Topics: Measuring What Matters report

E&OE

ANGUS TAYLOR: Well, the Treasurer's wellbeing report which was released today is out of date and out of touch. It's out of date and it's out of touch. We don't need a half-baked report on Australia's wellbeing. The Treasurer needs a reality check, and the truth is that Australians have seen 11 interest rate increases since Labor came to government. That is the impact that we're seeing on their wellbeing. A typical Australian family with a mortgage is $25,000 a year worse off, worse off than when Labor came to government. That's the impact we're seeing on wellbeing. Meanwhile, this report focuses on data from prior to 2020, prior to the pandemic. This report is completely out of date. It's completely out of touch with the realities that Australians are facing right now and right now we're seeing a Treasurer is a doctor of spin, not a doctor of economics focusing on the issues that Australians aren't focused on. They're focused on the harsh reality of making ends meet of dealing with a rising mortgage bill, rising energy bills, rising bills for absolutely everything. The focus of this government has to be on fighting inflation first, second and third. That has to be the priority, not half-baked reports like the one that we've seen come out today. Happy to take questions.

JOURNALIST: Angus, the Treasurer has defended the use of old data in this report saying that he knows it has some gaps, but this is about refining and getting an idea of long-term trends. Are you suggesting he should have held off releasing it, never released it or was it worth releasing as a work in progress?

ANGUS TAYLOR: Well, I'm saying that it's out of date and out of touch. I mean the truth is if you're talking about Australians well-being at a time when we've seen 11 interest rate increases, a $25,000 increase in the costs of a typical Australian family and you’re ignoring that data from your report, this is not a report on well-being. It's completely half-baked, it's completely out of date and it's completely out of touch.

JOURNALIST: If the data was current, can you see the value in this report?

ANGUS TAYLOR: Well, the data that's current is the 11 interest rate increases, the $25,000 impost on the costs of a typical Australian family. That's the current data and that's the data that the Treasury should be focused on. That's what Australians are talking about around the kitchen table right now and that's what we need a Treasurer focused on, not on a report like this. I mean we've got his 5,000-word essay, now we're getting this report. He needs to focus on the priorities of Australian families and the reality of this government is that their priorities are not the priorities of the Australian people.

JOURNALIST: Can I ask, I was hoping to ask Andrew Hastie a question too on Talisman Sabre. Chinese spy ships are said to be closely watching these military exercises off the coast of Australia. Is that something that Australians should be concerned about?

ANDREW HASTIE: I think it's always a concern if a foreign power is potentially spying on us, particularly close to our shores. But that's something that I'm sure the Minister for Defence has in hand. I've not been briefed, so I'm hesitant to go any further than what I've said.

JOURNALIST: One for the Shadow Treasurer, I just wanted to clarify, do you believe there is a link between well-being and economics? Is it a valuable indicator?

ANGUS TAYLOR: Well, obviously, I absolutely agree that there's a link between economics and well-being. That's my point and economics has deteriorated for a large part of Australian families, Australian households and Australian businesses. Eleven interest rate increases, $25,000 impost on a typical Australian family. The promise of lower electricity bills hasn't been delivered. The promise of cheaper mortgages hasn't been delivered. The reality is that Australians are suffering in a situation right now where inflation is raging and it has to be the first, second and third priority of this government. It isn't and that's very clear from this report and many other things that the government's doing.

ENDS.