Senator Dave Sharma

For generations, Indian Australians have come to this country with a belief in the Australian promise that hard work, ambition and enterprise create opportunities for a better life. 

And on that promise, you established businesses, entered the workforce, invested in property, raised children and helped make Australia the successful, diverse nation it is today.  

But that promise is under pressure. Last week, the Reserve Bank raised interest rates for the 17th time since Labor came to office, with inflation out of control because of Labor’s spending addiction. 

Anthony Albanese and Jim Chalmers are predictably trying to shift responsibility, pointing to events in the Middle East and global economic pressures as the explanation for Australia’s stubborn inflation. 

Global events matter, but they cannot explain away the decisions made here at home. 

No other major advanced economy has raised interest rates five times this year. No other major advanced economy has an official cash rate higher than Australia’s. 

We need to look at what is happening in our own economy. 

Labor’s unchecked spending and abandonment of fiscal discipline have fuelled inflationary pressures. Under Anthony Albanese and Jim Chalmers, federal government spending has grown substantially, placing additional pressure on an economy already struggling with rising prices. 

When government spending adds to inflation, the Reserve Bank is left to use higher interest rates to bring it back under control. And it is ordinary Australian households that pay the price. 

For Indian Australian families, the consequences are particularly tangible. 

Mortgage repayments are rising for the young Indian Australian couple who worked hard and saved for years to finally purchase their first home. 

Household budgets face rising grocery and electricity bills, whilst parents are trying to support their children through university or save for their future.  

All these aspirations are becoming harder to achieve. 

The housing sector is also under pressure. Higher interest rates, combined with new taxes and regulatory burdens, are affecting property investment, construction and housing affordability. For many families, home ownership is not simply an investment; it represents security, stability and a foundation for the next generation. 

Indian Australians are also a significant part of Australia’s small-business community. From restaurants and professional services to technology businesses, retail, healthcare and family enterprises, Indian Australians have contributed enormously through entrepreneurship and job creation. 

These businesses depend on affordable finance, confident consumers and a stable economic environment. 

Higher borrowing costs and weaker household spending make it harder to employ staff, expand operations and invest in the future. Small businesses cannot simply pass every additional cost on to their customers. 

And when businesses struggle, workers and families feel the consequences. 

Australia has enormous strengths: a skilled workforce, a dynamic business community, strong trading relationships and a population with the ambition to succeed. 

Our Indian Australian community is an important part of that story. The contribution of Indian migrants and their children to Australia’s workforce, businesses, education, innovation and community life demonstrates what can be achieved when people are given the opportunity to succeed. 

But opportunity must be supported by sound economic management. 

The Liberal Party believes government should live within its means, restore fiscal discipline, reduce unnecessary regulation, encourage investment, accelerate housing supply and give small businesses the confidence to grow. 

We have outlined plans to abolish Labor’s new taxes, identify billions of dollars in budget savings, restore fiscal rules, cut red tape, accelerate housing construction and support small business. 

There is more to come. 

For Indian Australians, as for every Australian, the issue is ultimately about the future we are building for our children. 

It is about whether a young professional can afford to buy a home, a family business can grow, parents can provide their children with opportunities, and if the next generation can enjoy the same prospects that brought so many migrant families to Australia in the first place. 

Australia’s foundational promise that aspiration and enterprise are rewarded, that people can get ahead through hard work, and that opportunity is provided equally to all, is on the line. 

As Liberals, it is our responsibility to protect that promise and restore the economic strength that underpins Australia’s success. 

That is what I am focused on every day. 

Contributing Author: Dave Sharma is Shadow Assistant Minister for Citizenship and Multicultural Affairs, Shadow Assistant Minister for International Development and the Indo-Pacific, and Senator for New South Wales

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