LABOR’S HAND FORCED ON COMPETITION TASKFORCE

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA 30 October 2023 Media Release LABOR’S HAND FORCED ON COMPETITION TASKFORCE Coalition pressure has once again left the Albanese Government with no alternative but to finally move on its Competition Taskforce. The Taskforce met for the first time today, two months after it was announced by Labor, with five new appointments to its advisory panel also released. It follows scrutiny by Coalition Senators in last week’s Budget Estimates hearings regarding the lack of meaningful progress since the 23 August announcement. Among them was Coalition competition spokesman Senator Dean Smith, who said this is the latest example of Labor dragging its heels on reform until its slow performance is called out. “This is the ACCC airline monitoring 2.0, where the Private Senators Bill introduced by Senator McKenzie and I forced Labor’s hand on re-instating this important competition initiative,” Senator Smith said. “Jim Chalmers and Andrew Leigh only act when they’re left with no choice – the way they’ve approached the Competition Taskforce is straight out of the Labor playbook.” Senator Smith also noted that, while the Coalition would always support meaningful competition reform, key details of the Competition Taskforce remain unknown. “The Albanese Government has refused to provide timeframes or a work plan explaining how the Taskforce will go about the demanding job ahead of it,” Senator Smith said. “We also have no idea how the Taskforce will prioritise the sectors of the economy it’s expected to focus on.” “Most significantly, there’s no indication when any of competition reforms identified by the Taskforce will be legislated and start providing a benefit to the Australian people.” “To ensure taxpayers are getting efficiency and value for money when it comes to this Taskforce, Labor should map out detailed priorities and deadlines, and make them public immediately.”

AUSTRALIAN TRAVELLERS LEFT EXPOSED AS LABOR STALLS ON AIRLINE MONITORING PROMISE

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SENATOR THE HON BRIDGET MCKENZIE SHADOW MINISTER FOR INFRASTRUCTURE, TRANSPORT AND REGIONAL DEVELOPMENT LEADER OF THE NATIONALS IN THE SENATE SENATOR FOR VICTORIA SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA 27 October 2023 MEDIA RELEASE AUSTRALIAN TRAVELLERS LEFT EXPOSED AS LABOR STALLS ON AIRLINE MONITORING PROMISE So far, the only completed stage of the Albanese Government’s commitment to re-instate ACCC airline monitoring is its media release. During Budget Estimates on Wednesday night, Treasury officials and Finance Minister Katy Gallagher revealed the Treasurer is yet to direct the ACCC to begin the monitoring, advising the direction is “still being worked up”. In contrast, ACCC Chair Gina Cass-Gottlieb told the same hearing that the ACCC had maintained capacity to run the monitoring and could “pick up where we left off right away.” The Albanese Labor Government backflipped on its refusal to re-commence the monitoring last week under pressure from the Coalition, including a Private Senators Bill introduced by Senators Bridget McKenzie and Dean Smith. Senator Smith said Labor’s slow performance, failure to provide answers on how the new monitoring would be funded, or if it would be backdated to 30 June – when the previous ACCC monitoring regime, introduced under the Coalition in 2020, ended – is unacceptable. “This monitoring is essential to delivering greater competition and transparency, and Labor’s delays leave air travellers exposed as the busy Christmas period approaches,” Senator Smith said. Senator McKenzie said the evidence provided by Treasury officials shows the Government is more interested in blocking a Senate inquiry from asking questions to former Qantas chief executive Alan Joyce than it is in keeping airfares down for Australian families and business. “Treasurer Jim Chalmers first asked Treasury to consider reinstating ACCC monitoring on 7 September when Labor were hoping to scuttle the Senate inquiry into Minister King’s protection of Qantas from competition, and again on 12 October in advance of a Senate vote on extending the Senate inquiry to hear from Alan Joyce on his return to Australia,” Senator McKenzie said. Ms Cass-Gottlieb also confirmed the ACCC was able to monitor the sector from 30 June, with no need for any gap. “It’s bad enough that Labor allowed this monitoring to lapse in the first place, but now it must make good on its error and issue the direction immediately – and ensure the monitoring covers the last four months,” Senator Smith said. “The ACCC is on record that it can proceed today and there is no excuse why the Albanese Government should not do the same. “The ACCC monitoring needs to recommence immediately, with the Qantas group, including Jetstar, inconveniencing tens of thousands of Australians in September by cancelling more than 1,000 flights and a further 7,084 flights delayed by more than 15 minutes, Senator McKenzie said. “The fact flight cancellations and delays remain at excessive levels show the Albanese Government is not willing to tackle Qantas to fix the problems in the aviation sector.” “Until the Government issues a direction to the ACCC to reinstate airline monitoring, the Coalition will continue to push for its Private Senators’ Bill to be voted on by the Senate,” END. ACCC Airline Monitoring Timeline 5 June 2023 ACCC delivers final airline competition monitoring report. 5 September 2023 Senate votes to establish Senate Select Committee aviation inquiry. 6 September 2023 Labor tabled motion to hobble Senate aviation inquiry. 12 September 2023 Senators McKenzie and Smith introduce Bill in Senate to re-establish ACCC airline monitoring powers. 7 September 2023 Treasurer Chalmers asks The Treasury to consider re-establishing ACCC monitoring of airlines. 7 September 2023 Labor offer Senator Pocock a ‘deal’ to restore ACCC monitoring of airlines for his vote to hobble Senate aviation inquiry. 7 September 2023 Senate defeats Labor attempt to hobble aviation inquiry. Labor take no action on restoring ACCC airline monitoring power. 9 October 2023 Senate aviation inquiry report tabled. Recommends re-establishing inquiry to compel Mr Alan Joyce and Qantas employees to appear and give evidence. 12 October 2023 Treasurer Jim Chalmers asks The Treasury for draft letter to Prime Minister and media release on re-establishing ACCC airline monitoring power. 14 October 2023 Voice Referendum. 18 October 2023 Labor offer Senator Pocock a ‘deal’ to restore ACCC airline monitoring for his vote to prevent re-establishment of Senate inquiry that would call Mr Alan Joyce and Qantas employees. 18 October 2023 Senate rejects motion to re-establish Senate aviation inquiry, meaning Alan Joyce will not have to give evidence to Senate Committee. 18 October 2023 Labor announce the re-establishment of ACCC airline monitoring powers. 25 October 2023 Treasury officials disclose no direction has been issued to the ACCC to restore airline monitoring powers.

ADDRESS TO THE PHILANTHROPY AUSTRALIA ‘PHILANTHROPY MEETS PARLIAMENT’ SUMMIT

Speeches

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY LIBERAL SENATOR FOR WESTERN AUSTRALIA ADDRESS TO THE PHILANTHROPY AUSTRALIA ‘PHILANTHROPY MEETS PARLIAMENT’ SUMMIT Parliament House, Canberra 24 October 2023 Opening remarks Good morning, I begin by acknowledging Philanthropy Australia co-chairs Amanda Miller and Lisa George, and CEO Jack Heath – and, of course, the representatives of Australia’s remarkable, resilient charities who are present here at Parliament House in Canberra today. It is a privilege for me to join you in my role as Opposition charities spokesman. But it is regrettable that I do so at a time when so many face record hardship and challenges. Every statistic released confirms what we all know from our work in communities around the country. People are doing it tough and seeking urgent help, many of them for the first time. The mission to double philanthropic giving by 2030 – to build community strength, to cement a culture of giving and to reward generosity – is now more important than ever. Record demand on charities From round tables here in the capital with the Australian Red Cross and St Vincent de Paul, to local branches of Meals on Wheels in Narrabri in northern New South Wales. From free supermarkets on the Gold Coast, to an op-shop dressing the homeless in Melbourne’s outer suburbs. These are among the inspiring organisations I have visited across five states in 2023. With a few exceptions, caused by isolation or unique community circumstances, their concerns have been the same: A surge in demand, combined with falling donations and rising overheads. Added to this perfect storm are dwindling volunteer bases, many of which have never fully rebuilt post-pandemic. As I noted when I began, the shared experiences of these charities are reflected in the statistics – and brutally so. The latest Foodbank Hunger Report revealed that 3.7 million households experienced food insecurity in the last year, an increase of 383,000 from 2022. And The Salvation Army’s Red Shield Report found 95% of family households who responded found it difficult to meet essential living expenses – up 8% on last year. The economic reality This spiking demand for charity services is almost wholly due to the cost of living crisis Australians are living though. Food, fuel, utilities…very few items are immune. Nearly 80% of those households I mentioned experiencing food insecurity said rising cost of living was the main contributing factor. There have been 11 interest rate increases under the current Government. These are result of the central bank being left to pull the only lever available to address inflation – because nobody else is. And the effects cannot be understated. In my home state of WA, for example, more than 40,000 low-income mortgage holders are spending over 30% of their household budget on loan repayments. The Salvation Army’s Doorways Emergency Relief Survey reported that 21% of respondents from the West had been unable to make their mortgage repayments on time in the past year. Low-income renters didn’t fare any better, spending around two-thirds of their income to afford an average rental property in the state. The reality is that the best thing the Government could do to aid struggling Australians, and the charity and non-profit sector working so hard to support them, is to prioritise good economic management and taming inflation above all else – and quickly. The Productivity Commission Review Doubling giving by 2030 is, as I have said, of ever increasing importance if our charities and non-profits are to meet demand into the future – but also, I hope, to grow and thrive. We know that we still have a way to go. Australia’s giving lags behind our contemporaries, representing just 0.81% of GDP, compared with 1.84% cent in New Zealand and 2.1% in the United States. But I take the opportunity this morning to share some of the standout priorities and suggestions from submissions to the Productivity Commission’s Philanthropy Review. Among these are: superannuation bequests; the possibility of Australians returning part of their tax return to charity in a deliberate and structured way; allowing ancillary funds to distribute to other ancillary funds; and encouraging later in life and legacy giving. The latter, as most of you here will know, is aimed at a unique, once in a lifetime opportunity for the sector: An upcoming intergenerational wealth transfer estimated at more than $2.5 trillion. This is a foundational consideration – how best to encourage and reward giving by those Australians fortunate enough to have amassed significant wealth for themselves and their families. The Coalition has welcomed the Philanthropy Review and what it aims to achieve. Like the sector, we eagerly await both the final work of the Productivity Commission and, more importantly, the new legislative and regulatory landscape it creates. Likewise the sector-wide Not-for-Profit Blueprint, aimed at shaping Australian philanthropy’s future. Noting today’s theme of cooperation between philanthropy and Government, I would make one final point. Policy – even good policy – needs to be driven through Government. It cannot be left to idle through. The needs of the sector, and the millions of Australians it helps and employs, are now far too pressing. I finish by paying tribute to the commitment and selfless service of those at the coalface: Australia’s charities and all those who sustain them. Our philanthropic community continues to shape our country in the best possible image of ourselves. Thank you. ENDS

LABOR’S DAY OF SHAME ON QANTAS COVER UP

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SENATOR THE HON BRIDGET MCKENZIE SHADOW MINISTER FOR INFRASTRUCTURE, TRANSPORT AND REGIONAL DEVELOPMENT LEADER OF THE NATIONALS IN THE SENATE SENATOR FOR VICTORIA SENATOR THE HON SIMON BIRMINGHAM SHADOW MINISTER FOR FOREIGN AFFAIRS LEADER OF THE OPPOSITION IN THE SENATE SENATOR FOR SOUTH AUSTRALIA SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA 18 October 2023 Media Release LABOR’S DAY OF SHAME ON QANTAS COVER UP Today Prime Minister Albanese revealed that he is prepared to put the interests of arrogant and greedy corporates like Qantas ahead of the interests of everyday travelling Australians. “Mr Albanese disgracefully shut down an extension of the Senate Committee, which would enable it to call former Qantas CEO Alan Joyce,” Senator McKenzie said. “This is the day Mr Albanese revealed his true self – backing his crony capitalist mates against millions of Australians including loyal customers, staff and shareholders who have been treated badly by Mr Joyce’s Qantas.” Voting to extend the Senate Select Committee inquiry into Commonwealth Bilateral Air Service Agreements would have enabled the former Qantas CEO Mr Joyce to appear before it. “Instead, the Labor Party, in a cabal of a coverup with the Greens and Senator David Pocock refused to allow the Committee the opportunity to seek legitimate and serious questions about the cost impacts on travellers from Mr Joyce’s personal and political relationship with the Prime Minister,” Senator McKenzie said. “This shows the extent of the disrespect the Government has for the Australian travelling public. “This inquiry was first set up to find out the real reason why the Albanese Government has contributed to keeping the cost of airfares high by blocking Qatar Airways’ request for additional flights, and while the inquiry has made serious recommendations to make our aviation industry more competitive, this question still hasn’t been answered,” Senator McKenzie said. “Mr Joyce is one of only three people who know why Qantas has received preferential treatment at the hands of the Albanese Government and now we will not be able to bring him before the Senate Committee to answer legitimate and serious questions about his personal and political relationship with the Prime Minister.” Shadow Assistant Competition Minister, Senator Dean Smith said Labor had proved themselves to be the enemy of competition and transparency. “Shamefully, thanks to Labor, we may never know why the government acted so contrary to the public interest in blocking Qatar Airways’ application. “Aviation is one of the most critical industries in our country – we can’t catch a train from Perth to Sydney for a business meeting, a loved one’s birthday, or a medical appointment. “It needs competition, and Australians deserve a Prime Minister and Transport Minister who understand this,” Senator Smith said. Shadow Minister for Foreign Affairs Senator Simon Birmingham said Australia’s consumers, exporters and tourism industry were paying the price for the Albanese Labor Government’s cover ups. “This Labor Government is the monarchs of denial. After denying Qatar Airways more flights into Australia and then refusing to give any reasonable explanation it is refusing to allow the Senate from pursuing the truth behind these decisions,” said Senator Birmingham. “Labor has created a cabal of cover up to maintain a protection racket around Minister King and Qantas and is standing in the way of Australians enjoying the cheaper airfares that would flow from greater competition in the aviation market.” Senator McKenzie said the Albanese Government are working directly against delivering the transparent governance they committed to prior to the election. “The Opposition will keep working to find out the real reason why Labor have kept airfares high on behalf of the Australian public.” ENDS.

PM’s desire to create a legacy has left our country fractured

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The resounding No vote in Saturday’s referendum is not cause for celebration. This applies not only to those who voted and campaigned for the Voice, but for the majority such as myself who voted No. Sadly, for many Australians, 2023 has been the year where families, friends, and colleagues were pulled apart by the opposing sides of a bitter debate. And while the country dusts itself off, it would be naive to pretend that this separation will not be a long one, or in some cases even permanent. This concern for the wellbeing of our nation – comprised as it is of the families, friendship groups, and workplaces where this debate has taken place just as forcefully as on television and in the newspapers – was at the heart of Opposition Leader Peter Dutton’s warning that this was a referendum that had already divided Australians. But Anthony Albanese, pumped up by a narrow circle of advisers and advocates, and desperate for his own Wattie Creek or Redfern moment, ploughed on with Saturday’s vote regardless. In doing so, he fractured Australia. Despite claiming the referendum was about an “idea” and not an “individual”, it was the Prime Minister whose actions led directly to this point. It was Anthony Albanese who alienated any chance of the referendum’s success by refusing to hold a constitutional convention – a significant break from precedent. It was Anthony Albanese whose hand-picked referendum advisory council contained activists whose divisive agenda made a proposal the public could embrace impossible. It was Anthony Albanese who refused to disclose details about how the Voice would work, including information as basic as the extent of its powers and composition. Those wishing to appropriately inform themselves were denigrated as “fearmongers”. Taking advantage of the nationwide support for constitutional recognition and closing the gap, the Prime Minister politicised a universal sentiment by insisting that the only road to these goals was through his rushed and secretive proposal. The rejection of Labor’s Voice was particularly emphatic in WA. Only two of the State’s 15 Federal electorates voted Yes, and one of those – Curtin – could return a final vote of No as the counting of postal votes is finalised. Nor were Indigenous communities unanimous in their support for the Voice. The Pilbara, Kununurra and Derby, where Indigenous disadvantage is at its most acute, voted in line with the national trend. These results should give us hope that support for a colourblind Constitution is felt across the country, irrespective or origin or ethnicity. I said October 14 was no cause for celebration for No voters. It is, nonetheless, a source of relief. It is a relief for those who never wavered in their conviction that the Australian people possess a collective judgment based on fairness and common sense. It is a relief that, after a campaign funded by the country’s biggest companies, supported by public broadcasters, major sporting codes and universities, the spirit of independence and a scepticism of authority remain alive among Australians. It is a relief for those who, recognising the Australian Constitution as the bedrock of the free and stable country we have inherited, know it cannot be bought, or altered on the basis of a vibe. Finally, it is a relief for those who believed that, after quietly shaping our country’s fortunes for more than a century, the Constitution can continue to do so free from the shadow of racial division. Now the work begins. As Peter Dutton said this week, the Coalition remains committed to a royal commission into child sexual abuse in Indigenous communities, and an audit into spending on Indigenous programs. My Coalition colleagues and I also remain committed to the constitutional recognition of Aboriginal and Torres Strait Islander people. But we believe this can, and will, be done in a way that unifies the country and affirms our civic equality. As I said in my speech to the Senate opposing the Voice back in June: There is no shame in defeating a bad idea but only if there is a resolution to soldier on and find a better way, a way born from genuine co-operation and that will enjoy the widest possible community endorsement. It is a promise I and my colleagues have every intention on following through with.

UNPRECEDENTED NUMBER OF AUSSIES IN HARDSHIP DUE TO LABOR’S COST OF LIVING CRISIS

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SENATOR THE HON JANE HUME SHADOW MINISTER FOR FINANCE CHAIR OF THE COST OF LIVING COMMITTEE SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY MEDIA RELEASE Tuesday, 26 September 2023 UNPRECEDENTED NUMBER OF AUSSIES IN HARDSHIP DUE TO LABOR’S COST OF LIVING CRISIS The number of Australians on energy bill hardship programs is now higher than the peak of the Covid-19 pandemic, with the greatest concern for customers being the risk of another interest rate rise. Representatives from EnergyAustralia, AGL Energy and Origin Energy told the Cost of Living Committee at its hearing in Perth that there has been a “significant increase” in the number of customers on hardship plans. One energy retailer reported that the number of customers on hardship plans had almost doubled from the peak of the pandemic, and they expected the number to increase into the future. The Committee heard that “more supply is critical” to reducing energy prices, but that the Albanese Government’s interventions in the gas market “tend to discourage supply”. An “unprecedented demand” in the number of Australians seeking charitable assistance is also being reported across various organisations in the West Australian charity sector. Foodbank WA said they were now providing food assistance to dual income households, a demographic they said they “never expected to support”, with the number of eligible Foodbank cardholders recently skyrocketing from 5,000 to 14,000 due to the cost of living crisis. The Salvation Army said it had seen a 60% increase in wage earners seeking assistance, while the Anglicare WA said employed people coming to it for assistance had tripled in the last three months. Exasperating the challenges charities are facing is the fact that the sector is not seeing donations increase at the same rate as requests for assistance, and it is harder to find volunteers. Chair of the Committee Senator Jane Hume said that the increase in the number of Australians accessing hardship programs and charities, shows the very real impact the cost of living crisis is having on families. “Labor went to the election promising a plan to lower the cost of living and reduce energy bills by $275, but the evidence we heard today is that energy bills are going up, and Australians are struggling to cope. “The fact that there are now more Australians on hardship programs than during the peak of the pandemic and the fact that charities are now servicing dual income households, show that Australians are not better off under Labor.” Shadow Assistant Minister for Competition, Charities and Treasury Dean Smith said the charities and non-profits sector is operating in a perfect storm of record demand and rising overheads. “Charities are working in overdrive, but their own costs are up – one told us today they’ve spiked 66% – while both donations and the supply of volunteers are generally down,” Senator Smith said. “And a light is now being shone on ‘hidden’ hardship, households with two working parents, not eligible for Government financial and housing support, but living in cars with their kids and relying on food support.” “These are the very human faces of the Albanese Government’s cost of living crisis.” ENDS.

LABOR’S AIRLINE COMPETITION CHAOS

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SENATOR THE HON BRIDGET McKENZIE SHADOW MINISTER FOR INFRASTRUCTURE, TRANSPORT AND REGIONAL DEVELOPMENT LEADER OF THE NATIONALS IN THE SENATE SENATOR DEAN SMITH LIBERAL SENATOR FOR WESTERN AUSTRALIA SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY MEDIA RELEASE 31 August 2023 LABOR’S AIRLINE COMPETITION CHAOS Treasurer Jim Chalmers has been forced to make an embarrassing correction about whether airlines will be included in Labor’s recently announced competition review. Assistant Minister for Competition, Andrew Leigh, said earlier this week they would not. But the Australian Financial Review now reports that, in a characteristic backflip, the Treasurer has confirmed the aviation sector will be among those considered by Labor’s Competition Taskforce. Coalition competition spokesman Senator Dean Smith said Labor’s lack of certainty regarding its own policies was alarming but welcomed news of the inclusion. “If this attempt by the Albanese Government to enhance competition is to mean anything, it must include aviation,” Senator Smith said. “The Treasurer said last week that the competition review was going to be ‘iterative’ and ‘methodical’, so I call on him to commit to making airline competition its priority and set a timeline for the review to report back on its findings.” And Senator Smith again called on Labor to reinstate ACCC monitoring of the sector. “In the meantime, recommencing the watchdog’s reporting role is a clear step the Albanese Government can take to improve aviation competition outcomes for Australians.” Shadow Minister for Infrastructure, Transport and Regional Development, Senator Bridget McKenzie said there are immediate decisions the Government could take that would improve competition, affordability and reliability in both the domestic and international aviation sectors. “By responding to the Harris Review and adding additional flexibility for managing aircraft slots at Sydney airport the Government could put downward pressure on prices and improve service, getting more Australians to their destinations on time.” ENDS

LABOR MUST BOOST AIRLINE COMPETITION BY REINSTATING ACCC REPORTING

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Joint Media Release SENATOR THE HON BRIDGET McKENZIE SHADOW MINISTER FOR INFRASTRUCTURE, TRANSPORT AND REGIONAL DEVELOPMENT LEADER OF THE NATIONALS IN THE SENATE SENATOR DEAN SMITH LIBERAL SENATOR FOR WESTERN AUSTRALIA SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY MEDIA RELEASE 31 August 2023 LABOR MUST BOOST AIRLINE COMPETITION BY REINSTATING ACCC REPORTING The Albanese Government is failing Australian families and businesses by deliberately exempting Qantas, Virgin, and the wider aviation sector from its recently announced review of competition policy. Shadow Minister for Infrastructure, Transport and Regional Development, Senator Bridget McKenzie said the Prime Minister has a lot of questions to answer as to why the Government seems determined to stifle competition and keep the cost of airfares at very high levels. “Australians are paying more, reliability is going down not up, and flight cancellations are more not less frequent,” Senator McKenzie said. “At every turn the Albanese Government seems to be avoiding its regulatory responsibilities to oversee a competitive, reliable and affordable airline industry.” “Labor refuse to add competition-creating flexibility to slots at Sydney airport, they abolished the Australian Competition and Consumer Commission’s monthly reporting on domestic airline competition, blocked Qatar Airways from providing additional flights to the Middle East and Europe, and now they are exempting this vital sector from examination by the newly established competition review. “The fact this exemption was a surprise to members of the Competition Taskforce, including former ACCC chair Rod Sims, is a further indication the Government has some hidden reasons for going soft on airlines,” Senator McKenzie said. Coalition competition spokesman Senator Dean Smith said CEO Alan Joyce’s evidence to the Senate Cost of Living Committee this week again failed to convince Australians that Qantas should enjoy privileged and protected status among the nation’s air carriers – and reinforced the need for monitoring the sector’s competitiveness generally. The Coalition is now calling on the Treasurer to direct the ACCC to resume monitoring the aviation industry and investigate airline competition and prices, costs and profits relating to both domestic and international air passenger transport services. The direction, which would invoke the ACCC’s powers under the Competition and Consumer Act 2010, should require the competition watchdog to report on this monitoring at least once a quarter for a further three years. Despite the last ACCC report finding that the Australian airline industry had room for increased competition, both Mr Joyce and Qantas corporate affairs head Andrew McGinnes have dismissed the suggestion of ongoing oversight. Senator Smith said their reluctance is particularly disappointing given the obvious need for the cheaper prices and greater flexibility extra air services would deliver. “Australians deserve the best and most competitive experience possible when travelling in the world’s eighth largest domestic aviation market,” Senator Smith said. “The level of competition is insufficient to meet the needs of consumers, especially those living in isolated cities and regional areas outside the ‘Golden Triangle’ of Brisbane, Sydney and Melbourne.” It is worth noting that the last ACCC report, published in June, found: Qantas Airways reported an underlying profit before tax of $1.43 billion for the first half of the 2022-23 financial year, 49% higher than the previous first half record in 2017 / 2018. The domestic operations of Qantas and Jetstar were responsible for most of the recent result with underlying earnings before interest and tax of $915 million. Although Qantas’ market share decreased to 34.8% in January, the combined market share of the Qantas Group remained at 61.7% The report also confirmed the ACCC received 1,740 contacts involving Qantas in 2021-22, the most of any company and 68% higher than the previous year, observing that “such an increased level of contacts is generally indicative of a high level of dissatisfaction with that company”. Senator Smith said both the report’s findings and recent events highlighted the need to reinstate monitoring. “The fact Labor’s newly announced competition review will not consider aviation is further justification for the ACCC oversight being called for by the Coalition,” Senator Smith said. “In Andrew Leigh’s first real attempt at bringing down the barriers to effective competition in the Australian economy, he has been blocked by his ministerial colleagues from looking at airlines. “It should be very clear to the Albanese Government that the ACCC needs to continue its analysis and promotion of greater airline competition well into the future.” ENDS

RENTERS JOIN MORTGAGE HOLDERS AS VICTIMS OF LABOR’S ECONOMIC MISMANAGEMENT

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Senator Dean Smith Shadow Assistant Minister for Competition, Charities and Treasury Liberal Senator for Western Australia MEDIA RELEASE 25 August 2023 RENTERS JOIN MORTGAGE HOLDERS AS VICTIMS OF LABOR’S ECONOMIC MISMANAGEMENT Recent data analysis shows low-income WA renters would need to spend around two-thirds of their income to access an average rental property in the state. The median weekly rent for a house in WA has climbed from $370.00 in 2020 to $580.00 in 2023, while the minimum wage has only grown from $753.80 to $863.40. This represents a ratio increase from 49% to 67%. Over the same time period, the percentage of income an average WA worker spent on rent has jumped nearly 10%. Western Australians in this category spent about 20% of their income on rent in 2020, but in August this year that has increased to more than 28%. The negative impact on WA households is confirmed by The Salvation Army’s Doorways Emergency Relief Survey, which found 21% of respondents from the West had been unable to pay their mortgage repayments or rent on time in the past year. To put this into perspective, the national rate was only 7%. Earlier this year, Anglicare WA’s latest Rental Affordability Snapshot found that the average price for a rental in WA has soared to $560 per week – an increase of 17% in just one year. It also found that only 1% of rentals are affordable for a working single parent with two children on the minimum wage in WA, while there was no affordable rental in the state for a single person on JobSeeker. Just 15% of rentals were affordable for a family with two children where both parents earn the minimum wage. Renters have joined the state’s mortgage holders as the victims of Labor’s cost of living crisis and inability to tame inflation. 56% of the fixed rate home loans in WA switch to variable rate by the end of 2023 –one of the highest levels in Australia. Of any state, WA has the largest number of borrowers that are three months behind on their mortgage repayments. Meanwhile, over 40,000 low-income WA mortgage holders are now spending 30% or more of their household budget on loan repayments. These statistics confirm that, over a year after the election of the Albanese Government, its promise life would be cheaper under Labor have come to nothing. Comments attributable to Senator Dean Smith: “There have been 11 interest rate rises on the Albanese Government’s watch and instead of effective economic management, their policies are making matters worse.” “While there’s ample evidence of the toll being taken on WA mortgage holders, it’s undeniable renters are also doing it very tough under Labor.” “Keeping a roof over their heads is now a daily struggle for many Western Australians – how is that compatible with the promise we’d all be better off under Labor?” “We are setting records for all the wrong reasons here in WA, with significant hardship being felt as a result.” “Anthony Albanese and Jim Chalmers have forgotten the everyday Australians they promised to help.” “Addressing this rental stress must be a top priority for Labor, and an important part of that is not the HAFF or introducing caps, but incentivising mum and dad property investors to enter the market and increase rental stock.” ENDS

ADDRESS TO THE CONEXUS INSTITUTE RETIREMENT FORUM

Speeches

Senator Dean Smith Shadow Assistant Minister for Competition, Charities and Treasury Tuesday 8 August 2023 Old Parliament House, Canberra Opening remarks I begin by acknowledging the traditional custodians of the land on which we meet today, the Ngunnawal people, and pay my respects to elders past, present and emerging. And I extend the Coalition’s appreciation to David Bell and Colin Tate from Conexus for the opportunity to share these remarks. I am delighted to represent Shadow Treasurer Angus Taylor.   Introduction In 2009, the Henry Review observed that “The retirement income system is facing challenges that will test it as the 21st century unfolds. These challenges include the ageing of the population, longer life expectancies and more people interacting with the system.” Fourteen years later, with each of these challenges magnified and in the middle of a cost of living crisis, the Review’s findings are now urgently real. It is key to the wellbeing of Australian retirees, and the national economy, that we have a secure and trusted superannuation system, reinforced by a more accessible financial services sector. The remark by one industry participant that “the hard work in translating super into better retirement outcomes is only just beginning” is evidently very true.   Economic context Many Australians’ economic circumstances have changed dramatically since the last Federal election. The cost of living and the cumulative effect of 11 interest rate rises mean many households are grappling with financial challenges they have never experienced before. The latest data makes it clear. The ABS Selected Living Cost Indexes, released last week, rose by between 0.8% and 1.5% in the June 2023 quarter. Annually, the same Living Cost Indexes rose by up to 9.6%. Working households experienced the highest annual rise in expenses on record. This was based largely on blow-outs in mortgage interest charges, which grew 91.6% – and represented another record increase. It is unsurprising that Roy Morgan research found that, in the three months to June, 1.43 million Australians were at risk of mortgage stress. Looking again at the ABS data, most relevant here today is that insurance and financial services were a major component of these cost of living increases. For self-funded retirees, insurance and financial services costs rose by 17.0%. It was 25.7% for pensioner and beneficiary recipients and 51.8% for working Australians. Meanwhile, the most recent HILDA survey found around 8.5 million adult Australians were financially illiterate. And it’s suggested that almost 90% of Australians are prohibited from accessing financial advice due to cost. This is the current reality. But these circumstances also represent a rare opportunity for the financial services sector – which is something I will return to.   The Coalition and superannuation Current position Australia’s superannuation system succeeds when people feel it delivers stability and certainty in planning for their retirement. It is a balancing act of recalibrating to ensure it is fit for purpose while maintaining the certainly expected of any long-term investment. Future changes must be measured and respond to genuine requirements only. Superannuation must not become an unwilling participant in political culture wars or be viewed as a piggy bank for Governments to dip into when the Budget needs supplementing. It is Australians’ money, intended to provide them with a secure retirement income. That is why the Coalition believes future priorities for superannuation should be guided by supporting retirement outcomes for Australians. These include: Improving superannuation awareness among Australians; Balancing broader benefits without compromising the preservation principle; Addressing the balance gap to assist women, primary caregivers and low-income earners grow their superannuation; and Reducing red tape across the financial services sector and economy, driving investment and making it easier to deliver returns.   The Levy Review Too many Australians have been cut out of access to financial advice for too long. The Coalition commissioned the Quality of Advice Review – commonly known as the Levy Review – with a view to changing this. Labor’s announcement in June this year that it would adopt some of the Review’s recommendations seemed an encouraging start. But, viewed from any angle, the staggered approach being taken by the Albanese Government is disappointing considering the pressing need for reform. So is the decision to accept just 14 of the 22 recommendations, especially given the Review’s author has stressed this will “change very little” for the accessibility and affordability of advice. Crucially, the need for a fifth round of consultations indicates Labor still lacks a clear vision on the future of financial services in this country. As a result, we now see media coverage of the negative impact of the Albanese Government’s inaction on older Australians – some left with expensive and unnecessary life insurance policies and others with no cover at all. Younger Australians are also reported to be stranded without the financial advice they need. Given the current economic climate, it is particularly concerning that Australians of all ages experience these issues while Labor attempts to find its way to reform. This inaction is causing real life, real time hardship to consumers. Having commissioned the Levy Review, the Coalition’s priority is to see its findings reflected in necessary and timely change.   Australian Financial Services Law Review In four months, we will see the final report of the Australian Law Reform Commission inquiry into simplifying financial services regulations. Also commissioned by the Coalition, the inquiry is intended to create an achievable pathway towards a regime that is more adaptable, efficient and easier to navigate. The inquiry’s most recent interim report found the complexity and poor structure of the current legislation makes it difficult to work with and understand, increasing the time, resources and costs needed to comply with it. Successful compliance is, unsurprisingly, less likely as a result. Importantly, the complicated nature of the existing legislation seriously reduces its potential as a vehicle for future policy reform. The interim report found the sooner reforms are made to existing regulations, the simpler they will be to implement and delays and expense associated with remaining with…