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Labor’s budget fails families

Joint media release

The Hon Angus Taylor MP, Shadow Treasurer
Senator the Hon Sarah Henderson, Senator for Victoria

The test for this year’s federal budget was for the Government to build on the strong position it inherited from the Coalition to address the cost of living crisis bearing down on families and businesses.

Labor has failed this test.

This budget does nothing to assist your family budget.

This budget fails families at a time when they really need a plan to address cost of living pressures.

This budget confirms that for families

  • Your cost of living is going up.
  • Your power prices are going up (by more than 50 per cent).
  • Your gas prices are going up (by 40 per cent).
  • Taxes are going up (with $142 billion more receipts to be collected).
  • Unemployment is forecast to go up.
  • Real wages are forecast to go down.
  • Interest rates are continuing to go up.

It’s a high-taxing and high-spending budget that does nothing to help you or your family get ahead.

Just before the election, the Prime Minister told Australians that they “will be better off under a Labor government.”

In fact, by Christmas, the average Australian family will be at least $2,000 worse off.

The Coalition wants Australia to do well, but we are being hampered by a new government with no economic plan for the future.

Australians deserve better from a government that promised so much, but in its first economic test, has delivered very little.

26 October 2022

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