The Treasurer has today confirmed the Coalition left Labor with an incredibly strong economy and strong budget with record terms of trade, record employment and a $50 billion budget turnaround in 2021-22.

Jim Chalmers spent his press conference ducking and weaving trying to avoid admitting how strong the budget he inherited really is and to cover up the fact his only plan is to spend more money.

The only thing the Treasurer offered today was to talk down the economy and forecast his plan to have a conversation with Australians about raising taxes when cost of living pressures are already biting.

We look forward to the full release of the Final Budget Outcome but today the Treasurer confirmed three things:

o          The Coalition left the economy in a position of strength.

o          The Coalition left the budget in an improving position.

o          Labor’s only plan with this inheritance is to tax more and spend more.

Shadow Treasurer Angus Taylor said Labor’s plan to spend more is bad for growth, bad for jobs and bad for Australian households which are feeling the pain of rising cost of living pressures.

“The Treasurer says he’ll hand down a ‘bread and butter’ budget. We know what Labor’s bread and butter is – big spending and big taxing and that’s what we’ll see in October,” Mr Taylor said.

“Australians need to see a clear, comprehensive and whole-of-economy plan from the Government to deal with inflation, rising interest rates and cost of living pressures.

“Instead the Treasurer has plans to spend more and the only way to do this is to tax hardworking Australians who are battling the rising cost of living.”

Shadow Minister for Finance Jane Hume said these results further demonstrate the strong economic and fiscal position left by the Coalition Government: a low and falling unemployment rate, triple A credit rating and a credible path back to surplus. 

“Labor needs to outline how it will maintain the strength of our economy while reducing cost of living pressures for ordinary Australians,” Senator Hume said.