Topics: Labor’s broken promise on stage three tax cuts, Economists describe Treasurer as “timid”, Labor’s industrial relations failures

E&OE

PETA CREDLIN:

As mentioned earlier, it's clear the PM is desperate to reset his government as we kick off a new political year. It's also clear that Anthony Albanese has finally started to understand how hard cost to living pain is hurting families and those on fixed incomes. A hastily put together caucus meeting set for Wednesday, lots of cameras there you won't miss it on Wednesday night television and the PM then to make a big speech to the National Press Club on Thursday, where we now can expect both handouts and a scrapping of some of the promised of tax cuts. Top of the agenda, of course, is that speculation that stage three tax cuts - legislated - will be dumped. To discuss this I'm joined by now the Shadow Treasurer of the Liberal Party Angus Taylor. Angus, thank you for your time. Well, we heard him all the way through the campaign. He's been asked repeatedly in recent weeks. He says those tax cuts would be delivered there on the table. Some weasel words started to creep in. I think that made you think and me think and others, that they're on the chopping block. But we know now from Sydney radio this afternoon, it looks like they will be dumped. If they go these tax cuts, what will be the impact?

ANGUS TAYLOR:

Well, thanks for having me, Peta. Well, the important point here is that this Prime Minister's word means nothing. His promises are absolutely meaningless. And in terms of broken promises, this one's really egregious. It's in a really long list. $275 for electricity bills, no sign of that. Cheaper mortgages, no sign of that. He wasn't going to touch superannuation he wasn't going to touch franking credits. But this one's right up there. I'll tell you why, Peta, because him, the Prime Minister and Jim Chalmers promised they wouldn't touch these tax cuts 70 times. They're in legislation, which was supported by the Labor Party, supported by the Labor Party. And these tax cuts have gone to two elections, Peta and at the last election, both Liberal and Labor supported them. This is a Prime Minister, he says one thing he does another it's all politics. He's unbelievably desperate, and now he's wasting more money by getting his caucus turn up in Canberra because he hasn't done anything on this for 18 months. He spent the last year focused on his ideological voice dividing Australians. Now he's discovered there's a cost of living crisis. Well, we all knew that some time back. And he's going to act. And he thinks the answer to a cost of living crisis is an ideological class war. This is what you get with this Prime Minister. I've got to tell you, Peta, this one is really, it will test everybody's patience. And it should, because he is completely out of his depth dealing with an inflation crisis.

PETA CREDLIN:

We've got now a confirmed date for the Dunkley by election. It's in early March. Now, it looks to me that he's going through the budget, he's wanting as much cash as he can get his hands on to splash around in the campaign in that seat. Now, that says to me, perhaps he's spooked that the issue of cost of living is really biting him. He's being called out for not doing enough when the Voice was on being just focused on the Voice. But he's going to come out and argue, isn't he Angus, these are just tax cuts for the rich? Will they get away with that?

ANGUS TAYLOR:

Well, he'll say that, he'll ignore the fact that he's broken a promise. He'll ignore the fact that 70 times he told Australians, he and the Treasurer told Australians he wasn't going to do it. He'll ignore the fact that he voted for them. He voted for them in the Parliament, Peta. He'll ignore the fact that they've been to two elections. Look this is a Prime Minister who can't be trusted. And I tell you, when it comes to inflation, Peta, Labor has all the wrong instincts. You're absolutely right. He's looking for money to throw around. But throwing around money is not the way you do it. You know, many of your viewers won't realise that Labor has spent an additional $200 billion, over $200 billion, since they came to power. That's over $20,000 for every Australian household since they came to power. Manage your spending if you want to beat inflation. We know that from the 70s and 80s, the last time we faced this. But this is a Prime Minister who can't deal with that. He's run out of money. So he's chasing yours. And that's exactly what he's doing with with these extra taxes, and I have no doubt he'll keep going.

PETA CREDLIN:

10 Economists were in the Australian Financial Review, leading economists weighing in on how Jim Chalmers, your opposite number, is doing at the moment. They said he's timid, timid, particularly in relation to tax reform. There's also a lot of business leaders out today saying the conditions are akin to a recession. We've also then got the calamity of these strikes on our ports, the risk with the militant Maritime Union and DP World. The word today in the print media is that this is costing us $80 million a week. Well, we understand that, but that the impact on the economy of the port issue in Australia will be worse than those shipping blockades in the Red Sea. I mean things are pretty crook, aren't they?

ANGUS TAYLOR:

They sure are. This is a treasurer who is not fighting for a strong economy. He's failing. We've seen the real disposable incomes of Australians go back by over 8% since Labor came to power. So that's unprecedented Peta, we've never seen that before. Australians' pay packets, the purchasing power of their pay packets are being smashed by higher inflation, higher mortgage payments, and of course, higher taxes - a 27% increase in personal income taxes since Labor came to power. We've got rampant immigration, we just heard about it a moment ago, way out of line with our housing supply. Our ports are now being struck by industrial disputes and Chalmers is not standing up against that. His idea of competition policy is crony capitalism, where he looks after his mates at Qantas. And he allows the Prime Minister to spend all of last year focusing and wasting money on his ideological Voice. It's not a Treasurer who's standing up for a strong economy with low inflation and that's what we need right now.

PETA CREDLIN:

Angus Taylor, thank you.

ENDS.