Perfect Storm of Government Incompetence

Labor’s failed management of the economy caused by insane Net Zero spending has resulted in the skyrocketing cost-of-living crisis that’s causing financial suffering in everyday Australians. This is callous behaviour from government.

We must confront the fact that the Net Zero fairy-tale is the biggest single cause of the economic downturn. Australians are seeing the result of this government’s pursuit of Net Zero goals in every aspect of life right now. If even the Bank of England accepts that fact and former Liberal Treasurer Peter Costello, along with Australia’s Reserve Bank have all publicly acknowledged Net Zero is inflationary, then the Albanese government needs to sit up and take notice.

End the Net Zero madness now.

Transcript

As the servant to the many different people who make up our one Queensland community, I agree with this matter of public importance from Senator Hughes. I’m not sure about ‘triple whammy’. Perhaps a more appropriate term is a perfect storm of government incompetence and callousness. Food essentials are dearer because successive Liberal-National and Labor-Greens governments have taken water off farmers to give to kill trees, driving up the price of irrigation water and, with them, the price of food. Profiteering from Coles and Woolworths is not helping. Both have just booked record profits on behalf of their foreign owners, including BlackRock and Vanguard. Real wages are falling—five per cent in the last year alone. Yet the inflation we’re currently experiencing is on the heads of the previous Liberal government, who, along with Labor, Greens and teals, destroyed the economy to control people and transfer wealth during COVID, in the process printing so much money that inflation was the inevitable result, as I said over and over across 2021 and 2022. 

Interest rates were always going to rise from an artificial low of 0.1 per cent. The reason they’ve risen so quickly and so high is on both sides of this chamber. The largest single cause of our economic woes is the net zero fairytale. Today even the Bank of England accepts that net zero is inflationary. Former Liberal Treasurer Peter Costello and Australia’s Reserve Bank accept that net zero is inflationary. When baseload power is replaced by fairytale weather-dependent power, energy costs rise. The sun and the wind are free, true. The materials to capture that very low density energy are not. That’s why the cost per unit of energy is so high. Australians are seeing the result of net zero in their mortgages or rent payments, at the shops and in their utility bills. Money doesn’t go far enough to pay for the net zero fairytale, yet this government continues down that path regardless, despite the financial suffering this is causing everyday Australians—callous behaviour indeed.