Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Hansard source

Even Swannie had a go! He at least notionally committed to it. It was in his budget. You could read through the fiscal strategy, and there it was: budget balance. In this budget, it was gone—struck out. How on earth can the Reserve Bank and every Australian who is borrowing money have any confidence, in that environment, that we can manage down interest rates and avoid a blowout in interest rates in the coming months and years? We know, because we heard it today, that the Goldman Sachs chief economist has pointed out that the cash rate is expected to go to over four per cent and, of course, that means a much higher rate for mortgages in the coming months. As we approach Christmas, every Australian with a mortgage knows they are going to be paying a lot more.

A whole host of economists have pointed this out. Steven Hamilton from the ANU's tax and transfer policy unit has said this budget delivers the weakest economic and fiscal strategy of any government since the Charter of Budget Honesty was established—the weakest economic and fiscal strategy—and the exact opposite of a responsible economic manager. This is so disappointing. Hamilton goes on to point out that the government is 'actively driving the budget deeper into structural deficit'. There is nothing in there that can give Australians any confidence that there's a plan that will take pressure off inflation or take pressure off interest rates, and that is incredibly disappointing. This was a great missed opportunity.

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