Today, the Liberal Party has chosen a new leader. I congratulate Sussan Ley on her success in this ballot. Sussan has led a remarkable life and becoming the first woman to lead the Liberal Party is a milestone for Sussan and our party.

Serving as Shadow Treasurer for the past three years has been one of the greatest honours of my time in public life.

Economics is ultimately about people. Over the past three years, Australians have experienced a record collapse in their standard of living – rising prices, falling wages, and a growing sense that hope is becoming a luxury product.

I’m proud that we took to the election strong and practical plans to beat inflation sustainably; repair our housing and energy markets; revive growth by backing small business and investment; deliver targeted, timely tax relief; and restore the Budget to protect our nation.

I’m also proud that Jane Hume and I delivered the strongest downpayment on budget repair by an Opposition in 25 years – without economy-wrecking taxes – while provisioning for the defence of our nation.

The Liberal Party has suffered an historic defeat, and we have lost many good people in this election.

This result shows we must do more to convince Australians that the Coalition is the best party to support aspiration, economic opportunity, and the Australian dream.

We must do better and we must unify.

The Liberal Party has a proud history, and I firmly believe in its future. I will contribute the best way I can to help get us back in the fight. It is crucial Australia has a strong and competent Opposition to hold this Labor Government to account.

I thank my colleagues, my supporters, and the people of Hume for their ongoing encouragement and endorsement.

Together, we will work to earn back the trust of Australians and build a stronger future for our party, and importantly, for our country.

ENDS.