As published in The Daily Telegraph on Friday, 5th January 2024

Many Australians will be hoping for a 2024 that is better than the year just gone. 

2023 was the year our living standards collapsed, as a result of higher prices, higher mortgage repayments and higher taxes – all fuelled by high inflation. 

Charity organisations and community groups saw unprecedented demand for assistance from people who never needed help before. 

Christmas was particularly difficult, as people were forced to make difficult choices about what they could and couldn’t afford. With school heading back later this month, many parents will be worried about how much the school shopping list will cost. 

But there’s no sign of change. There’s no sign the Albanese Labor Government has learned the lessons of the last few years.

At the 2022 Federal Election, Anthony Albanese promised life would be easier and cheaper under him. Australians have so far waited 18 months for the Prime Minister to make good on that promise.  

Now, he’s asking us to wait two years before he might do something, on advice he’s asked for only now. 

The Albanese Labor Government has been asleep at the wheel when it comes to the economy. 

It’s clear they’re just not interested, because over the last 18 months, they’ve been distracted by other issues like the failed Voice referendum which cost taxpayers nearly half a billion dollars. 

Under this government, we’ve been left at the back of the pack when it comes to fighting inflation, because their policies have put even more pressure on the economy making the situation worse.

Labor has spent an extra $209 billion since the election, putting pressure on aggregate demand that drives up inflation.

Labor has lost control of our migration program, putting pressure on housing. 

Labor has a botched energy policy, which is driving up prices. 

Labor has bad workplace laws that are driving up costs for employers and causing chaos at our ports. 

When the Prime Minister stood up in front of the media on Wednesday, he said the government wants to take pressure off people. 

So how will he do it? 

We don’t know. 

The best he had to offer struggling families is that he’s asking the Department of Finance and Treasury for ideas. 

The Prime Minister should have asked this on day 1, not day 591 of his Prime Ministership. 

They say a goal without a plan is just a wish – and that’s exactly what we’re seeing here. A government that just hopes and wishes, without putting in the hard work. 

If the Prime Minister was sincere about addressing the cost of living crisis, he would admit his failings and acknowledge that inflation in Australia is a homegrown issue. 

But he’s still blaming everyone else, describing it as “global inflation”. 

If it is a global problem, why is Australia in a worse position than our peers? 

Why is inflation in Australia more entrenched than any other developed country? 

Why has RBA Governor Michele Bullock said inflation is “homegrown”?

The Prime Minister continues to shirk away from these questions because he knows he can’t answer them.

He’s failed to get to the source of the problem, and Australians will continue to pay a high price for it. 

That means we need a homegrown solution. 

So, what does that look like? 

Australia needs a back-to-basics economic agenda that:  

• Supports small business aspiration and entrepreneurship   
• Delivers an incentive-based tax system (including stage 3 tax cuts) 
• Focuses on work not more welfare   
• Contains the growth in government spending and the government overreach 
• And gets the basics right where government has a role to play, like reliable, affordable energy, real competition policy, well targeted critical infrastructure and defence policy  

 

Above all else – we need a government prepared to pull every lever to fix this crisis.   

Ending government waste and making sure every taxpayer dollar gets value for money.

Workplace laws that are sensible and flexible – encouraging workers and employers to sit down and work out how to make their workplaces more productive, instead of pitting them against each other. 

Competition policy that supports smaller businesses and empowers consumers, not lobbyists and big corporations. 

And of course, we need a practical, technology neutral energy policy which ensures we have affordable, reliable electricity when we need it, while also cutting emissions. 

The Albanese Labor Government has had TWO budgets to address inflation – but they’ve only made things worse. 

They are now asking Australians to trust them a third time. 

The Prime Minister seems to be thinking “third time lucky”. But the economy isn’t about luck. 

The economy is about having a plan. This is a government that’s got nothing.