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While Australia emerged from the pandemic in a stronger position than any major advanced economy, Labor’s Budget now paints a bleak economic picture.
With rising interest rates and power prices, a typical Australian family will be worse off by at least ,000 by Christmas.
The Labor Government has no plan to strengthen our economy.
It has no plan to address cost of living pressures. Labor’s Budget also confirms:
- Your cost of living is going up.
- Your power prices are going up (by more than 50%).
- Taxes are going up (with 2 billion more receipts to be collected).
- Interest rates are expected to keep going up.
- Unemployment is forecast to go up.
- Real wages are forecast to go down.
To help Australians who are facing rising prices, we need to tackle the source – not the symptoms – of cost of living pressures.
However, this Budget does nothing to address the root cause of inflation. It also increases spending.
On 97 occasions before the last election, Labor promised a 5 cut in power prices. However, this Budget confirms a more than 50% increase.
Labor also promised to increase real wages. However, this Budget shows real wages going backwards.
This Budget delivers a sneaky new tax on investors and retirees.
Labor has cut and delayed much-needed road and rail projects.
This Budget is a missed opportunity.
Peter Dutton will deliver the Opposition’s response at 7.30pm on Thursday.
Regards,
Liberal HQ
