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INFLATION AND HOUSING FAILURES PUSH OLDER AUSTRALIANS BACK TO WORK

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR FOREIGN AFFAIRS AND TRADE SHADOW ASSISTANT MINISTER FOR ENERGY AND EMISSIONS REDUCTION LIBERAL SENATOR FOR WESTERN AUSTRALIA 3 February 2025 INFLATION AND HOUSING FAILURES PUSH OLDER AUSTRALIANS BACK TO WORK New national data reveals a deepening cost-of-living crisis across Australia, with record numbers of older Australians being forced back into the workforce as inflation, housing costs and interest rates continue to bite under the Albanese Labor Government. Across the country, Australians are delaying retirement at unprecedented rates, with workforce participation among people aged 65 to 74 climbing steadily as fixed incomes are eroded by rising prices and mounting housing costs. Once, working into your late 60s and 70s was a personal choice, but under Labor it is increasingly a financial necessity. ABS data shows retirement rates have collapsed over the past two decades. Twenty years ago, nearly 70 per cent of women and almost half of men aged 60–64 were fully retired. Today, those figures have fallen to just 41 per cent and 27 per cent respectively. Census data also shows the number of Australians aged 55 to 64 who own their homes outright has almost halved over the past 20 years, leaving many approaching retirement with large mortgage debts and little financial flexibility. Research from Digital Finance Analytics reveals the scale of the problem with three-quarters of retirees with a mortgage owe more than they have in superannuation, while the number of older Australians who planned to retire but changed their minds doubled in the year to September. The average mortgage balance among this group is around $190,000, with many owing far more — in some cases up to $500,000 — forcing them to stay in the workforce longer than planned. This crisis is being driven by Labor’s failure to contain inflation and manage the economy. National inflation rose to 3.8 per cent in the year to December, up from 3.4 per cent the month before, pushing up household costs across power, rent, groceries and mortgages. Experts warn these pressures are widespread and unavoidable, with the average household expected to be more than $2,100 worse off this year alone due to rising prices. Cost-of-living stress is now the single biggest concern for Australians planning for retirement, with data from Equip Super showing workers are delaying retirement by up to six years, while more than one in five Australians have been forced to reduce their super contributions simply to make ends meet. At the same time, the so-called “bank of mum and dad” is placing growing pressure on older Australians, with many parents drawing on home equity or delaying retirement to help their children enter an increasingly unaffordable housing market. The Federal Government’s own Intergenerational Report has warned that rising housing costs and mortgage debt among retirees will place increasing strain on the age pension and broader government finances.   Quotes attributable to Senator Dean Smith “This surge in older Australians delaying retirement is not about choice — it’s about financial stress caused by Labor’s failure to manage inflation and the economy.” “When three-quarters of retirees with a mortgage owe more than they have in super, that is a flashing warning light for the nation.” “Labor’s cost-of-living crisis is forcing Australians to work longer, retire later and take on risks they never planned for.” “Rising inflation, soaring housing costs and mounting interest rates have shredded the retirement plans of thousands of Australians.” “Parents are staying in the workforce longer to help their kids buy a home, while still carrying their own mortgage debt — this is the real cost of Labor’s housing failure.” “Australians deserve dignity and security in retirement, not an economy that traps them in the workforce just to keep up with rising bills.”

Dutton, Cash, Smith – Media Release – Coalition Commits $2 Million to Holocaust Education

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THE HON PETER DUTTON MP LEADER OF THE OPPOSITION SENATOR THE HON MICHAELIA CASH SHADOW ATTORNEY-GENERAL SENATOR DEAN SMITH SENATOR FOR WESTERN AUSTRALIA COALITION COMMITS $2 MILLION TO HOLOCAUST EDUCATION   An elected Dutton Coalition Government will commit $2 million to the Holocaust Institute of WA to help educate Western Australians about the atrocities of both the Holocaust and the October 7 Israel attacks.   Opposition Leader Peter Dutton will be in Western Australia on International Holocaust Remembrance Day (January 27) and will attend a service at the Holocaust Institute of WA to mark the 80th Anniversary of the liberation of Auschwitz-Birkenau.   The $2 million commitment for the Holocaust Institute’s Education Centre will help complete the fit out of their facility to world-class standards.   The Education Centre, located in the Jewish Community Centre (JHub) in Yokine, will include state of the art exhibitions, interactive visual and digital displays that will effectively convey the atrocities of both the Holocaust and October 7.   “Educating Australians about atrocities of the Holocaust and the October 7 attacks is an important mission that deserves support,’’ Mr Dutton said.   “By gaining awareness of the persecution and atrocities committed against Jews, Australians will have a better understanding of why there is no place for antisemitism in our community.’’   “We hope this sort of education will drive awareness and foster positive action within the Western Australian community.’’   Senator Michaelia Cash said: “Leadership is needed to combat antisemitism in Australia. It is also clear that education is vital to combatting the increase in antisemitic behaviour we have seen since October 7, 2023.”   “Educational institutions such as universities have failed to educate students on the dangers of antisemitism, so it is important that organisations like the Holocaust Institute of WA help fill that gap.’’   “The awful events of the Holocaust and October 7 must never be forgotten, and it is important that new generations are taught about the awful events which took place.’’   Senator Dean Smith said: “The WA Jewish community is an incredibly important and valued part of our state and deserves all possible support, especially in the face of rising antisemitism under Labor.”   “With 25 per cent of Australians knowing nothing about the Holocaust, education remains a crucial step in combatting discrimination – the Coalition understands that.”   “While the Albanese Government has demonstrated complacency, our commitment to this centre and measures like the Courage to Care program respond to this crisis with the urgency it requires.” 26 January 2025

Shadow Assistant Minister for Competition, Charities and Treasury – Media Release – Holiday Pain As Almost 60 Goods And Services Record Double Digit Price Growth Over Two Years

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA MEDIA RELEASE 27 December 2024 HOLIDAY PAIN AS ALMOST 60 GOODS AND SERVICES RECORD DOUBLE DIGIT PRICE GROWTH OVER TWO YEARS A comprehensive new analysis lays bare the cost-of-living increases since the Albanese Government has been in power – and their devastating impact on household budgets as Christmas approaches. It reveals for the first time that, over the past two years, 57 goods and services recorded double digit price growth. 23 goods and services increased by 15 percent or more. The analysis of CPI data produced by the Australian Bureau of Statistics (ABS) was undertaken by the Federal Parliamentary Library at the request of WA Liberal Senator Dean Smith. It provides a confronting insight into the impact of inflation on everyday prices in Australia between the March 2022 and September 2024 financial quarters. The data confirms that basic foodstuffs, including bread, breakfast cereals, fruit, eggs, cheese and cooking oils have jumped in price by more 20 percent. Energy costs have also surged, with the cost of gas and household fuels rising 30.1 percent since March 2022. Further evidence of the scale of the financial pressure Australian families are experiencing is the rising cost of key services like insurance, which skyrocketed by 34.1 percent. The data shows that the combined cost-of-living of the eight capital cities in Australia rose 12.3 percent. Adelaide, Sydney and Melbourne were the worst affected – with Adelaide up 14.6 percent, Sydney up 13.0 percent and Melbourne up 12.2 percent. It also reveals that Perth has been one of the cities hit hardest by the Albanese Government’s housing crisis. The cost of rents in the WA capital increased by 24.9 percent, compared to a national increase of 17.2 percent, while new dwelling prices jumped 34 percent, compared to 20.8 percent in the rest of Australia. As a result, national household saving ratios have collapsed to from 11.9 to 3.2 percent over the same 2022-2024 period, with Australians forced to access these funds just to afford housing, food and other essentials. This data makes it official: Anthony Albanese and Labor have failed the Australians they promised to make life easier for at the last election. Their economic mismanagement has fuelled homegrown inflation, massively driving up the cost-of-living – and leaving many Australians unable to make ends meet this Festive Season. Comments attributable to Senator Dean Smith: “This new ABS data is conclusive evidence that the Prime Minister has broken his promise that Australians would be better off under his leadership.” “It is the cumulative effect of these goods and services price increases over two years that has been so crippling to household finances.” “Labor has overseen a rise in the cost of goods and services so dramatic that record numbers of Australians cannot house or feed themselves and are facing one of the toughest Christmas periods we’ve seen in recent years.” “With an election in the next few months, Australians will have their chance to voice their frustration at the Albanese Government’s mishandling of the cost-of-living crisis and restore strong fiscal leadership under a Coalition Government” ENDS

Shadow Assistant Minister for Competition, Charities and Treasury – Media Release – Australian Household Savings Collapse Under Labor

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA MEDIA RELEASE 20 December 2024 AUSTRALIAN HOUSEHOLD SAVINGS COLLAPSE UNDER LABOR Reserve Bank of Australia data reveals the rapid decline in household savings under the Albanese Labor Government. A comparison of RBA Key Economic Indicators Snapshots from the beginning of Labor’s term and now confirms the household saving ratio has plummeted from 11.9 percent to 3.5 percent. A household earning $75,000 was saving $8,925 annually at the beginning of Labor’s term – this has now fallen $6,300 to just $2,625. It exposes the toll of Labor’s mismanagement of the Australian economy and the increasing vulnerability of households struggling with a 0.8% GDP growth rate, as well as the cumulative impact of persistent homegrown inflation. Prime Minister Anthony Albanese and Treasurer Jim Chalmers owe the Australian people an explanation for their failure not only to improve living standards and household wealth, but also for reducing them instead. Comments attributable to Senator Dean Smith: “The Albanese Government has made it harder and harder for Australians to keep what they earn – leaving households struggling to pay for necessities, let alone save for the future.” “It bear’s full responsibility for an economy at close-to-zero GDP growth, high interest rates and sticky inflation.” “It has broken its promise to Australians of an easier life and only a Coalition Government will put our economy back on track and deliver Australians the prosperity they deserve.” ENDS

Shadow Assistant Minister for Competition, Charities and Treasury – Media Release – Perth tops price increases on more than 40 goods and services

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA MEDIA RELEASE 9 December 2024 PERTH TOPS PRICE INCREASES ON MORE THAN 40 GOODS AND SERVICES A comprehensive analysis of ABS data has highlighted the record impact Labor’s rising cost-of-living is having on Western Australians. It reveals for the first time that the cost of more than 40 everyday goods and services increased at a faster rate in Perth than in the rest of Australia. This analysis of CPI figures from the ABS was undertaken by the Federal Parliamentary Library for Senator Dean Smith. It provides a unique insight into price increases in Perth between the March 2021 and September 2024 financial quarters—the majority of this time period, and higher average inflation, occurring under Labor. In the period covering the March 2021 quarter until the election of the Albanese Government in May 2022, the average national CPI increase was 3 percent. By contrast, in the period from Labor’s election to the September 2024 quarter, the average national CPI increase was 5.3 percent, peaking at 7.8 percent. Anthony Albanese promised in Perth before the 2022 election that life would be cheaper under Labor—instead, the average quarterly increase in inflation has been almost double that during the last year of the Coalition Government. The CPI “All groups measured” figure during this time increased by 19.5 percent in Perth, compared to 18 percent nationally. To put the impact of the 19.5 percent Perth CPI increase into context, it outpaced a 13.9 percent increase in average weekly full-time earnings. Everyone is now aware of the huge increases in housing costs in Perth—35.1 percent compared to 24.2 percent nationally—this new analysis from the Parliamentary Library confirms rises in the cost of many goods and services since March 2021 were even greater. Insurance costs, for example, increased by a massive 49.4 percent over the same period. The national increase was far lower at 38.9 percent. Basic foodstuffs have risen significantly—a clear indication of the toll the cost-of-living crisis is taking at the most basic level. Both a loaf of bread and bottle of milk in Perth jumped in price by more than 25 percent. Bread increased by 26.1 percent and milk by 25.7 percent, which was again the highest price growth rate in Australia. Families have faced a jump in key items, with footwear for infants and children up 5.1 percent, clothing services up 11.3 percent, and preschool and primary education, up 11.9 percent. That comes on top of everyday household expenses, including furniture and small electric household appliances, which have risen 19 percent and 10.3 percent respectively. It highlights in the simplest terms how inflationary pressures under the Albanese Government have impacted prices—and, once again that Western Australians are uniquely affected. At the supermarket checkout, providing medical care their family, or when they try to insure their property, this is the collective price being paid for Labor and its economic mismanagement. Quotes attributable to Senator Dean Smith: “The majority of this damage has been done by Labor and Western Australians should demand Anthony Albanese explain why he has broken his promise that we’d be better off under his government and left us in such a dire situation.” “This new data analysis leaves no doubt—if any still remains—that everyday costs have skyrocketed under Anthony Albanese and Labor.” “It is no wonder that many in Perth are struggling to make ends meet when the costs of staple items like bread and milk are outpacing not only the national average, but the average growth in full time ordinary earnings.” ENDS

Shadow Assistant Minister for Competition, Charities and Treasury – Media Release – Labor Trashes Senate Scrutiny

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA MEDIA RELEASE   3 December 2024   LABOR TRASHES SENATE SCRUTINY   The Albanese Labor Government continues to make a mockery of its election vow to be responsive and transparent – failing to comply with Senate orders to provide information until months after the due date, or not at all. Over the last year, the Senate has agreed to more than 30 Orders for the Production of Documents moved by Senator Dean Smith. Three remain outstanding, 11 have been only partially complied with and 20 were submitted late. A request for documents on national competition was returned after 130 days. These OPD’s have requested information from the Treasurer, the Assistant Treasurer, the Assistant Minister for Competition, Charities and Treasury, and other Ministers on WA’s share of the GST, productivity and competition reform, Federal-State financial relations, the Not-For-Profit Sector Development Blueprint and the 2026 Census, among other issues. In one case, the Assistant Charity Minister’s office delayed the return on documents on the rollout of tax reporting requirements for not-for-profit organisations so that it could not be used by a Senate Economics Committee inquiry. It was in the same spirit that Labor rammed bill after bill through Parliament on the final sitting day of 2024, denying Senators the chance to scrutinise them. This repeated, often deliberate, behaviour by the Albanese Government confirms that, beneath its moral grandstanding, it has no respect for the authority of the Senate or improved accountability in government. Quotes attributable to Senator Dean Smith: “These OPDs are a standard practice of Opposition scrutiny of Government and, because they’re agreed to and ordered by the Senate, they must be respected.” “Labor’s delays and avoidance tactics highlight its contempt not only for the Senate, but for the accountability and transparency it made so much of at the last election.” “This remains on the Notice Paper, a record of Labor’s underperformance and broken promises.” ENDS

Shadow Assistant Minister for Competition, Charities and Treasury – Media Release – Labor leaves supermarket shoppers exposed this Christmas

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA MEDIA RELEASE 27 November 2024 LABOR LEAVES SUPERMARKET SHOPPERS EXPOSED THIS CHRISTMAS After dragging its feet for months, Labor has finally introduced legislation aimed at tackling poor behaviour and boosting competition in the supermarket sector – but has again confirmed it won’t have anything in place until April 2025. The bill, introduced today, actions some recommendations of the June 2024 Emerson Report. In the five wasted months since, the Albanese Government has denied Australian shoppers the improved choice, cheaper prices and consumer protections they desperately need. Now, with Labor’s cost of living crisis raging and Christmas only weeks away, those seeking relief at the checkout will have to wait another six months. Finance Minister Senator Katy Gallagher confirmed in yesterday’s Question Time that “the regulations to make the new mandatory Food and Grocery Code of Conduct will be made this year, with the code coming into force from 1 April 2025.” Under the bill, supermarkets will be penalised for breaching the Food and Grocery Code of Conduct and the ACCC will be given additional powers including the ability to issue infringement notices. It also aims to crack down on shrinkflation by strengthening the Unit Pricing Code. Labor’s delays come as no surprise given its slow progress on all competition matters – including other recommendations of the Emerson Review, the ACCC Supermarkets Inquiry, and Merger Reforms. None are slated to be finalised or implemented until mid-2025. It ignores the fact that the timeline for these reforms is as important as their substance, because Australians need cheaper prices now. That is why the Coalition has a decisive and targeted plan to deliver the more competitive supermarket sector consumers deserve, and all the benefits that come with that. This includes tougher civil penalties for supermarkets engaging in anti-competitive activities, a Supermarket Commissioner to act as an impartial confidential avenue for farmers and suppliers and divestiture powers with appropriate safeguards to be used as a last resort. Australians deserve a government that treats this with the seriousness, and urgency, it deserves – and that will only happen under Peter Dutton and the Coalition. Quotes attributable to Senator Dean Smith: “Whilst supermarket sector reforms are welcome, Labor’s go slow approach means they have not been place to assist Australian shoppers when they needed them most.” “This is a common thread with the Albanese Government on competition policy – too little, too late.” “The delays are proof of Labor’s wrong priorities and failure to progress policies that will ease cost of living pressures, and consumers paying higher prices at the till this Christmas have every right to be angry about it. ENDS

Shadow Assistant Minister for Competition, Charities and Treasury – Media Release – Fighting for improved competition where Labor won’t

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA MEDIA RELEASE 22 November 2024 FIGHTING FOR IMPROVED COMPETITION WHERE LABOR WON’T The Coalition is putting pressure on a key competition issue in the e-conveyancing market that – like so much else impacting Australian consumers – the Albanese Government continues to ignore. Coalition competition spokesman Senator Dean Smith last night questioned ACCC officials on what action was being taken to test allegations of anticompetitive behaviour by e-conveyancer PEXA. The officials, including Chair Ms Gina Cass-Gottlieb, were witnesses at a Senate Estimates spillover hearing in Canberra. It was revealed that there is an active assessment underway by the competition watchdog, something that will be of considerable interest to stakeholders in the $800 billion property e-conveyancing market – even if it obviously isn’t to Assistant Competition Minister Andrew Leigh. Ms Melinda McDonald, Competition Division Executive General Manager, noted that while she “wouldn’t characterise it as an in-depth investigation at this stage … naturally the concerns warrant further investigation”. Pressed by Senator Smith, Ms McDonald confirmed the ACCC is still “in the process of gathering relevant information in order to complete the assessment”. It follows months of stakeholder lobbying of both the Albanese and State Governments to explore the issue, as well as to co-operate on initiatives and reforms to improve competition in the sector – all of which has fallen on deaf ears with Federal Labor. Quotes attributable to Senator Dean Smith: “The Coalition asks the questions that the Albanese Government won’t, because only we are committed to enhanced competition in the Australian economy and the choice, lower prices and better service that delivers.” “We will continue to shine a light on sectors where competition can be improved and await the outcome of the ACCC’s assessment with great interest.” “In the meantime, Assistant Minister Leigh – who continues to ignore or drag his heels on desperately needed competition reforms – must finally step up and start working in the best interests of Australian consumers and businesses.” ENDS

Shadow Assistant Minister for Competition, Charities and Treasury – Opposition Reply in the Senate, Ministerial Statement on the Economy – 20 November 2024

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Senator Dean Smith Shadow Assistant Minister for Competition, Charities and Treasury Liberal Senator for Western Australia OPPOSITION REPLY IN THE SENATE, MINISTERIAL STATEMENT ON THE ECONOMY  20 November 2024  ***Check against delivery*** Introduction The Australian people were asked to put their trust – and their future – in the hands of Prime Minister Anthony Albanese and his Labor Government. A future where – in his words – “no-one is held back and no-one is left behind”. This was to be based on a strong economy, where Australians could comfortably afford the cost of living. There would be “cheaper electricity, cheaper childcare, cheaper mortgages” – because Labor had “real, lasting plans” to deliver them. Australians were told to do more than simply vote for a party; they were implored to “Vote for Hope”. What has become of this “better future”? What has become of this hope? Instead, Australians are struggling to weather a cost of living crisis, characterised in many cases by record-breaking struggle and suffering. It is the greatest of many broken promises. The Treasurer, Dr Chalmers, stands before us to paint an optimistic picture of the economy, but the lived experiences of Australian households and businesses tell a very different story. The statistics do not lie, the hardship is there for all to see, and the time for spin is over – this Labor Government must confront the reality of its own failures. State of the Economy The Treasurer’s attempted to project his usual calm and confidence today, pointing to global economic pressures as the root of our challenges. He speaks of a “strong recovery” and “record low unemployment,” but I must ask, Dr Chalmers: Where is this recovery being felt? Certainly not in the homes of everyday Australians, as they grapple with the highest inflation in a generation and stagnant wages. The evidence is clear: Australians are worse off now than they were two and a half years ago. Disposable incomes fell by 8.7% per capita between March 2022 and June 2024 – the steepest drop across all OECD nations. Nearly 94% of Australians surveyed in a recent committee study experienced cost of living pressures. More than 90% were forced to re-prioritise their spending or go without essentials. These are not just statistics – they are proof of an ongoing struggle. While the Treasurer praises the Government’s actions, the truth is Labor’s fiscal policies have actively worsened the inflation crisis. Higher spending outlined in the 2022–23 October Budget, the 2023–24 Budget, and subsequent fiscal projections, have intensified inflationary pressures. This mismanagement has left the Reserve Bank of Australia to keep interest rates higher for longer, compounding the pain for mortgage holders. Meanwhile, other developed nations – including the United States, the United Kingdom, and New Zealand – have already begun cutting interest rates. Labor policy has left Australia in an 18-month per capita recession, with annual economic growth stagnating at just 1.5% – which, apart from the pandemic, is the weakest since the early 1990s. Inflation may have eased slightly, but rental prices have surged by 6.7% annually, and food prices remain high at 3.3%. Even the Government’s much-touted Energy Bill Relief Fund has proven to be nothing more than a band-aid, offering temporary relief but failing to address the underlying situation. Electricity prices may have decreased by 17.3% in the September quarter, but Australians know that subsidies won’t last forever. The IMF predicts Australia’s headline inflation will still be at 3.6% in 2025—nearly a full percentage point above the next highest country in the developed world. And the RBA has forecast that underlying inflation won’t return to its target range until late 2025, with the midpoint not expected until 2026. Officials reconfirmed this to me during Senate Estimates just a couple of weeks ago. The WA Experience I focus briefly on the economic experience of Western Australians as a case study – not only because I am a Senator for that state, but because it has set records for all the wrong reasons under Labor. Last financial year, one thousand WA businesses failed, unable to weather the Government’s twin cost of living and cost of doing business crises. That is double the number of insolvencies recorded during the 2008 Global Financial Crisis. Western Australians are spending an extra 1 billion a year on mortgage repayments – money which, at best, cannot be spent to support the wider economy and, at worst, is forcing families make decisions like skipping meals. That, of course, is if they can make their repayments at all. WA has the second highest rate of mortgage arrears in the nation at 0.62%, according to data I obtained from the Reserve Bank – although the number of people falling behind has also surged nationally. These are also higher rates on larger loans, with the ABS confirming the average loan in Western Australia jumped 36% – or $146,800 – since the low-interest rate environment at the beginning of the pandemic. When I started tracking ABS figures on this mid-year, I found the average home loan in WA was now the highest since published ABS data began, having jumped over $62,000 in just eight months. And the largest rises are in the more affordable areas of Perth, where first homebuyers, newly arrived Australians, and those poorly equipped to deal with cost increases are looking to settle. Renters in the West face similar challenges, struggling to find a home in what has become the most restrictive rental vacancy rate in Australia. Housing I’ll return to the Coalition’s vision for Australia’s economy in a moment, but here it is worth mentioning our plan to resolve this housing crisis. That includes restoring the dream of home ownership by unlocking up to 500,000 homes through investment in infrastructure, ensuring faster delivery. And, because unmodeled and record immigration is a key component of this challenge, we will reduce migration numbers and ban foreign investors buying existing homes. Economic Alternative This reality of what Australia is experiencing highlights a key structural problem:…

Shadow Assistant Minister for Competition, Charities and Treasury – Media Release – Charities and hungry Australians they support “crying out for help” under Labor

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SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA MEDIA RELEASE 19 November 2024 CHARITIES AND HUNGRY AUSTRALIANS THEY SUPPORT “CRYING OUT FOR HELP” UNDER LABOR Labor’s cost-of-living crisis has seen millions of Australians unable to afford food and other basic necessities – leaving charities struggling to meet demand and making a mockery of Prime Minister Anthony Albanese’s promise the nation would be better off under his Government. The recently released final report of the Senate Select Committee on the Cost of Living, reflecting almost two years of hearings around Australia, paints a shocking picture of hardship for households and charities alike, noting “The sector is crying out for help”. Leading charities and not for profits told the Committee of the “severe food insecurity” affecting record numbers of Australians, with Anglicare Sydney working with families where parents were forced to go hungry so their children could eat. Foodbank was among the organisations that shared insights into skyrocketing demand, noting that only 6,000 people searched their website for food relief access in August 2022 compared to 25,000 in May this year. The rising cost of goods and services has meant that Australians who have never required charitable support are now reaching out for it. The report confirms that, for the first time, charities’ clients include dual income households and mortgage holders. A combination of growing mortgage stress, high grocery prices – coupled with shrinkflation – and price increases across many other essential categories, has meant that nobody is safe from Labor’s homegrown inflation. The report also found that charities and not for profits are themselves operating in a compromised environment, with less donations and greater overheads, as well as reduced access to volunteers. Reserve Bank Governor Michelle Bullock acknowledged this inflationary challenge for the charity sector in evidence to the Committee, noting that “it’s inflation which is compounding this whole issue…they don’t have the money to buy essentials”. Labor and its economic mismanagement are responsible for this situation and its effect on millions of Australian households and businesses, so the Albanese Government’s rejection of a practical proposal to boost food donations to charity is particularly outrageous. One of the key recommendations of the report was that Labor support passage of Senator Dean Smith’s Private Senators Bill, the Tax Laws Amendment (Incentivising Food Donations to Charitable Organisations) Bill 2024. The Bill would introduce a tax incentive to offset the cost of donating food, providing desperately needed support to hungry Australians and the food relief charities they rely on. It also assists farmers and other food producers affected by Labor’s tandem cost of doing business crisis. The report observes “Of all the committee’s recommendations, these are among the most urgent, given people are foregoing food because they do not have enough money to buy groceries and eat.” But, despite this urgency, and widespread endorsement, the Albanese Government signalled last week that it opposes the Bill. Disappointing as it is, it’s an unsurprising move from a Government that has consistently failed to address both the cause and effects of a cost of living crisis of its own making. Quotes attributable to Senator Dean Smith: “The cost-of-living committee has pulled back the curtains on the struggle and suffering Labor is inflicting on the Australian people, including increasing food insecurity.” “Our charities and not for profits have never worked harder, or been more needed – this report confirms that – yet the Government ignores its recommendation to support a practical initiative to reduce hunger and support charities.” “Australian voters must hold the Government to account for its broken promises and the toll its incompetence has taken on households and businesses.” ENDS