Joint Media Release - The Hon Angus Taylor MP & The Hon Senator Jane Hume - Spin no substitute for bringing down inflation

Monday, 03 July 2023

The Albanese Labor Government is trying to pull the wool over the eyes of millions of Australians struggling under the rising cost of living by claiming significant relief is on the way from July 1.

The Treasurer is telling Australians things will get easier from tomorrow but the reality is, his cost of living measures won’t make a dent in household budgets because he’s dealing with the symptom not the source of inflation.

Shadow Treasurer Angus Taylor said the Jim Chalmers shouldn’t take Australians for mugs.

“The Treasurer is a doctor of spin, not a doctor of economics,” Mr Taylor said.

“Families and small businesses have been waiting more than a year for promised cost-of-living relief under Labor.

“The reality is this will be a band-aid on a bullet wound for millions of Australians suffering under a year of Labor’s inflation.

“After a year of Labor, Australia’s core inflation is leading most advanced economies. Labor has let inflation get out of control.

“Labor’s $185 billion in spending across its two budgets is not taking pressure off inflation. An additional $3.8 billion of spending rushed out the door in the last two weeks won’t make it better and the economy is weakening on its watch.

“Any energy price subsidy will be completely eaten up by skyrocketing energy bills and any increase to childcare subsidies will be swallowed by rising fees.

“Labor has limited the eligibility and lowered the instant asset write off to the lowest level since 2019, while prices have risen on its watch. For millions of Australian small businesses, this confirms what they already suspect about Labor: it’s spent more time understanding spin, than understanding business.”

Shadow Minister for Finance Jane Hume said Labor’s broken promises are making Australians poorer.

“Anthony Albanese promised that Australians would be better off under Labor – well I think you’d be hard pressed to find any Australian that feels better off right now,” Senator Hume said.

“If the government was really doing its job, it would be controlling its spending to signal to the RBA that it doesn’t need to keep raising interest rates to bring down inflation. 

“Getting inflation down is the only way the government can give consistent cost of living relief to all Australians in a sustainable way. But we are seeing underlying inflation remaining above 6%.

“That's what Anthony Albanese and Jim Chalmers need to be focusing on right now. Unfortunately, we are seeing quite the opposite,” Senator Hume said.