How One Nation Can Fix the Cost of Living Crisis

The causes of the cost-of-living crisis are no mystery.

Deutsche Bank predicted this month that Australia’s net immigration for the financial year will top 530,000. There are 1.2 million new long stay visa holders which is almost triple the population of Canberra. That’s a million more people looking for housing, jobs, spending their money and using infrastructure and essential services that were already strained.

With the largest amount of wind, solar and batteries on Australia’s power grid in our history, power bills have never been higher. That pushes up goods and services costs for everyone and contributes to the pain.

Mortgages are climbing with another interest rate hike warning for November by the Reserve Bank to “fight inflation”. Why?

During the economy wrecking COVID response, the Reserve Bank printed half a trillion dollars out of thin air. Most of it went to foreign-owned multinationals. This $500 BILLION created out of thin air has, in turn, created the inflation problem.

Added to this, lockdowns devastated many of the smaller Australian businesses cutting off supplies of goods and further inflating prices.

The Reserve Bank’s longstanding policy on inflation is to raise interest rates to cause enough financial pain for mortgage holders to spend less and force the price of goods down. So having made the problem they are now punishing homeowners to try and fix it.

Here’s how One Nation would fix the cost-of-living crisis. Stop the flood of immigration into this country to fix the housing crisis; stop the chasing of the UN net-zero pipe dream to fix energy bills; and stop the Reserve Bank printing money out of thin air to fix inflation.

Transcript

As a servant to the people of Queensland and Australia I want to show how One Nation will fix the cost-of-living crisis. To fix the cost-of-living crisis there are only three things parliament must do: stop the flood of immigration into this country to fix the housing crisis; stop the chasing of the UN net-zero pipedream to fix energy bills; and stop the Reserve Bank printing money out of thin air to fix inflation. Every time we hear about the number of immigrants coming in, the number goes up. Just this week it was reported that Deutsche Bank predicts that a net immigration for the financial year will top 530,000. That does not include temporary workers. It does not include students, so the total is 1.2 million in one year. That is more than the entire population of Canberra arriving in one year; in fact, it is almost triple. Immigration is why we have a rental crisis. It is why we have a housing crisis. It is why many young people will never be able to buy a home. The big business donors to both Liberal and Labor benefit from big immigration. If we want a roof over every Australian head, we must stop this flood. 

The next contributor to our problem is the UN’s net-zero scam. The lie that wind and solar is the cheapest electricity is debunked using one fact. With the largest amount of wind, solar and batteries on Australia’s power grid in our history, power bills have never been higher. Every country in the world that has tried to go down the path of wind and solar has had higher power bills—every country. Watch electricity bills drop when we abandon UN net zero, fire up the coal-fired power stations and let nuclear onto the playing field. 

To fix inflation, just stop the Reserve Bank printing $500 billion, as they did during COVID—half a trillion dollars. That way the Reserve Bank doesn’t have to try and send mortgage holders broke to fix the problem the Reserve Bank caused. Many of the solutions are simple. We just need more One Nation members because only we have the guts to call this rubbish out. 

Liberal Senator McGrath mentioned in raising this MPI motion that mortgages are up an average of $1,500 a month. Let’s rewind the tape and look at why that is happening. The Reserve Bank claims it needs to raise interest rates to fight inflation. Inflation is like an equation. When you have too much money chasing too few goods, prices go up. It is that simple. Throughout history, the idea has been that if the Reserve Bank raises interest rates enough, mortgage holders will not have money to spend, so prices will come down. That takes care of the too-much-money side of the equation. With interest rates higher, Australians will have less money to spend on goods, so inflation will come down. 

Now, I am not kidding. This is what the Reserve Bank means when they say they are ‘fighting inflation’. They are sending Australians broke to solve a problem that the Reserve Bank created with the Morrison government. What no-one likes to talk about is the Reserve Bank’s part in creating the inflation problem. You will remember from our equation that too much money equals more inflation. During the pandemic the Reserve Bank printed roughly half a trillion dollars—$500 billion—out of thin air using what they call ‘electronic ledger entries’—their words. Half a trillion dollars was conjured out of thin air and dropped from a helicopter to compensate for the Liberal government’s economy-wrecking COVID restrictions that were not necessary. That $500 billion is new money and a major cause of the inflation problem Australia is still fighting, and who got the money? Largely, it was foreign-owned multinationals. 

To summarise the inflation problem, the Reserve Bank printed hundreds of billions of dollars out of thin air. That led to huge inflation. Now the Reserve Bank is trying to send enough mortgage holders broke so they will stop spending to try and bring inflation down—another housing crisis. Lockdowns devastated our economy, our businesses. That cut the supply side, which meant fewer goods, which meant prices for those of goods raised—inflation. This is not a comedy skit; this is the strategy of the people who were and who are running the country, and they are in charge of our economy. Every single part of this happened under the direction and watch of the supposedly conservative Liberal-National coalition government. For the Liberals to come to this chamber and bemoan the inflation problem and mortgage repayments is politics at its worst. I said earlier in the week that, with this economy, the Liberal-National coalition government gave Labor one of the largest hospital passes in political history. In saying that, Labor now wants to turbocharge the destruction of our economy.