Better business model crucial to boost our future living standards

As Australians face growing challenges over national security and defence, the cost of living, housing, energy, tax, aged care, health and hospitals, the federal budget’s structural deficit, social cohesion amid encroaching anti-Semitism and much else, little of value has emerged during the pre-election phony war.

The failure of Anthony Albanese and Peter Dutton to discuss serious economic policy is troubling.

When the campaign proper starts, the Prime Minister, the Opposition Leader and frontbenchers have a responsibility to focus on the difficult, complex issues that will determine our quality of life for years ahead.

And the contest must not sink any lower than this week’s shabby attacks on Mr Dutton’s personal finances.

A welcome aspect of the debate has been business leaders, especially from the energy sector, pointing out the financial hardship that would flow from a minority government in which Greens and teals held sway.

Their arguments are convincing. What is also needed during the campaign, including from the business sector, are insights into the reforms to taxation, workplace relations and regulation that will put the national economy on a more productive footing.

Health is already a significant issue. But Mr Albanese’s $8.5bn Medicare splurge to extend bulk billing to 90 per cent of GP consultations by 2030 – matched by Mr Dutton, who added another $500m for mental health – will not solve the nation’s most chronic health problems or the economics of the hospital system.

For the Albanese government, a big part of the problem that has necessitated Jim Chalmers hurrying back from the US to the hustings, at the behest of nervous MPs worried about their seats, is a lack of first-term achievements.

After Labor talked a big game on housing, for example (1.2 million well-located homes across five years from mid-2024), the data on 183 social and affordable housing projects, released by Housing Minister Clare O’Neil, is a blatant pitch to voters in marginal Labor, battleground and target seats.

The Housing Australia Future Fund, a key part of Labor’s fight against the housing crisis, has a long way to go. Ms O’Neil’s data shows 340 homes are complete, more than 5400 are under construction and almost 8000 are in planning stages. The goal under HAFF is to build 30,000 social and affordable homes.

As Geoff Chambers writes, projects in 50 Labor seats across the nation (accounting for redistributions) make government members and candidates by far the biggest beneficiaries. That tally is well ahead of Liberal and National seats combined (28), independents (five) and Greens (one). Just coincidence, Ms O’Neil’s spokesman told Chambers: “Housing Australia is an independent agency – with an independent board – that makes all decisions about funding through the HAFF independent of government. Under the Housing Australia Act, ministers absolutely cannot direct the board to fund a project.”

But opposition housing spokesman Michael Sukkar said the HAFF funding allocation “looks like pork-barrelling on steroids”.

While blatantly partisan, Ms O’Neil’s pitch to voters pales alongside Home Affairs Minister Tony Burke’s shameless citizenship/enrol-to-vote national roadshow. After last week’s extravaganza at Sydney’s Olympic Park, Mr Burke took the tour to Perth’s Convention Centre on Thursday, where hundreds of new citizens were sworn in, schooled about electoral boundaries and funnelled past an enrol-to-vote booth.

They were addressed by Mr Burke and local Labor MPs. The minister will be centre stage in Melbourne on Saturday, Brisbane on Sunday and Toowoomba on Tuesday. None of which will enlighten voters one iota about the most important issues – the respective policies to create the business model Australia needs to generate incentive, productivity, private investment, profits and tax revenue to improve services for an ageing population and fund better defences.

Even if voters are not interested in economic policy and reform, their future living standards depend on politicians getting those settings right.