Who can forget prior to the May 2022 election, Anthony Albanese pledging to Australians that they would be better off under a Labor Government.
But 21 months into his Government, Australians can see that the product they purchased is not performing as it promised.
As our Leader Peter Dutton said in Western Australia this last week, Australians have every reason to be anxious.
Inflation is running at 4.1 per cent, persistent and well above the two to three per cent target. Our core inflation in Australia is 4.2 per cent. That’s higher than the United States, Spain, the Netherlands, Germany, Singapore, France, Italy, South Korea, Canada, Japan and the entire Euro Area.
As a result, during the Albanese Government’s term, the Reserve Bank has met on 19 occasions, increasing rates 12 times, and keeping them on hold seven times.
We all remember this firm, clear promise from Anthony Albanese: "Labor has real, lasting plans for...cheaper mortgages" (Labor campaign launch, 1/5/22). As the Reserve Bank Governor has rightly pointed out, Australia’s inflation is homegrown. Labor’s homegrown inflation is acting as a tax on everything, and Australian households are paying the price all while Labor continues to stifle our economy.
As Shadow Treasurer Angus Taylor said, the recent latest national accounts are an absolute shocker. The data shows Australians are now experiencing a recession. GDP per person is going backwards, as is productivity and the standard of living.
We now know that GDP grew by just 0.2% in the December Quarter, meaning Australia’s economy is growing slower than the G7 and OECD average. Real disposable income has reduced by 7.5 per cent in the time Labor’s been in power. Productivity has fallen by 5.4 per cent, one of the key factors in economic growth.
What does this mean for Australians?
It means they’re taking a big hit to their standard of living and are having to cut back hard on their discretionary spending and put money in the piggy bank because they’re worried about what’s coming next.
Ultimately, this means opportunity and aspiration goes on hold.
This is a picture of middle Australia being crushed. It's a consequence of a distracted government that has spent more time playing politics than managing the economy.
Labor inherited a strong economy from the Coalition, but in less than two years we have seen that evaporate.
Labor’s decisions are making the pain of inflation worse:
Poorly managed migration that is making rents and housing unaffordable
Energy market interventions that aren’t bringing down prices and costing billions in taxpayers money
Bad workplace laws that will remove flexibility for workers, raise prices, and make it harder for young Australians to get a job
Broken promises on taxes - whether it’s franking credits, retirement savings, personal income tax, or Australian companies - Labor are taking more money out of Australians’ pockets at a time they need it most.
Food has gone up 9% per cent; electricity up 20 per cent and gas up 27 per cent. This means that for most local families, rising costs and interest rates will dwarf any tax cut they get in July.
Albo’s jacking up car and ute prices
Mr Albanese and Mr Bowen want to dictate to Australians what type of vehicle they purchase.
On the same day Mr Albanese did a backflip on the stage three tax cuts, he snuck out this absurd policy to put penalties on popular new petrol, diesel and hybrid cars.
Under this plan, penalties will be imposed on popular petrol, diesel and hybrid models to subsidise the cost of electric vehicles for the rich.
Research by the Federal Chamber of Automotive Industries shows Labor’s tax could add up to $25,000 to the cost of some SUVs and 4WDs, and $18,000 to the price of some utes.
This includes:
$11,020 more for a Toyota RAV4
$12,180 more for a MG ZS
$25,050 for a Toyota Landcruiser
$17,950 more a Ford Ranger
$14,490 more for a Toyota Hilux
$13,830 more for an Isuzu D-Max.
If Labor’s family car carbon tax goes ahead on its current planned trajectory, some manufacturers are also likely to withdraw from the Australian market.
During a cost of living crisis, a punitive tax is not the right way to push people towards EVs that are still not affordable or practical for many Australians.
It is particularly impractical for Western Australians who live in a regional area, who need a 4WD or ute for work or towing boats or equipment, or who simply like driving a bigger car.
Nuclear
Peter Dutton has announced that the Coalition’s policy on nuclear energy will be released in the coming weeks.
Since coming to opposition, the Coalition has been doing the hard yards in relation to opening up the discussion about nuclear. We have started exploring how we can introduce nuclear technology in Australia and remove the prohibitions that exist at present, and how we can sensibly provide reliable nuclear energy at the lowest cost to households and businesses.
With power bills going up and up, the reality is that if we want to maintain our standard of living in a low emissions future without breaking the bank, we need to consider this nuclear technology.
Out of the 20 G20 countries, Australia is the only country that hasn’t looked into introducing the latest nuclear technology into the energy market.
As Mr Dutton mentioned at his Leadership Matters address in Perth on Wednesday, families in Ontario, Canada are paying half for their electricity bills in comparison to families in Perth, thanks to nuclear energy.
Our plan is to make sure that we have a firm basis of energy, and nuclear is an option that must be considered, especially when solar panels aren’t working at night time or when the wind isn’t blowing the wind turbines.