Subjects: Third time unlucky for Australians: the Albanese Government’s big-taxing and big-spending budget; Labor’s homegrown inflation crisis; Labor’s cost of living and energy crisis.
E&OE.
KARL STEFANOVIC:
It was a big night last night on the budget, and this morning again, there’s been plenty to talk about. The Coalition has been relentless in their criticism of Jim Chalmers, convinced his budget will fuel inflation.
SARAH ABO:
Alright. So, Opposition Leader, Peter Dutton, we asked the Treasurer about their $300 energy rebate. Here’s what he had to say:
[excerpt]
SARAH ABO:
Does that mean that holiday homes and second homes will get multiple discounts, potentially getting people more than $600?
JIM CHALMERS:
Well, first of all, the centrepiece of the cost of living help is a tax cut for every taxpayer. But you’re right, a big part of it, in addition to that, is energy bill relief for every household. The energy bill relief goes to the person whose name is on the bill primarily, but we work closely with the states and with the retailers. So, the implementation might be a little bit different depending on who the retailer is.
[end excerpt]
KARL STEFANOVIC:
Alright. So just that loophole, they don’t really seem to be worried about?
PETER DUTTON:
So the answer’s yes, right?
KARL STEFANOVIC:
Yeah, go on.
PETER DUTTON:
Well Karl, the answer’s yes. The big winners in this budget aren’t mum and dad’s who are being smashed with their mortgage repayments each month, or when they go to Coles or Woolies, can’t afford to pay the bill. The big winners in this budget are the billionaires. I mean Clive Palmer would have a dozen homes on the Gold Coast – good luck to him. He’s worked hard for it, whatever, but he’s the winner. Billions of dollars in royalty payments and all sorts of credit schemes that the Government’s conjured up.
I mean, who would have thought that Albo would model himself on Steven Miles? I mean, Steven Miles has just announced $1,000 cash giveaway because he’s coming up to an election. I just think Australians are smarter than this. We’ve got people living in cars and in tents at the moment, the Government’s created a housing emergency in our country. They weren’t even mentioned last night.
So, I don’t understand where the Prime Minister’s priorities are, but every credible economic commentator overnight has said that this budget is a disaster, and it’s going to really slam families because it’s inflationary and will put upward pressure on interest rates.
SARAH ABO:
So, it doesn’t have your support then?
PETER DUTTON:
Well, I just think if you’re giving out billions of dollars to billionaires, we’re not going to support that, Sarah. We’ve been clear about that. These projects are important, critical minerals are important, but those projects should stand alone…
SARAH ABO:
But what about for those who it does help?
PETER DUTTON:
Well, the problem in our country at the moment under this Government is that the only thing that’s Australian made, that’s Labor made, is inflation. We’ve got a three fold increase in the number of manufacturing businesses who have gone broke over the last two years, they can’t get reliable energy, the electricity prices are going through the roof with the renewables only policy. These companies are going offshore and we miss out on the jobs and the economic activity.
I just think this is a budget – and it’s a third in a row now which is making it harder for families, not easier. They give $325 to small businesses – we’ve been out talking to small businesses right around the country who have faced that increase each week over the course of the last two years. The average family has paid another $1000 in their power bill over the last two years, and 300 bucks is supposed to compensate them? It just doesn’t cut it and most people accept that.
KARL STEFANOVIC:
Pete, your problem’s going to be that even from the small sample we have on the show today, that they’ll take anything right now, and for you…
PETER DUTTON:
Of course, yeah.
KARL STEFANOVIC:
…But you’re going to vote against it?
PETER DUTTON:
No, we’ll support the money that they’re providing to families because families need that money, and it’s going out before the election, so it’s sort of a moot point in that sense. But the longer term issue is whether you can bring interest rates down so that people – people are paying on a $750,000 mortgage, another $24,000 a year after tax under this Government.
There have been 12 interest rate rises, and we’re likely to see more interest rate rises. They want to dip interest rates for maybe 25 points, so 0.25 of a per cent because they’ve got an election coming up. But as I say, don’t listen to us, listen to the Reserve Bank Governor who says that inflation is homegrown. That is, it’s a result of Labor’s past two budgets.
Every credible economic commentator is saying that the budget is inflationary, which means interest rates go up. So, maybe a little bit of short term relief for longer term pain. They’ve got two surpluses, which is only because of the budget situation and the books were in good order when we left government, and then every year into the future goes into debt. Australians ultimately are going to pay the interest on that debt and hopefully one day pay the debt off. But this is a Labor Government, they’re taxing, they’re spending, inflation’s always higher and Aussies are paying the price for it.
KARL STEFANOVIC:
Peter Dutton, appreciate your time. Thank you.
[ends]