Topics: Inflation data; Labor’s economic mismanagement; cost of living crisis; interest rates

 

E&OE   

 

KIERAN GILBERT:

Let's get some more reaction out of the inflation number. Joining me is the Shadow Treasurer, Angus Taylor. Is this the good news today, Angus Taylor, that mortgage holders have been waiting for?

 

ANGUS TAYLOR:

Well, I think Australians are still suffering under huge increases in prices, over 10% for the average Australian family, working families, indeed, closer to 18% increases in prices. Of course, they've had 12 interest rate increases since Labor came to power, $50,000 extra they've paid on their mortgages. Record levels of personal income taxes being paid, but the Treasurer is patting himself on the back and saying, this is a soft landing. Well, I tell you what, Australians don't see a soft landing here. Prices aren't coming down, KG, prices aren't coming down and we know Labor's own plan doesn't restore Australians’ standard of living to where it was before Labor came to power until 2030, until 2030, that's their own plan. So there's no soft landing here, KG. This is continuing pain for Australian families, but the Treasurer is patting himself on the back. I tell you what, I don't think there's much for him to Pat himself on the back for.

 

KIERAN GILBERT:

The market pricing in a 75% chance now of a rate cut in February, that that's got to be welcome, though, doesn't it?

 

ANGUS TAYLOR:

Well, of course, Australians want to see a rate cut, but they also want to see a standard of living increase, and that's what it all comes down to at the end of the day. The things add up in the household budget. The things add up in business budgets, like the business I'm visiting here today, office supplies business, and right now they're not adding up. It's as simple as that KG and they're nowhere near adding up, because we've seen these cumulative increases in prices, over 10% for Australian families, in interest rates, personal income taxes. Our standard of living has fallen more than at any time in our history, more than any of our peer countries, seven consecutive quarters of GDP per capita going backwards. We've never seen that before, Kieran. This ain't a soft landing. This is a hard landing from a government that has overseen the biggest collapse of Australians’ standard of living in our recorded history.

 

KIERAN GILBERT:

It's been a tough time. There's no doubt about that. Obviously, many Australians struggling, but the unemployment rate is still, is still low. So is there not an argument to say it's a soft landing, in that sense, with unemployment as low as it is?

 

ANGUS TAYLOR:

Well, Australians have had to take on extra hours and a second job, in many cases, just to make ends meet, to make ends meet. That's what you do under a Labor government that can't manage the economy. You have to work harder. You have to work more. This is not productivity. It's the exact opposite. When you have to work more hours to pay the mortgage, to pay the grocery bills, to pay the insurance bill, to pay for the standard of living you had before Labor came to power. That's what a Labor government delivers. Look  that's a Labor government that, over two and a half years, has made Australians poorer. We simply can't afford another three years of this.

 

KIERAN GILBERT:

On the other issue, just before you go Labor's criticised you and the Coalition over the fringe benefits tax, entertainment policy, asking, what is entertainment? How do you define it? Is a golf day included, for example? Can you provide some clarity on that?

 

ANGUS TAYLOR:

Oh KG. Let's be clear. Labor hates small business. They can't unionise small businesses like the one I'm here seeing today, and so they hate anything that looks after small business. We've announced a number of policies that are about helping small businesses to get through at a time where we're seeing record levels of insolvencies, accelerated depreciation, so they can immediately write off the investments that create jobs, that allow them to take risks to build their businesses, and that includes fringe benefits tax, which is a big red tape imposition and we want to see small businesses able to take their employees out, to take their clients out, have a meal, and this is focused on the meal component – that's what the policy is – network and in the process, help our restaurants and our cafes and our pubs and clubs to make sure that they can get through what's a very hard time for them. So that's the focus of the policy and I do accept that a focus on small business is something that Labor will never do because all they're interested in is big unions, a big Australia and big government, and that's what Labor governments have always been focused on.

 

KIERAN GILBERT:

So there's no there's no confusion there. It's the meal. You can claim a meal. Can't claim the drinks, the alcohol, whatever and it's that's it. Simple as that?

 

ANGUS TAYLOR:

Well, I think there's confusion for Jim Chalmers, KG. Jim Chalmers is confused why anyone would want small business to be successful in this country. Well, that's what we believe in as a Liberal Party, a National Party. We believe that small businesses are the backbone of this nation. That's why we've announced important policies to support them making investments, to support them to build their businesses, to support them to get out and network with their clients and with their employees. These are important policies to get our country back on track at a time when Labor has taken us right off track, has trashed the economy, trashed our standard of living, trashed small businesses with record levels of insolvency. Only Labor thinks that that is a soft landing.

 

KIERAN GILBERT:

Angus Taylor, appreciate your time. Talk to you soon.

 

ANGUS TAYLOR:

Good on you. Thanks for having me, KG.

 

ENDS.