"Why? Because in the end Labor’s political gamble that enough Australians had forgotten the historical failure of socialism failed.

"Which is why, despite all the political challenges we were facing as a government in the lead-up to this most recent election, when faced with having to make a choice about who to trust with our economy, their jobs and their future prosperity and opportunity to get ahead, a majority of Australians decided to put their trust in us and what we stand for."

Senator Cormann said it was telling that some of the strongest swings towards the Coalition at the last election were in comparatively lower- income areas.

Many factors have been blamed for Labor's defeat including a poor campaign and an unpopular leader. So, too, have policies been blamed including the decision to end cash refunds for excess franking credits, curb negative gearing and capital gains tax concessions, and increase income taxes on the highest earners.

Since the election, Labor leader Anthony Albanese has announced all polices are under review but so far, nothing officially has been dumped.

Senator Cormann said this showed Mr Albanese and shadow treasurer Jim Chalmers had not learnt the lesson.

"They may have banned the words ‘top end of town’ from their current vocabulary,'' he said.

"But they have not as yet committed to dropping the punitive and divisive policy agenda which flowed from it."


Senator Cormann said Kevin Rudd enjoyed a solid win in 2007 because he convinced voters he was an economic conservative, a "safe carbon copy of John Howard".

"We know now that he wasn’t. Wayne Swan had different ideas. It was back in 2007 when Labor’s political march back towards the socialist left got under way in earnest,'' he said.

"I put it to you and, respectfully to the Labor Party, that it has cost them dearly at every federal election since – especially in 2019."

He said Labor needed to embrace the Hawke-Keating economic approach "which underpinned their sustained political success over more than a decade''.

"Our policy agenda is based on supporting equality of opportunity. That used to be the Hawke-Keating agenda too,'' he said.

"Labor in more recent years explicitly committed itself to the flawed socialist pursuit of equality of outcomes – falsely asserting that Australia had a major and growing inequality problem."

After the speech, Mr Chalmers returned serve via Twitter:

"Cormann as Finance Minister has seen economic growth slow, wages stagnate, living standards and productivity go backwards, public debt double, record household debt and what's his speech about tonight?'' he said.

"A plan to turn things around? No. The Labor Party. A pathetic new low.''