After five Labor Budgets, Australians are paying more, working harder, and going backwards.
Senator Henderson said it was a Budget of higher taxes, more debt, more division and no plan to restore Australians’ standard of living or protect our way of life.
“The Budget confirms Anthony Albanese and Jim Chalmers are the owners of the highest taxing government in Australia’s history.
“It sees the economy burdened with $50 billion of higher taxes including $15 billion in higher personal income taxes.
“The Budget also confirms that government spending will remain at its highest level in 40 years, outside of the pandemic.”
In another blow to households, the Budget confirms home-grown inflation compounded by international factors will hit 5 per cent, well above the RBA’s target band of 2 to 3 per cent, which means interest rates will continue to be higher for longer.
“The Budget confirms that living standards will go backwards again, confirming those with a typical mortgage are $32,000 a year worse off under Labor even after this Budget,” Senator Henderson said.
“Victorian families are also feeling the pain of wages not keeping up with Labor’s inflation, with the Budget revealing the buying power of Australians’ wages has declined by 3 per cent under this government.
“Once again Labor have blown their own immigration targets, by the end of their first two terms they will have bought in 2 million migrants including overshooting its target by another 90,000 over the next two years.”
Australians are still staring at a decade of deficits, with debt forecast to hit $1.25 trillion.
The yearly interest bill on that debt will hit more than $42 billion or $80,000 per minute.
The Budget also confirms Labor’s housing taxes will reduce the supply of homes by 35,000 over the decade, whilst also increasing rents.
“This government is the master of betrayal. They promise savings in one breath and then spend more in the next,” Senator Henderson said.
“Jim Chalmers claims $221 billion in savings, yet this Budget shows the government has also gone on a $324 billion spending spree.”
“For the last four years, the Albanese government has failed to get its spending under control, and tonight’s budget is no different.”
On Thursday night, Opposition Leader Angus Taylor will deliver the Budget in Reply and outline the Coalition’s plan for a Better Australia.
A plan to restore Australians’ standard of living.
A plan to protect our way of life.
A plan to back hard work, reward aspiration, grow the economy and get Australia on the right track.
Australians cannot afford more broken promises, more taxes, more debt and more division.