The best way to improve well-being is to contain inflation

A joint media release with
The Hon Angus Taylor MP
Shadow Treasurer

8th July 2022

The Albanese Government needs to focus on putting downward pressure on cost of living and supporting struggling families and small businesses.

Shadow Treasurer Angus Taylor said the Treasurer’s proposed “wellbeing budget” should not take away from the core economic task of easing pressure on families and small businesses by reining in inflation.

“The best way to improve the wellbeing of Australians is to strengthen the economy, contain inflation and help struggling families make ends meet. That’s what the Treasurer should be focused on,” Mr Taylor said.

“The tools to improve the wellbeing of Australian families and businesses are already in the Treasurer's hands.

“The single most important thing any government can do to help ease inflationary pressures is to strengthen their budget position.

“The Government went to the election proposing to increase the deficit and increase government borrowing with $18.3 billion in new spending, $45 billion of mysterious off-budget funds and a $302 billion spending wish-list for the next decade.

“Unnecessary spending will result in government competing with households and businesses to borrow money and that means interest rates will be pushed up.”

Shadow Minister for Finance Senator Jane Hume said Australians need support now, not spin in October.

“What is Anthony Albanese and the Treasurer doing today to relieve cost of living pressures? Australians are paying more on their mortgages, the price of petrol is through the roof and groceries bills are surging. Australians are right to expect action from their government to address these issues now,” Senator Hume said.

“This might be a nice idea from a Treasurer with training wheels, but what is he doing to ease the pressure on people’s pockets? Australians need help now.”