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Dear Friend,
 
Today’s budget update has shown the high cost of Labor.   
 
Australians are living through the worst collapse in living standards on record. 
 
We’ve had a per-capita (household) recession for seven consecutive quarters – the longest on record.
 
Labor has turned a $15.8 billion surplus into $143 billion of deficits, with no plan to return the budget to balance for a decade.   
 
Today’s update shows Labor is the biggest spending government outside of wartime or a global crisis. 
 
When you include “off budget” measures, there is now $233 billion of red ink in our nation’s finances over the next four years.
 
Australians will end up paying for this through higher taxes, higher debt, or higher inflation.
 
As the Reserve Bank has warned, high spending means high inflation. 
 
Labor has added an additional $347 billion in spending since the election, meaning inflation is stuck at a higher level for longer. 
 
Labor is now spending $12 for every $1 saved, just in this budget update.
 
Also in this update, we’ve seen new migration figures. 
 
There’s been a record 1.3 million increase in migration during this term of Parliament. 
 
This is 700,000 more than expected at the election, without any real plan for housing and infrastructure.
 
Labor isn’t taking responsibility for its economic and fiscal mismanagement. Every day they offer yet another excuse.
 
Australia can’t afford another three years of Labor’s economic management.  

Kind regards,

Angus Taylor
Shadow Treasurer

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