Every credible economist has been scathing of Labor’s Budget.
That’s because Labor has us in an inflationary hole and is still digging.
Australia’s inflation is worse than the US, Singapore, Germany, Spain, Japan, the Netherlands, Italy, South Korea, Canada, France, and the entire Euro area.
It is made worse, because the government has lifted spending by $315 billion.
Because the Government can’t control spending, interest rates have gone up 12 times.
Under Labor, the aspiration of home ownership has become out of reach.
Amidst a housing crisis, Labor is bringing in a record 1.67 million migrants over five years.
While we celebrate the contribution of migrants, our program needs to be well managed.
To alleviate pressure on the housing market, we will:
- Reduce permanent migration – from 185,000 to 140,000 for two years (then 150,000 in year three and 160,000 in year four).
- Return the refugee and humanitarian program planning level to the long-term average – from 20,000 to 13,750.
- Reduce the numbers of foreign students at metropolitan universities, increase the student visa fee and apply it to foreign students who change courses.
- Implement a two-year ban on foreign residents purchasing existing homes.
Tonight, I also outlined measures to:
- Increase workforce participation, by recommitting to doubling the work bonus for around 80,000 pensioners.
- Support small businesses, by extending the value of assets eligible for the instant asset write-off.
- Deliver more affordable and reliable energy by ramping up domestic gas production.
- Incentivise junior doctors training in general practice.
- Improve community safety with tougher knife laws, tight bail laws, improved online safety and by tackling antisemitism.
- Boost Defence by reprioritising wasteful spending.
The Coalition will deliver a back-to-basics economic plan.
This includes reining in inflationary spending, winding back regulatory roadblocks, lower taxes and more affordable and reliable energy.
Australians simply can’t afford another three years of Labor.
At the next election, it will be time for a change.
A better change for you, your family and our country.
