THE HON. ANGUS TAYLOR MP
SHADOW TREASURER

THE HON. ANDREW HASTIE MP
SHADOW MINISTER FOR DEFENCE
FEDERAL MEMBER FOR CANNING

STATEMENT

BUDGET 2023-24: LABOR’S COST OF LIVING CON JOB HURTS CANNING

Wednesday 10 May 2023

Last night’s Budget was a typical big-spending, big-taxing Labor Budget.

After less than a year of Labor in office—government spending will increase by $185 billion.

But Labor cannot spend its way out of its cost-of-living crisis.

And its Budget does nothing to help families in Canning get ahead. 

We needed a Budget with a plan to reduce inflation, and rein in spending to combat the cost-of-living crisis facing the entire nation.

Instead—this Budget makes life harder for Australians.

Under this Albanese Labor Government, families with kids in Canning will be around $25,000 worse off. 

This Budget will not build a stronger economy, and it is not a budget that is fair for all Australians.

This Budget confirms:

• Your cost-of-living will continue to go up.
• Your gas and electricity bills will continue to skyrocket.
• Real wages have not grown.
• Inflation remains stubbornly high.
• Unemployment will rise.
• Hard-working Australians will be paying higher taxes.

Before the election, the Prime Minister promised to lower the cost-of-living—he promised “cheaper electricity” and he promised “cheaper mortgages”.

This Budget confirms these are broken promises.

Your electricity bills will continue to rise.

Despite the Prime Minister promising Australians he would reduce your power bill by $275, your electricity bill will still go up by almost $500—even after Labor’s energy relief plan.

The Prime Minister recalled Parliament last December to legislate “emergency relief”, but this relief will not flow until July at the earliest—seven months after it was promised.

It turns out the “relief” is only temporary—and only flows to some Australians.

Labor fails hard-working people in Canning right at a time when they needed a plan to reduce inflation and address the cost-of-living crisis. Incredibly, the Government’s Economic and Fiscal Strategy removes addressing inflation as a priority.

Labor has no plan to address the unprecedented increase in net overseas migration that will see 1.5 million new migrants coming to Australia over five years. At the same time, their Budget has cut infrastructure spending, and fails to address congestion, the housing and rental crisis, and the liveability and amenity of our towns and suburbs.

Before the election, the Prime Minister promised that no one would be left behind, yet this Budget does just that—it leaves too many Australians behind. 

For every dollar of new taxes it has imposed in this budget, the Government has committed to spend two. Labor is spending twice as fast as it is taxing Australians.

The Coalition wants all Australians to do well, but we are being held back by a government with no economic plan for the future.

Australians deserve better.