The standout in this week’s Budget is that Treasurer Jim Chalmers has taken the double windfall of your income tax, and resources revenue to provide just 80-cents a day relief for your energy bills for one year.
This is a far cry from a permanent $275 reduction in your power bills that Labor promised before the election, instead bills have risen by around $1,000 since Mr Albanese became Prime Minister – and from 1 July 2025, your bills will bounce right back up again.
The Albanese Labor Government has failed to fix their home-grown inflation crisis.
Under Labor there’s $2 of spending initiatives for every saving initiative, splashing the cash and fuelling inflation.
Mr Chalmers claims inflation will be lower by Christmas, but the Reserve Bank modelling predicts inflation will stay above 3 per cent to at least June 2025.
Labor is fanning the flames of Mallee’s cost-of-living pressures, including skyrocketing prices at the grocery checkout and 12 interest rate hikes in just two years, compared with one hike and nine rate cuts under a Coalition Government.
Worse still, since they were elected the Albanese Labor Government has spent the equivalent of an additional $30,000 per Australian household. Let’s remember our taxes pay for government debt, so additional spending is effectively an extra mortgage for every Australian.
In recent months the Coalition has opposed $45 billion of Government spending in parliament to try to rein in a Labor Government whose spending is growing much faster than the economy.
Rampant spending flies against the fiscal rules put in place by former Coalition Treasurer Peter Costello in the 90’s that ensure that government budgets exercise restraint.
Australian households are struggling with their budgets and the Albanese Labor Government must follow suit.
With your energy bills also skyrocketing to subsidise a costly, unplanned rampage to political renewable energy targets, Mallee residents are paying for Labor’s reckless policy agenda.
It’s time to return the nation to the sound financial management under Coalition governments.
