Interview with Pete Stefanovic, First Edition

5 February 2024

PETE STEFANOVIC: The RBA is set to announce its economic outlook as the banks aim for more transparency, and a boating outing in Sydney's north west ends in tragedy. More on that shortly. Let's go live to Canberra now, joining us is the Shadow Finance Minister Jane Hume. Jane, good to see you. Thanks for your time this morning. So will you support Labor's tax rejig?

JANE HUME: Well, you can imagine that of course we're going to put that legislation through our normal party room processes. We only received the legislation yesterday and of course this is a very significant change. We would want to make sure that we go through the normal processes, as you would expect. But let's not forget that it was only two weeks ago today, that Anthony Albanese looked Australians in the eye and said there would be no change to the stage three tax cuts. Then the very next day he backflipped, he broke that promise and clearly he lied to the Australian people. Today we have a hearing of my Cost of Living committee, which will speak to Treasury and the Department of Finance to understand exactly what analysis was done around these changes to the stage three tax cuts when it was done, and at what point Anthony Albanese started being comfortable looking Australians in the eye and lying about his intentions?

PETE STEFANOVIC: Does Newspoll confirm for you, though, Jane, out today where most respondents think the broken promise was worth it? Does that confirm for you that you've ultimately got to get behind it?

JANE HUME: Well, I'll tell you what the Newspoll today confirmed for me, it confirmed that Australians are really doing it tough and quite frankly, even $15 a week is enough to make them support a change and that's because their real disposable income has gone backwards under this government by around 8.7% now, for the average income earner, that's around $8,000 a year. So no wonder Australians are feeling poorer. No wonder they're reaching for any lifeline that is thrown to them, even if it comes with a lie, even if it is at the expense of the integrity of this Prime Minister and this Government. So they might support a change in taxes. It would be an unusual person that would vote for more taxes, isn't it? But at the same time, at what cost? You will never be able to believe this Prime Minister again, whether it be on negative gearing, whether it be on capital gains, whether it be on tax on the family home. His word used to be his bond. Now, it's worth nothing.

PETE STEFANOVIC: I know you just got the legislation yesterday, but is there any amendments at the moment that come to mind that you will be pushing for?

JANE HUME: Well, again, all of that must go through our party room processes, as you would expect, as the Prime Minister would expect, indeed, he said so yesterday that he would expect the legislation to be released in time for it to go through both the Coalition and the Greens party rooms on Tuesday. But what I can tell you is that there is a fury within our party room that the Prime Minister, that our Prime Minister as well, we may be a part of the Coalition, but he is the leader of the country, could so blatantly lie to the Australian public, that could so easily sell his integrity down the river for what is essentially only an additional $15 a week for the most generous tax cut. That's a real shame because quite frankly, what happens next, that's what we need to know.

PETE STEFANOVIC: A new era for the RBA. Today, Jane, it begins the first of its meetings over two days. Will it make any difference to decision making in your view?

JANE HUME: Well, the RBA has always acted independently and it will continue to do so. This is a new era. You're absolutely right. A new era whereby we understand exactly what deliberative processes the RBA went through to get to a decision. Will it change the decision? So I think that's, you know, we would hope not, we would hope that the RBA will continue to act entirely independently of Government.

PETE STEFANOVIC: Jane Hume, the Shadow Finance Minister, thanks for your time.