Interview with Peter Stefanovic, Sky News First Edition - Thursday 1 August 2024
Topics: Labor’s homegrown inflation
E&OE
PETER STEFANOVIC:
Well, relief for cash strapped homeowners yesterday. CPI figures came in and they were not as bad as first feared. Now some ambitious banks predict a rate cut this November, although most economists say that won't happen until next year. Joining us live now is the Shadow Treasurer, Angus Taylor. Angus, good to see you. So are you relieved by yesterday's figures?
ANGUS TAYLOR:
Sorry, I missed that Pete. Am I relieved by yesterday's figures?
PETER STEFANOVIC:
Yeah, are you relieved? Yeah, are you relieved as most mortgaged folks are?
ANGUS TAYLOR:
Well I don't think Australians are relieved by yesterday's figures. We see inflation in this country stuck around 4%. The cost of living crisis rages on. The price of everything has continued to go up well above the target level. The outcome yesterday was well above Treasury forecasts, Pete, and this is something the Treasurer have made a big deal about before the budget, that the RBA forecasts were wrong and Treasury forecasts were right. Well, Treasury has got it completely wrong, and the Treasurer has got it completely wrong with three failed budgets, homegrown inflation that continues to rage, and Australians are all paying a high price for this government's complete failure to tame homegrown inflation. Inflation, which, unlike other countries in the world, has continued to stay up, to be sticky to be persistent. Every other major country in the top 10 in the world has seen a reduction in core inflation since December, not Australia. It continues to rage and it's stuck at that 4%-like level.
PETER STEFANOVIC:
Well, I mean, the Treasurer likes to use the term that, you know, on the way down the line zigs and zags. And he, I guess, hopes that it will come down further once those energy subsidies work their way through the system. Are you of that assumption at all?
ANGUS TAYLOR:
You know, the only thing zigging and zagging here is the Treasurer, Pete. The only thing zigging and zagging here is the Treasurer, who tries to spin his way out of everything. After three failed budgets, long essays on remaking capitalism, he hasn't focused on the thing that really counts, which is to bring down this raging inflation, to tame the inflation, which is homegrown, we see, we continue to see, domestic inflation raging in this country, and it's causing pain for all Australians. And it's not just rising prices. They've also seen as a result, interest rates staying high for longer. We're seeing interest rate cuts happening in many countries around the world. Not here. Not here, Pete and the pain continues. He will pat himself on the back. But no Australians will feel any relief from the price pressures.
PETER STEFANOVIC:
A few of the countries there that you talk about, they're a little bit ahead of us, but we're certainly tracking in behind them. But do you think if there is a cut...
ANGUS TAYLOR:
That's very generous!
PETER STEFANOVIC:
If not earlier this year, later this year I should say, or early next year, are you ready for an early election to be called to work in around that?
ANGUS TAYLOR:
Well, the one thing you know about the timing of the election is that the Prime Minister will choose it on political grounds, not on what's right for Australia. Because at the end of the day, he plays politics every day, so he will call it whenever it suits him. What we'll focus on is sensible policies that drive down the cost of living for Australians. The fact of the matter is, they continue to see enormous, enormous pain from these price pressures that are not going away, that after three failed budgets, this government has completely failed to tame.
PETER STEFANOVIC:
Angus Taylor, we'll leave it there. Appreciate it, thank you.
ENDS.