A Dutton Coalition Government’s plan to get Australia back on track will deliver lower inflation, cheaper energy, affordable homes and safer communities.
Australians have gone backwards under three years of Labor with the cost of living skyrocketing, the longest per-capita recession on record and the biggest fall in living standards in the developed world.
Households are now paying more for food, more for rent and more for electricity and gas.
Since the last election, Labor has added $425 billion in spending and thrown away almost $400 billion in extra revenue instead of rebuilding fiscal buffers and paying down debt.
With the IMF downgrading its forecast of economic growth to 1.6 per cent in 2025 and inflation to increase to 3½ per cent in 2026 there is no more important time for responsible budget management and to rebuild fiscal buffers for the next crisis.
Under Labor a decade of deficits are forecast while debt is expected to reach $1.2 trillion.
Today the Coalition has released its plan to repair household budgets, and repair the Commonwealth Budget.
In addition to our immediate cost of living relief to households through our fuel tax cut and then our Cost of Living Tax Offset, the Coalition Government will deliver an almost $14 billion improvement to the budget bottom line over the four years to 2028-29 compared to the Pre-election Economic and Fiscal Outlook (PEFO).
As a result of the Coalition’s responsible budget management we will be able to reduce debt by over $40 billion by 2028-29 compared to PEFO.
At the same time, taxes on families and small businesses will be lower under the Coalition’s plan.
While starting the task of budget repair we will continue to support households with a 25 cent a litre cut in the fuel excise, a $1,200 Cost of Living Tax Offset for low and middle income earners and a tax cut for first home buyers.
Shadow Treasurer Angus Taylor said Labor’s reckless spending lit the inflation fire and the Coalition will put it out and get Australia back on track.
"While Labor racks up debt and deficits, the Coalition will deliver lower inflation, cheaper energy, and a stronger economy,” Mr Taylor said.
"Australians are paying the price for Labor’s incompetence and only a Dutton Coalition Government has a real plan to ease the cost of living.
"Labor spent the boom, wasted the windfall, and left families worse off — we’ll clean up the mess and rebuild Australia’s future."
Shadow Minister for Finance Jane Hume said after three years of Labor Australians are poorer, paying more, and falling behind.
"Labor’s addiction to spending has trashed the nation’s finances. The Coalition will stop the waste, pay down debt, and secure our future,” Senator Hume said.
"Under Labor, it’s endless deficits and higher taxes. Under the Coalition, it’s fiscal discipline, lower debt, and real cost-of-living relief.
"Anthony Albanese has mortgaged Australia’s future, the Coalition will fix the budget and get Australia back on track."
Responsible budget management and a stronger economy is part of the Coalition’s plan to get Australia back on track.
Find out more about our plan for a strong budget at https://www.liberal.org.au/policy/our-plan-for-a-sustainable-budget/