Angus Taylor took aim at Treasurer Jim Chalmers’ second budget, which he argued failed to consider the top priority of addressing inflation.
At the centre of Treasurer Jim Chalmers’ budget was a $14.6 billion cost of living package aimed at lowering power bills, providing cheaper childcare, increasing welfare and boosting Medicare.However, economists are divided about the impact the spending will have on inflation, which is currently running at seven per cent.
The Reserve Bank has indicated that further cash rate hikes might be required to quell inflation, following a 25 basis point hike earlier this month. "Given the importance of returning inflation to target within a reasonable timeframe, the board judged that a further increase in interest rates was warranted today."
"Labor's housing policy will make almost no relevant contribution to the numbers required here of houses over the coming years,” Mr Taylor said.
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