Topics: Living standard collapse under Labor; economy; Bruce Highway 

 

E&OE    

 

ANGUS TAYLOR:   

Well, Australians already know that they're poorer. Since Labor came to power, we've seen a reduction in their standard of living of over 8% in the last two and a half years, and we see Australian families struggling to pay their mortgages, struggling to pay their electricity bills, to pay for insurance, right across the board, for many Australian families, this has been a tough Christmas, and that's what you get when you've had two and a half years of going backwards with their standard of living. But the new news we've seen today is that it's going to be a long, long way back. We know that Australians won't see a restoration of their standard of living to where it was when Labor came to power, until 2030 at the earliest. Until 2030 at the earliest. This will be a lost decade for so many Australian families who are really struggling to make ends meet. All of this information was buried deep in the numbers that Labor put out late last year, just before Christmas. They don't want Australians to know that not only have they gone sharply backwards since Labor came to power. But in fact, it'll be many, many years, 2030, at the earliest, before they see a restoration of their standard of living to where it was before Labor came to power. We need better than this. We need a pathway back to prosperity, a pathway back to a point where Australians can pay their electricity bills, can pay their insurance, can pay their mortgages without feeling as though they're having to crack open the piggy bank to survive. There will be one key question Australians will be asking themselves as they go to the polls this year, and that is whether they are better off or worse off than when Labor came to power. We know the answer. They are worse off than when Labor came to power, and what we've learned today is that it is a long way back to the standard of living they had back in 2022 when Labor first came into government. Happy to take questions. 

  

JOURNALIST:   

The roadmap when it comes to standards of living, aside from the usual statement of getting the fundamentals, right and getting back to basics on the economy, what can the Coalition offer that will improve those standards of living? 

  

ANGUS TAYLOR:   

Well, Charles, we know from past experiences where we've seen high inflation and higher interest rates like we had back in the 70s and the 80s, that it needs to be business led. We need investment by our businesses, to invest in jobs, invest in innovation, invest in taking risk, to get our economy back on its feet, to get it moving again, to get productivity going again, to get prosperity going again. We've seen it before, and this is instinctive for the Liberal Party. We know that small business is the backbone of every community. Here in Goulburn, small business is absolutely critical to making sure that we get the jobs, we get the prosperity, we get the rising standard of living that we all need and we all want and we all aspire to. And that is, that is the key, Charles. We also know that government needs to know its place and we've seen government under Labor spending record amounts, record amounts of taxpayer's money, the highest level of spending as a percent of GDP that we've ever seen under under Labor and that is crowding out business, that is crowding out private sector investment that is impeding the restoration of standard of living that we all want to see and is so crucial for Australian households.  

 

JOURNALIST:  

Just on the spending, Labor has announced funding for the Bruce Highway today, what's your thoughts on that?  

 

ANGUS TAYLOR:  

Well, a couple of thoughts on this, Charles. What matters at the end of the day is that we get the balance right, and that spending growth is contained, that we make sure the economy grows faster than our spending within that there can be investment in infrastructure, and we need to see investment in infrastructure and national security, for instance and we've long supported investment in upgrades to the Bruce Highway. We want to see a better Bruce Highway, but we'll take a look at the numbers that Labor's putting forward. We want to see the timeline in particular, and as we look at that, we'll come to a view as to whether or not we support the way forward. But I tell you what we do support. We do support a government that makes sure within its budget, a budget that needs to be contained, there is money for investment in critical infrastructure to get people home sooner and safer and to make sure we have the roads we deserve.  

  

JOURNALIST: 
Doesn't the fact they have to spend $7 billion now indicate that the road has been underfunded in the decade that the Coalition was in power? 

  

ANGUS TAYLOR:   

There's been an enormous amount of infrastructure investment under Liberal governments and National governments in the past, not only in the Bruce Highway, but in many roads right across our country and in fact, we're seeing a reduction in infrastructure investment under Labor in real terms, inflation has raced away, infrastructure investment hasn't kept up, and we're seeing some of the consequences of that now we need continued investment in our roads, and we can do that in a way that still contains the growth in overall government spending. And that's what we need to see from this government. Sadly, we haven't seen it, but we do strongly support investment in upgrades and critical roads like the Bruce Highway.  

  

JOURNALIST:   

It's Chloe Bouris, so just clarifying your answer to Charles' question, you cannot commit to matching this Bruce Highway announcement yet? 

  

ANGUS TAYLOR:   

We just don't know the details Chloe, so we do want to see upgrade investment in the Bruce Highway. But we also want to see the details of when this money is going to be spent. Look, Labor promises one thing and does another. It sets timelines where the investment never happens. We want to see that it's genuine investment in upgrade in the Bruce Highway, and we'll make a decision as to whether we support it, or indeed there is an alternative. When we see those details, we haven't seen those details as yet. We look forward to it, but we do want to see a better Bruce Highway. That's for sure. 

  

JOURNALIST:   

We have seen the Prime Minister kick off, I guess, an election campaign of sorts. What does the early start pre-Australia Day say to you, and has the Coalition been caught off guard here?  

  

ANGUS TAYLOR:   

Well, I'm out and about today, Chloe and I know many of my colleagues are and we've been out talking about how Labor has been deceiving Australians on private health insurance, the cost of private health insurance, they've refused to come clean on what that's going to cost. I've got colleagues out talking about how we've seen a collapse in apprenticeships in this country, just as I'm talking about how there's no pathway back to prosperity any time soon under this Labor government. So we'll get out and we'll talk about how Australia is not going in the right direction, and there is a better alternative. There is a better way - back to basics is the right answer at a time like this, and we're not seeing it from the Labor Government. We'll continue to keep talking about that. Look, in terms of the timing of the election, that'll be a choice by Anthony Albanese. He'll do that at a time that is in his interests, not necessarily in the interests of Australians, but that's how he's governed since he came to power.  

  

JOURNALIST:   

But what do you think of him starting ... getting out there so early with what very much looks like an election campaign? 

  

ANGUS TAYLOR:  

Well, as I say, he will choose the timing of the election in a way that suits him. That's what he's always done. Look, he governs for Anthony Albanese, and he always has. We want to see government for all Australians, and we're going to be out there talking about what that means day on day, as I am today, and as many of my colleagues have been today as well. What ultimately matters, though, is when people go to the polling booths Chloe, when people make their vote is one key question. Are they better off, or are they worse off than when Labor came to power, and we know that Australians have seen a collapse in their standard of living, and we've learned today that there's no pathway back anytime soon because of inflation and interest rates and the pain that it's caused Australians. 

  

JOURNALIST:   

Josh here from Channel Seven, Peter Dutton said in the past that interest rates will always be lower under the Liberal Party. How quickly do you think you can get inflation down and rates down if you do win the election? 

  

ANGUS TAYLOR:   

Well, I think what we've seen is that Australia has been in a much worse position than peer countries around the world. The last core inflation data went up, not down. The monthly data saw an increase in inflation, not a not a reduction, and we're seeing reduction in interest rates across peer countries around the world, and we haven't seen that here in Australia, we need a government that is making this its first priority. We do think that interest rates can come down further and that inflation can come down further, and it can be done quickly if government gets its policy settings right. But this government hasn't had the right policy settings, and the result is we are absolutely the back of the pack when it comes to our standard of living, when it comes to beating inflation and when it comes to bringing down interest rates. 

  

JOURNALIST:   

Can you make any promises when it comes to people's living standards? How quickly will you restore them?  

  

ANGUS TAYLOR:   

Well, I'll absolutely promise that under Labor's plan, there's no restoration of Australian standard of living until 2030 and we want to see that restoration happen much earlier. Look, Australians are far worse off than they were when Labor came to power. There is a better way. There is a faster pathway, and that means getting back to basics. It means getting the basics right, getting businesses up and running, not the record levels of insolvencies we're seeing today. It means making sure that government manages taxpayer’s money incredibly carefully that it grows the economy faster than its spending. And if you get those basics right, we know from history, you get lower inflation and you get lower interest rates. It's straightforward, but this is not the pathway this government has taken. 

  

JOURNALIST:   

Anthony Albanese, targeting the resources states this week, Queensland and WA, obviously, Queensland is a stronghold for the Liberal Party. Any concerns there with losing seats, and in WA, you need to win seats. Do you believe you can win a number of seats in the West? 

  

ANGUS TAYLOR:   

Well, what I believe is Australians are realising how much worse off they are under Labor and when they go to the booths I know that will be the question they will be asking themselves. They should be asking themselves, am I better offer worse off under Labor. And that is true right across Australia, resource states, other states. It doesn't matter. Right across this country, we're seeing Australians worse off now, one of the reasons for that is that this government hasn't even been able to get the basic approvals done to get investments happening in our resource in our resource industry, and we've seen that at Blayney here in New South Wales, but we're seeing that elsewhere as well. If you haven't got a government that can even get the approvals through, how can you get the investment you need? How can you get the job creation you need and the increase in prosperity and real wages that Australians want and deserve. We're not seeing it, and we won't see it with a government that continues down that pathway. 

  

ENDS.