The Treasurer handed down his third budget tonight (14/05/2024). These were my predictions earlier today in the Senate. What do you think of what he has handed down?
Transcript
As Treasurer Jim Chalmers hands down his third budget tonight, many Australians simply don’t care. All the talk about surpluses, deficits, subsidies and balance of payments is very low in the average Australian’s priorities today. The biggest budget concern across dinner tables is skyrocketing mortgage costs, rents, grocery bills, insurance premiums and power bills. Australians don’t need Treasurer Chalmers to tell them times are tough; they’re living through tough times. Unfortunately, this budget shows the government isn’t coming to help; in fact, to compensate for its poor decisions it’s going to have to have its hand deeper in your pocket, taxing more of your salary for years to come.
Let’s step through the budget and what it means for Australians. Firstly, the big headline: Labor wants everyone to know the budget is in surplus—$9.8 billion. It sounds good, doesn’t it? Anyone who’s ever had their bills laid out on the dining room table knows a good budget needs more money coming in than going out. Unfortunately, this budget surplus is terrifyingly small, given that fairies have kissed Treasurer Chalmers with good luck.
The government has won the biggest lottery prize we could ever have hoped for, yet it has just a tiny surplus. It would be like a family winning division 1 of Powerball and having $100 left over at the end of the year—and calling it a win! There should be rivers of gold flowing into the budget. Instead we have a miserable trickle because Labor doesn’t resist spending every bit of its lottery winnings.
Commodity prices for our exports like oil, gas, coal, metal minerals and agricultural produce have all been near or at record highs over the previous few years. That means huge amounts of extra money flowed into Treasurer Chalmers’s budget. ‘Oil’, ‘gas’ and ‘coal’ are all dirty words to this Labor government and the Greens, and they’re too embarrassed to admit they have, in large part, saved the budget.
The second lottery win is the Australian workers. They’re working more jobs, longer hours and harder than ever. All of the extra work is reflected by the record-low unemployment rate. That means more taxes from hardworking Australians are going into the budget coffers than ever before—a record. That’s the story of this budget: three years of some of the largest tax intakes government has ever recorded, yet Labor can only squeak out the tiniest of surpluses.
Despite Australians working multiple jobs for more hours, they’re still going backwards because of inflation. Inflation is the secret debilitating stealth tax on all Australians. It’s the reason Australia had the largest collapse of disposable income in the OECD. If you feel like you’re going backwards, it’s because you are.
The only way to get ourselves out of this infrastructure mess is by spending on productive assets that allow Australia to make more here. We need to raise our productive capacity. We need more dams so that Australians can have more food and exports. But don’t expect to see any dams in Labor’s budget. We need cheaper electricity so that small businesses can thrive and hire people in their local communities. Instead, Labor will continue to throw us down the path of the net zero pipedream, which is guaranteed to bring higher energy prices, whether Australians pay for it on their power bill or with more taxes.
Unfortunately, the Liberals, the Nationals and the Labor-Greens are a uniparty on net zero—all united in their commitment to kill our electricity grid. We need nation-building projects like the Iron Boomerang project to make millions of tonnes of the world’s best quality steel right here in our country.
One thing I can guarantee is that there won’t be enough action on immigration in this budget. The Prime Minister has leaked that they expect net overseas migration to come in at 300,000 next year—300,000! This is a horrifyingly large number. It’s excessive. Prior to COVID there were 1.9 million visa holders likely to require housing in the country. There are now 2.3 million plus 400,000 tourists. That’s causing the terrible rental and housing crisis. Now the government wants to make that 300,000 people worse again. Where will these people sleep, Prime Minister?
That sums up what we can expect from this Labor budget: more Australians sleeping in cars, under bridges, in tents and in caravans; first home buyers destroyed by their mortgage repayments, while inflation runs out of control; small businesses being strangled by power prices. Does this sound good? This is hopeless. There are many more shocking stories of how the Australian dream has been ruined by decades of the Liberals-Nationals-Labor-Greens uniparty, acting together to implement the agenda of the World Economic Forum and the United Nations.
A better way is possible. A much better way is possible, and One Nation will reveal how in our response to the budget this week.
