Budget 2023-24: A cost of living con job

Tuesday, 09 May 2023

Tonight’s Budget is a typical big-spending, big-taxing Labor Budget.

After less than a year of Labor in office, government spending will increase by $185 billion.

Labor cannot spend its way out of its cost of living crisis.

Its Budget does nothing to help you or your family get ahead. 

Tonight, we needed a Budget that reduces inflation and reins in spending to combat the cost of living crisis facing all Australians.

Instead, this Budget makes life harder for Australians.

Under this Albanese Labor Government, a typical Australian family with kids will be around $25,000 worse off under Labor.

This Budget will not build a stronger economy, and it is not a budget that is fair for all Australians.

This Budget confirms:

  • Your cost of living continues to go up;
  • Your gas and electricity bills continue to skyrocket;
  • Real wages have not grown;
  • Inflation remains stubbornly high;
  • Unemployment will rise; and
  • Higher taxes for Australians.

Before the election, the Prime Minister promised to lower the cost of living, he promised “cheaper electricity” and he promised “cheaper mortgages.” This Budget confirms these are broken promises.

Your electricity bills continue to rise. Despite the Prime Minister promising Australians that he would reduce your power bill by $275, even after Labor’s energy relief plan, your electricity bill will still go up by almost $500.

Despite recalling Parliament last December to legislate “emergency relief,” this relief will not flow until July at the earliest – seven months after it was promised – is only temporary, and only flows to some Australians.

This Budget fails hard-working Australians right at a time when they needed a plan to address inflation and the cost of living crisis. In fact, the Government’s Economic and Fiscal Strategy removes addressing inflation as a priority.

There is no plan to address the unprecedented increase in net overseas migration that will see, under Labor, 1.5 million new migrants coming to Australia over five years. At the same time, this Budget cuts infrastructure spending, and fails to address congestion, the housing and rental crisis, and the liveability and amenity of our towns and suburbs.

Before the election, the Prime Minister promised that no one would be left behind, yet this Budget leaves the majority of Australians behind. 

For every dollar of new taxes it has imposed in this budget, the Government has decided to spend two. In this Budget, it is spending twice as fast as it is taxing Australians.

The Coalition wants Australians to do well, but at the moment we are being held back by a government with no economic plan for the future.

Australians deserve better.