affordability for first-home buyers by passing the Help to Buy legislation without delay.

1.88Senate support the Labor Government’s agenda to introduce tax incentives in the build-to-rent sector.

1.89The Coalition abandon its ill-conceived First Home Super Buyer scheme that will exacerbate Australia’s housing affordability challenges.

Climate Change

1.90Witnesses across the hearings, and in submissions, drew a link between the increased effects of climate change, and the need to plan for them. Witnesses representing low-income and vulnerable households reported being among the hardest hit by climate related disasters.[103] Witnesses on behalf of industry,[104] grocery,[105] and agriculture[106] reported that climate disasters impacted supply chains and consequently prices for consumers.

1.91Energy Consumers Australia reported that in their regular survey of 2000 households and 500 small businesses, respondents do not see cost of living and action on climate change as things that they expect to be traded off against each other.[107]

1.92Ms Cassandra McCarthy, Corporate Affairs, Glencore Australia, in her commentary on the last decade, stated:

I think it's fair to say that in a number of critical policy areas there has been a level of instability.[108]

1.93Mr Paul Harker, Chief Commercial Officer, Woolworths Supermarkets also stated:

I think with anything that requires structural change, obviously having a level of certainty for what people [are] actually driving towards is very helpful. The industry knowing collectively what they're trying to do and the time frames they going to do it in, and being able to work with some level of certainty around what that is, is helpful.[109]

1.94The need to take meaningful action on climate change was recognised by multiple witnesses and submissions.[110] It was clear that the business community was in favour and supportive of the Labor Government’s legislated emissions reduction target.

1.95The loud and clear message was that business and investment confidence in Australia has suffered from a decade of instability in ‘a number of critical policy areas’, including climate and emissions policy.[111]

1.96The election of the Labor Government, and the legislative agenda since the election, have ended that policy instability, through mechanisms such as the legislated climate target and reformed Safeguard Mechanism. Innes Willox, Chief Executive of national employer association Ai Group, on the passage of the Safeguard Mechanism reforms said:

After all the political gyrations of recent years and recent months, the legislation delivers a measure of much-needed certainty that Australia is serious about both its emissions goals and the centrality of competitive industry to achieving them. Maintaining and building our competitiveness is crucial both to our prosperity and our ability to deliver a net zero emissions economy.[112]

1.97Jennifer Westacott, Chief Executive of the Business Council of Australia, also said on the passage of the Safeguard Mechanism reforms:

Make no mistake, this is critical progress towards securing a transition that delivers new jobs and new opportunities.

We welcome the passage of this legislation and the adoption of key elements of the Business Council’s plan to reach net zero emissions.

After more than a decade of uncertainty and equivocation employers now have certainty about our emissions targets and how we’re going to get there.[113]

1.98Witnesses before the committee explained that newfound stability in Australian energy and emissions policy under the Labor Government has enabled long-term, nation building, job creating investment in Australia Mr Arron Wood, Executive General Manager, Industry Development, Clean Energy Council said:

That policy certainty of a legislated climate target saw a real uptick in the confidence of our membership domestically but also globally. We have a lot of the big global clean energy players as well. Things like the Rewiring the Nation fund, for example, are critical. In the announcement of those legislated climate targets, with that target of 82 per cent renewable energy by 2030, these sorts of things allow companies, which are making investment decisions which might be 10 years out, to have the sort of certainty we need.[114]

1.99The Senate support the Labor Government’s agenda to ensure emissions reduction and clean energy investment, to take meaningful action on climate change whilst providing confidence to the business community.

Grocery Prices

1.100The committee heard repeatedly from community organisations that there has been an increase in people presenting for assistance, particularly for food. Of particular concern, was the evidence given that of those presenting for assistance, many were doing so for the first time and came from households with a steady income.[115] Rising grocery prices were consistently pointed to as a pressure that households are experiencing and indeed organisations such as Consumers Federation of Australia encouraged investigation of the causes of this rise.[116]

1.101In response to this highly concerning situation, the Labor Government has announced a suite of measures to investigate supermarket pricing practices and conduct.

1.102Firstly, the Labor Government commissioned a review by Dr Craig Emerson of the Food and Grocery Code of Conduct. The review recommended that the Code should be made mandatory and should include civil penalties to ensure supermarkets are held properly accountable.[117] The Government accepted all the recommendations in full and will impose serious penalties on Coles, Woolworths, Aldi and Metcash for breaches of the soon to be mandatory code. In November, the Government will introduce legislation attaching multi-million dollar penalties to breaches of the Code. Subject to Parliament, the updated mandatory code will come into effect from 1 April 2025.[118]

1.103Second, the Labor Government tasked the Australian Competition and Consumer Commission (ACCC) with undertaking a 12-month inquiry into supermarket pricing. The ACCC is examining factors influencing the pricing of groceries along the supply chain, including the difference between farmgate prices and supermarket prices.[119] The ACCC interim report was released on 27 September 2024. Analysis by the ACCC in the report led to the Government announcing a strengthening of the Unit Pricing Code. The final report is due to Government on 28 February 2025.

1.104Third, the Labor Government has provided funding to consumer group CHOICE to produce quarterly reports on the price of a comparable basket of groceries at the major supermarket chains.[120] CHOICE has now released two price monitoring reports, with a third to be delivered by the end of the year, providing Australians with critical information on the costs of groceries.

1.105Fourth, the Labor Government is taking action to fight shrinkflation in our supermarkets and retail sector by strengthening the Unit Pricing Code to make it easier for Australians to make accurate and timely price comparisons. The Government will also introduce substantial penalties for supermarkets who do the wrong thing and breach the Unit Pricing Code.[121]

1.106Fifth, the Labor Government has provided the ACCC with an additional $30m in funding to dedicate to additional investigations and enforcement activities in the supermarket sector.[122] This will include a crackdown on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sector.

1.107Finally, reforms to Australia’s merger rules will boost competition and productivity in our economy leading to fairer prices for consumers.[123] Under the new regime, the ACCC will be notified of every merger in the supermarket sector, to ensure mergers do not come at the cost of Australians getting a fair price on their grocery bills. Mr Stirling, Director, Legal Services – MGA Independent Businesses Australia, Master Grocers spoke positively of the reform process:

Master Grocers is pleased with the reform, and we participated in that review process. We made submissions and are pleased to see that many of our proposals have eventuated.[124]

1.108The Labor Government continue their policy of holding major supermarket chains to account for the prices they charge on groceries.

Education and Skills

1.109The Labor Government’s actions to address the cost-of-living crisis also extend to the education sector. Witnesses painted a picture that Australia is in the midst of a critical skills shortage, inherited from the former Coalition Government, that stands to put the country’s future prosperity at risk.

1.110Ms Constable, CEO, Minerals Council of Australia highlighted this issue in the mining industry:

We don't have access to the engineers, tradespeople and geologists that we need for the industry. They all impact. Not having those particular skill sets means we will not be able to produce the next mines and the critical minerals that are going to be required to get us to things like net zero by 2050. What does that mean for cost of living? When we can't get access to that next generation of skills, we're not able to put forward the next lot of technologies and we're not able to get the skill sets that are going to produce mines that are really critical for Australia.[125]

1.111The Labor Government is taking steps to address this gap. On 1 January 2024, the landmark five-year National Skills Agreement between the Federal Government and State and Territory Governments came into effect. This $30 billion combined investment in vocational education and training includes $12,6 billion from the Commonwealth.[126] With the right skills, more Australians will have greater earning capacity. By investing in people, the Labor Government is investing in a more efficient economy and a higher quality of life for all Australians. Again, this stands in contrast to the former Coalition Government, who despite being faced with a growing critical skills shortage failed to deliver a national skills agreement with any state or territory or any other meaningful action to address the crisis.

1.112Additionally, working with states and territories, the Labor Government’s Fee-Free TAFE initiative is making immediate inroads to addressing this skills shortage. The enormous uptake of enrolments demonstrates what a critical difference this makes to Australians looking to undertake training. Since Fee-Free TAFE started in January 2023, there have been more than 508 000 enrolments in courses in priority areas, including:

131 000 in aged and disability care;

48 900 in digital and tech;

35,000 in construction;

35,00 in early childhood education and care;

6 in 10 places for women; and

1 in 3 places in regional Australia.[127]

1.113These numbers reflect the sentiment expressed by one witness that ‘the fee-free TAFE has been amazing’.[128]

1.114The Australian Education Union (AEU) discussed in a submission to the inquiry how Fee-Free TAFE is relieving the burden of cost-of-living pressures:

With the introduction of Fee-Free TAFE places, the AEU is of the view that this has helped to ease the cost of living pressures for many Australians who are seeking to enrol in vocational education to gain qualifications that will lead to sustainable and meaningful employment…A skilled and qualified workforce leads to workers earning higher incomes and securing ongoing and permanent employment ensures that workers are able to invest in their futures in relation to housing affordability and cost of living.[129]

1.115In recognition of the difference Fee-Free TAFE is making, the Labor Government will introduce legislation to establish Fee-Free TAFE as an enduring feature of the national vocational education and training system, funding 100 000 Fee-Free TAFE places a year from 2027. This investment supports more people to find secure well-paid work while improving the skills shortage.

1.116Fee-Free TAFE helps to address the cost-of-living crisis as Fee-Free TAFE means a Queenslander training to be a nurse saves up to $15 200 in course fees, while a South Australian undertaking a Certificate IV in Information Technology doesn’t need to pay $4655 in course fees. Someone in Northern Territory doing a Certificate IV in School Based Education Support saves up to $3220.[130]

1.117The Labor Government has also recognised the need to focus on education and skills training in regional and remote Australia to meet the needs of the future economy. As demand for certain skills shift and new job opportunities arise, many of these jobs will be in the regions. This imperative speaks to the Labor Government’s investment in Regional University Study Hubs where $66.9 million will go towards building 20 new Regional Study Hubs and up to 14 new study hubs in outer suburbs.[131]

1.118In May 2024, the Labor Government announced the establishment of a Commonwealth Prac Payment to support students undertaking mandatory workplace placements required for university and vocational education and training qualifications.[132] This practical support will help to ease cost-of-living pressures experienced by students studying to be a teacher, nurse, midwife, or social worker. It will also assist in reducing care and teaching workforce skills shortages identified in the Labor Government’s Employment White Paper and assist more students to commence and complete their studies.

1.119Lastly, the Labor Government is taking steps to address the debt burden on students. In response to the Australian Universities Accord, the Government has introduced legislation to cap the HELP indexation rate to be the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI) with effect from 1 June 2023.[133] The Government also recently announced it would cut 20 per cent off all student loans by 1st June 2025, wiping around $16 billion in student debt for around three million Australians.[134] These measures will provide cost-of-living relief now while building a fairer education system for all.

1.120The Senate support the Labor Government’s agenda to make education more affordable and accessible in Australia.

1.121The Senate support the Labor Government’s agenda to address Australia’s critical skills shortage.

Women’s Economic Empowerment

1.122Removing barriers to labour market participation, narrowing the gender pay gap, and reducing cost-of-living expenses are vital to women’s economic empowerment.

1.123Submitters told the committee that access to high-quality affordable education and care is a critical enabler for many parents, particularly women, to participate in paid work.[135] Except for rental and mortgage costs, childcare is the second largest expense to the family budget.

1.124Supporting parents and women is an important investment in Australia’s future. The National Association for Prevention of Child Abuse & Neglect submitted that neuroscience very clearly shows that children benefit when there is a reduced load on parents, including financial stress. Policies like paid parental leave and increasing parenting payments have the power to reduce pressure on families and increase the time and capacity for supporting family relationships.[136]

1.125Recognising the universal benefits of giving children access to early education and more opportunity for women to participate in paid work, the Albanese Labor Government’s Cheaper Child Care reforms were implemented in July 2023. These delivered a $4.5 billion increase to childcare subsidy rates and reduced the cost of early education and care for around 1.26 million Australian families.[137]

1.126Community Early Learning Australia welcomed the changes made by the Labor Government including increasing the childcare subsidy to 90 per cent, ending ParentsNext, and restoring payments to single parents with children aged over 8 years old.[138]

1.127St Vincent de Paul Society reflected on the inaction of former Coalition Government in supporting women with rising childcare and household costs and further welcomed this Labor Government’s childcare initiatives:

The 2023-24 Budget has provided some relief to households, and we commend the Government for this action. It has been many years since we have seen any serious commitment to addressing growing inequality in Australia. However, more needs to be done. We welcome eligibility criteria for Parenting Payment (Single) being increased from eight to 14 years for the youngest child, and the abolition of the ParentsNext program.[139]

1.128National Bank Australia reported that women experience much higher levels of financial stress than men and Professor Preston highlighted the importance of the tax system to alleviate financial pressures faced by women, especially elderly women.[140]

1.129Ms Berger-Thomson, First Assistant Secretary, Department of Treasury reiterated the benefit of the Labor Government $1649 tax cut (on average) for women and their economic empowerment:

Typically women are more likely to be secondary income earners, and income earners tend to be more responsive to changes in after-tax wage in terms of their labour market participation.

There is a range of factors that go into women's labour force participation. Women are making decisions more often than men about whether they work rather than stay at home to look after young children. For those reasons, they're more responsive. There are a couple of reasons. The first is that, to the extent that women are more likely to work part time, there's more of an opportunity for them to increase their hours. For people working part-time, it's harder. If we're talking purely about that increase in hours, you get a bigger effect when you have more people working part time. But the decisions that they're making about childcare and family finances—it's for those reasons they have a large effect.[141]

1.130On other barriers to economic and financial equity for women, Professor Preston shared her research on the disparity of superannuation balances of men and women, which showed a 60 per cent gender gap in the mean superannuation balances of women and women aged 18–64. She recommended reforms to the superannuation system including paying superannuation on paid parental leave.[142]

1.131To reduce the barriers to economic independence and empowerment for women, the Labor Government announced alongside the release of the Working for Women strategy it will pay superannuation on the government-funded Paid Parental Leave (PPL) from 1 July 2025.[143] Paying superannuation on PPL is another key step to prioritise gender equality, better value care work, and help close the superannuation gap.

1.132The Minister for Social Services, the Hon Amanda Rishworth MP, said:

Paying superannuation on PPL is another key step to prioritise gender quality, better value care work and improve women’s workforce participation.[144]

1.133Alongside Labor’s tax cuts and key investments in Cheaper Child Care, women’s safety, women’s health, Parenting Payment Single, and workplace relations reform, the Labor Government continues to focus on women’s economic security and independence as part of its economic plan.

1.134A stronger paid parental leave system is good for families and good for the economy. On the Labor Government’s performance in managing the economy, tackling inflation, and balancing fiscal restraint, Mr Yeaman, Deputy Secretary from the Department of Treasury told the committee that:

The government’s measures - such as electricity prices, childcare and the increase in the Commonwealth Rent Assistance, are having direct downward impacts on measured Consumer Price Index now while inflation is highest.

…

We think there are some reasons it’s helping to bring inflation down in the near term in both a measured specific way in terms of those specific measures.[145]

Conclusion

1.135In conclusion, the Labor Government’s comprehensive approach to addressing the cost-of-living crisis underscores its commitment to the wellbeing of all Australians. With a carefully balanced yet forward-looking strategy, the Government has implemented policies that are both responsible and deeply impactful, bringing meaningful relief to households across the country.

1.136It is evident that the Coalition’s recommendations, as put forward in the committee view, both in this and previous reports, are either poorly targeted or mere tinkering at the edges, failing to address the deep, systemic challenges faced by Australians. Rather than pursuing a holistic approach, their responses amount to piecemeal efforts that do little to alleviate real cost-of-living pressures. Furthermore, it is clear that many of their conclusions are rooted more in political ideology than in the substantive evidence presented throughout this inquiry.

Senator Karen Grogan

Labor Senator for South Australia

Senator Jana Stewart

Labor Senator for Victoria

Footnotes

[1]Ms Caniglia, Committee Hansard, 3 February 2023, p. 23.

[2]Mr Jericho, Committee Hansard, 3 February 2023, p. 17.

[3]Mr Grudnoff, Committee Hansard, 3 February 2023, p. 19.

[4]Headspace National Youth Mental Health Foundation, Submission 35, p. 8.

[5]Dr Kohler, Committee Hansard, 1 February 2023, p. 11.

[6]The Hon Jim Chalmers, Treasurer, Joint Media Release with the Hon Anthony Albanese, Prime Minister of Australia and the Hon Murray Watt, Minister for Employment and Workplace Relations, ‘A million new jobs under Labor’, Media release, 17 October 2024.

[7]Dr Kennedy, Committee Hansard, 9 February 2023, p. 9.

[8]The Hon Jim Chalmers, Treasurer, Joint Media Release with the Hon Chris Bowen, Minister for Climate Change and Energy and Senator the Hon Jenny McAllister, Assistant Minister for Climate Change and Energy, ‘New power bill relief’, Media release, 14 May 2024.

[9]Dr Deveny, Committee Hansard, 1 February 2024, p. 47; The Hon Mark Butler MP, Minister for Health and Aged Care, Media Release, 4 November 2024.

[10]The Pharmacy Guild of Australia, Submission 15, p. 1.

[11]The Pharmacy Guild of Australia, Submission 15, p. 1.

[12]The Pharmacy Guild of Australia, Submission 15, p. 11.

[13]Dr Hunter, Committee Hansard, 7 August 2024, p. 9.

[14]Dr Hunter, Committee Hansard, 7 August 2024, p. 10.

[15]Dr Hunter, Committee Hansard, 7 August 2024, p. 11.

[16]Ms Casey, Committee Hansard, 1 February 2023, p. 27.

[17]Dr Hunter, Committee Hansard, 7 August 2024, p. 9.

[18]Dr Hunter, Committee Hansard, 7 August 2024, p. 9.

[19]Submission of the Australian Government, Fair Work Commission, Annual Wage Review 2023-24, 28 March 2024, p. 5.

[20]Dr Hunter, Committee Hansard, 7 August 2024, p. 9.

[21]Dr Hunter, Committee Hansard, 7 August 2024, p. 11.

[22]Ms Bullock, Economics Legislation Committee Hansard, Supplementary Budget Estimates, 7 November 2024, p 4.

[23]ABS, Consumer Price Index, September 2024.

[24]Ms Berger-Thomson, Committee Hansard, 5 February 2024, Canberra, p. 17.

[25]Ms Berger-Thomson, Committee Hansard, 5 February 2024, Canberra, p. 17.

[26]Mr Ware, Committee Hansard, 1 February 2024, p. 14; Ms Giles, Committee Hansard, 1 February 2024, p. 14; Ms O’Hara, Committee Hansard, 26 September 2023, Perth, p. 11; Dr Kennedy, Committee Hansard, 9 February 2024, p. 18.

[27]Dr Kennedy, Committee Hansard, 9 February 2024, p. 18.

[28]Dr Kennedy, Committee Hansard, 9 February 2024, p. 9.

[29]Ms Berger-Thomson, Committee Hansard, 5 February 2024, p. 17.

[30]Dr Johnson, Committee Hansard, 5 February 2024, p. 19.

[31]Mr Oster, Committee Hansard, 7 August 2024, p. 20.

[32]Ms Berger-Thomson, Committee Hansard, 5 February 2024, Canberra, p. 19.

[33]Ms Berger-Thomson, Committee Hansard, 5 February 2024, Canberra, p. 17.

[34]Ms Berger-Thomson, Committee Hansard, 5 February 2024, Canberra, p. 17.

[35]Dr Porter, Committee Hansard, 1 February 2024, p. 8; Mr Crotty, Committee Hansard, 1 February 2024, p. 9; Mr Brown, Committee Hansard, 1 February 2024, p. 17; Mr Kennedy, Committee Hansard, 1 February 2024, p. 39; Ms Haythorpe, Committee Hansard, 1 February 2024, p. 44.

[36]Mr Webber, Committee Hansard, 1 February 2024, p. 17.

[37]Ms Casey, Committee Hansard, 1 February 2023, p. 28.

[38]Rev Cameron, Committee Hansard, 1 February 2023, p. 29.

[39]Katherine Murphy, ‘Linda Reynolds stumbles on wages growth in TV interview’, The Guardian, 10 March 2019.

[40]Ms Casey, Committee Hansard, 1 February 2023, p. 27; Ms Dare, Committee Hansard, 3 February 2023, p. 25; Ms Wishart, Committee Hansard, 1 March 2023, Box Hill Central, p. 2.

[41]Professor Alison Preston, Submission 58, p. 3.

[42]Dr Goldie, Committee Hansard, 1 February 2023, p. 50.

[43]Dr Goldie, Committee Hansard, 1 February 2023, p. 50.

[44]Mr Jericho, Committee Hansard, 3 February 2023, p. 17.

[45]Mr Kennedy, Committee Hansard, 1 February 2024, p. 44.

[46]Mr Kennedy, Committee Hansard, 1 February 2024, p. 44.

[47]Mr Kennedy, Committee Hansard, 1 February 2024, p. 44.

[48]ABS, Wage Price Index, June 2024; ABS, Consumer Price Index, June 2024.

[49]Submission of the Australian Government, Fair Work Commission, Annual Wage Review 2023-24, 28 March 2024, p. 7.

[50]Ms Berger-Thomson, Committee Hansard, 5 February 2024, p. 17.

[51]Dr Kennedy, Committee Hansard, 9 February 2024, p. 9.

[52]Mr Harker, Committee Hansard, 1 February 2023, p. 21.

[53]The Hon Jim Chalmers MP, Treasurer, Joint Media Release with the Hon Anthony Albanese, Prime Minister of Australia and the Hon Chris Bowen MP, Minister for Climate Change and Energy, ‘Energy rebates to ease pressure on households and small businesses’, Media release, 9 May 2023.

[54]Dr Kennedy, Committee Hansard, 14 February 2024, p. 7.

[55]Australian Energy Market Operator, Quarterly Energy Dynamics Q4 2023, January 2024.

[56]Clare Savage, Chair of the Australian Energy Regulator, Radio National, ABC, 15 March 2023.

[57]Mr Buckley, Committee Hansard, 3 February 2023, p. 19.

[58]The Hon Jim Chalmers MP, Treasurer, Joint Media Release with the Hon Chris Bowen MP, Minister for Climate Change and Energy and Senator the Hon Jenny McAllister, Assistant Minister for Climate Change and Energy, ‘New power bill relief’, Media release, 14 May 2024.

[59]Australian Bureau of Statistics, Consumer Price Index, September 2024.

[60]Ms Gallagher, Committee Hansard, 1 February 2023, p. 56; Mr Barnes, Committee Hansard, 2 February 2023, p. 1; Mr Menzel, Committee Hansard, 2 February 2023, p. 21-23; Mr Wood, Committee Hansard, 2 February 2023, p. 24.

[61]Mr Buckley, Committee Hansard, 3 February 2023, p. 19.

[62]Mr Grudnoff, Committee Hansard, 3 February 2023, p. 19.

[63]Mr Buckley, Committee Hansard, 3 February 2023, p. 19.

[64]Mr Buckley, Committee Hansard, 3 February 2023, p. 19.

[65]Australian Energy Regulator, Default market offer prices 2024-25, Draft determination, March 2024.

[66]Australian Energy Market Operator, ‘East coast wholesale electricity prices fall, while peak demand record set in WA’, Media release, 25 January 2024.

[67]Clean Energy Council, Submission 21, pp. 1–2; Dr Cahill, Committee Hansard, 19 February 2024, p. 25; Mr Grudnoff, Committee Hansard, 3 February 2023, p. 19.

[68]Dr Cahill, Committee Hansard, 19 February 2024.

[69]Mr Kean, Environment and Communications Legislation Committee Hansard, Supplementary Budget Estimates, 4 November 2024, pp. 60–61.

[70]Mr Kean, Environment and Communications Legislation Committee Hansard, Supplementary Budget Estimates, 4 November 2024, p. 90; Submission 2, p. 2; Submission 34, p. 3; Submission 65, p. 7.

[71]The Hon Chris Bowen MP, Minister for Climate Change and Energy and Senator the Hon Jenny McAllister, Assistant Minister for Climate Change and Energy, ‘Joint media release: $125 million investment to help Australians buy energy efficient homes’,Media release, 5 March 2023.

[72]Department of Climate Change, Energy, the Environment and Water, ‘Building Ministers support new home energy efficiency standards’, Media release, 26 August 2022.

[73]Clean Energy Finance Corporation, ‘Household Energy Upgrades Fund’.

[74]Dr Higgins, Committee Hansard, 1 February 2024, p. 48.

[75]Dr Higgins, Committee Hansard, 1 February 2024, p. 48.

[76]The Hon Mark Butler MP, Minister for Health and Aged Care, ‘First year of Medicare data shows increase to bulk billing’, Media Release, 4 November 2024.

[77]Dr Higgins, Committee Hansard, 1 February 2024, p. 49.

[78]The Hon Mark Butler MP, Minister for Health and Aged Care, ‘Cheaper medicines and more bulk billing’, Media Release, 27 November 2023.

[79]Ms Clarke, Committee Hansard, 1 February 2024, p. 59.

[80]The Hon Mark Butler MP, Minister for Health and Aged Care, ‘First year of Medicare data shows increase to bulk billing’, Media Release, 4 November 2024.

[81]Ms Hardy, Committee Hansard, 1 February 2024, p. 59.

[82]Ms Shakespeare, Committee Hansard, 23 June 2023, p. 11.

[83]Ms Shakespeare, Committee Hansard, 23 June 2023, p. 11.

[84]Dr Fotheringham, Committee Hansard, 2 February 2023, Melbourne, p. 42.

[85]Dr Alves, Committee Hansard, 2 February 2023, Melbourne, p. 46.

[86]Dr Fotheringham, Committee Hansard, 2 February 2023, p. 41.

[87]Dr Fotheringham, Committee Hansard, 2 February 2023, p. 49.

[88]Dr Fotheringham, Committee Hansard, 2 February 2023, p. 49.

[89]Answers to Questions on Notice, Master Builders Association, p. 2.

[90]Australian Catholic Bishops Conference, Submission 17, p. 4.

[91]Government of South Australia, Submission 65, p. 9.

[92]Submission 14 to Economics Legislation Committee inquiry into Housing Australia Future Fund Bill 2023 [Provisions] and related bills, p. 1.

[93]Submission 21 to Economics Legislation Committee inquiry into Housing Australia Future Fund Bill 2023 [Provisions] and related bills, p. 1.

[94]Submission 6 to Economics Legislation Committee inquiry into Housing Australia Future Fund Bill 2023 [Provisions] and related bills, p. 4.

[95]Grattan Institute, Submission 8 to Economics Legislation Committee inquiry into Help to Buy Bill 2023 and the Help to Buy (Consequential Provisions) Bill 2023 [Provisions], p. 3.

[96]Treasury, Build-to-rent tax concessions(accessed 15 November 2024).

[97]The Hon. Julie Collins MP, Minister for Housing, Media Release, 1 July 2024.

[98]Dr Kennedy, Committee Hansard, 14 February 2024, p. 7.

[99]The Hon. Jim Chalmers MP, Treasurer, Joint Media Release with Amanda Rishworth, Minister for Social Services, 20 September 2024.

[100]Dr Kennedy, Committee Hansard, 14 February 2024, p. 7.

[101]Mr Reardon, Committee Hansard, 16 August 2024, p. 19.

[102]Mr Reardon, Committee Hansard, 16 August 2024, p. 19.

[103]See: Ms Caniglia, Committee Hansard, 3 February 2023, p. 30 and Foodbank Australia Ltd, Submission 1, p. 24.

[104]Mr Loydell, Committee Hansard, 1 February 2023, p. 8.

[105]Mr Harker, Committee Hansard, 1 February 2023, p. 23.

[106]Mr Bulmer, Committee Hansard, 2 February 2023, p. 56.

[107]Ms Gallagher, Committee Hansard, 1 February 2023, p. 53

[108]Ms McCarthy, Committee Hansard, 1 February 2023, p. 6.

[109]Mr Harker, Committee Hansard, 1 February 2023, p. 23.

[110]See, for example: Ms Caniglia, Committee Hansard, 3 February 2023, p. 30 and Dr Goldie, Committee Hansard, 1 February 2023, p. 46.

[111]See, for example: Ms McCarthy, Committee Hansard, 1 February 2023, p. 5 and Mr Wood, Committee Hansard, 2 February 2023, pp. 25-26.

[112]Ai Group, ‘Safeguard reforms: now the real work begins’, Media Release, 30 March 2023.

[113]Business Council of Australia, ‘Getting on with the transition’, Media Release, 30 March 2023.

[114]Mr Wood, Committee Hansard, 2 February 2023, pp. 25-26.

[115]Ms Casey, Committee Hansard, 1 February 2023, p. 28 and Ms Gilles, Committee Hansard, 1 February 2024, p. 14.

[116]Consumers' Federation of Australia, Submission 62, p. 3

[117]Australian Government, Government Response to the Independent Review of the Food and Grocery Code of Conduct, June 2024, p. 11.

[118]The Hon Andrew Leigh MP, Assistant Minister for Competition, Charities and Treasury, Joint Media Release with Jim Chalmers, Treasurer and Murray Watt Minister for Agriculture, Fisheries and Forestry, 24 June 2024, available:

[119]Australian Competition & Consumer Commission, Media Release, ‘ACCC to examine prices and competition in supermarket sector’, 25 January 2024.

[120]The Hon Jim Chalmers MP, Treasurer, Joint Media Release with Anthony Albanese, Prime Minister of Australia and Andrew Leigh, Assistant Minister for Competition, Charities and Treasury, 25 January 2024.

[121]The Hon Anthony Albanese MP, Prime Minister of Australia,Joint Media Release with Stephen Jones, Assistant Treasurer and Andrew Leigh Assistant Minister for Competition, Charities and Treasury, 2 October 2024.

[122]The Hon Anthony Albanese MP, Prime Minister of Australia, Joint Media Release with Jim Chalmers, Treasurer, 1 October 2024.

[123]The Hon Jim Chalmers MP, Treasurer, Media Release, 10 April 2024.

[124]Mr Stirling, Committee Hansard, 11 October 2024, p. 16.

[125]Ms Constable, Committee Hansard, 26 September 2023, p. 47.

[126]The Hon Brendan O’Connor MP, Minister for Skills and Training, Media Release, 1 January 2024.

[127]The Hon Anthony Albanese MP, Prime Minister of Australia, Joint Media Release with Andrew Giles, Minister for Skills and Training, 3 November 2024.

[128]Mr Webber, Committee Hansard, 1 February 2024, p. 13.

[129]Australian Education Union – Federal Office, Submission 177, p. 2.

[130]The Hon. Andrew Giles MP, Minister for Skills and Training, Media Release, 26 September 2024.

[131]The Hon. Jason Clare MP, Minister for Education, Joint Media Release with Anthony Chisholm, Assistant Minister for Education and Regional Development, 25 March 2024.

[132]The Hon. Brendan O’Connor MP, Minister for Skills and Training, Media Release, 6 May 2024.

[133]The Hon. Jason Clare MP, Minister for Education, Media Release, 10 October 2024.

[134]The Hon. Anthony Albanese MP, Prime Minister of Australia, Joint Media Release with Jason Clare, Minister for Education, Amanda Rishworth, Minister for Social Services and Andrew Giles, Minister for Skills and Training, 3 November 2024.

[135]Community Early Learning Australia, Submission 90, p. 1.

[136]National Association for Prevention of Child Abuse & Neglect (NAPCAN), Submission 101, p. 5.

[137]The Hon Jason Clare MP, Minister for Education, Joint Media Release with the Hon. Anne Aly MP, Minister for Early Childhood Education, 25 October 2022.

[138]Community Early Learning Australia, Submission 90, p. 2.

[139]St Vincent de Paul Society National Council, Submission 77, p. 1.

[140]National Australia Bank, Submission 38 – Attachment 2, p. 2.

[141]Ms Berger-Thomson, First Assistant Secretary, Department of Treasury, Proof Committee Hansard, 5 February 2024, pp. 17–18.

[142]Professor Alison Preston, Submission 58, p. 9.

[143]Professor Alison Preston, Submission 58, p. 21.

[144]The Hon Amanda Rishworth MP, Minister for Social Services, Media Release, 7 March 2024.

[145]Mr Luke Yeaman, Deputy Secretary, Macro-economic Group, Department of the Treasury, Committee Hansard, 16 August 2024, p. 17.