Shadow treasurer Angus Taylor says Labor's budget should be judged on how much it increases spending, arguing that responding to inflation with handouts is 'putting a band-aid on a bullet wound”.
The Albanese government will hand down its first full budget on Tuesday and has already foreshadowed it will include $14.6 billion in assistance to households – across areas like power bill subsidies, health care, and an increase to JobSeeker.
“Inflation is different from the other crises we’ve faced in recent years – the global financial crisis, the pandemic. If you throw money at inflation, you make it worse,” Mr Taylor told Amanda Stoker.“Any handout is just going to be putting a band-aid on a bullet wound.” “They are not coming from Vladimir Putin or some other source. They’re not even coming from the reserve bank.
Labor is widely expected to announce Australia’s first surplus in 15 years when Treasurer Jim Chalmers hands down the budget on Tuesday night. “And that’s what we need if we’re going to take pressure off prices, pressure off inflation, pressure off interest rates, pressure off Australian household budgets. Which is what we need to focus on now.”“We can hope that it won’t be, but sadly I think it is going to be,” Mr Taylor said.
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