A short speech I gave earlier this week discussing economic reform.
The motion (waste of time these things by the way) said that you can’t trust an Albanese-Bandt government to manage the economy.
While I agree with that, the Liberals can’t be trusted either as the nine years they were in government they did nothing either.
That’s why I ask for your support at the upcoming Federal Election as I will provide solutions to whichever major party forms government as they clearly lack the knowledge to fix the economy.
Senate on 11/02/2025
Item: MATTERS OF PUBLIC IMPORTANCE – Albanese Government
Senator RENNICK (Queensland) (18:03): While I agree with the sentiment of this motion—it is true that Australians are suffering under an Albanese government and things would get worse under an Albanese-Bandt government—the fact of the matter is that this motion doesn’t have any solutions. It’s typical of the Liberal Party to throw mud at the other side saying, ‘Well, we’re bad, but they’re worse.’ I’m sorry, but it’s about time the Liberal Party actually came up with some solutions of their own. Yes, there’s the $20,000 tax deduction for entertainment. If that’s the best you’ve got, then heaven help us.
We know that for nine years under the coalition government—and I was there for a number of them—there was very little tax reform and very little genuine structural reform of the economy. In fact, I know. I’ve spoken to Angus Taylor, the current shadow Treasurer, many times about structural reform. I spoke to him one day about the need for an infrastructure bank and he said, ‘Well, that sounds like MMT to me.’ I’m sorry, shadow Treasurer, but the fact of the matter is that MMT is when you expand the volume of credit without actually securing it against infrastructure or an asset.
People first are proposing to build infrastructure by issuing new shares. We don’t intend to use foreign debt. We’re going to use domestic equity. There’s been a lot of talk today by the coalition about the dangers of a Labor-Greens government, and I totally agree with that, but you cannot trust a Liberal government to actually implement economic reform in this country. I know that because I was secretary of the backbench finance committee for five years. Despite repeated attempts at introducing new reform, we got diddly squat. So I know that the best coalition you should have is a coalition-People First government, because People First—yours truly here—is the only one that understands the tax act, the only one that understands global finance markets and the only one that has solutions to fix the economy.
