Labor's Fifth Budget: Australians Can't Afford More Of The Same

On 12 May, the Albanese Government will hand down its fifth Budget.

After four years in office, Australians are not asking for spin. They are not asking for excuses.  They are asking a simple question: why are we worse off?

Because that is the reality.

Australians have experienced the worst decline in living standards in the developed world. Inflation remains higher here than in every major advanced economy. Interest rates have risen 14 times. And debt is racing towards $1 trillion.

Australians are now paying around $50,000 every minute just to service that debt.

This is not bad luck.

This is bad government.

But it does not have to be this way.

The Coalition has set three clear tests for this Budget:

• Restore living standards

• Restore Australia’s security

• Restore honest government

On every measure, Labor is falling short.

AUSTRALIANS ARE PAYING THE PRICE

After four years, the Albanese Government owns the economy.

Families with a mortgage are paying around $27,000 more a year. Real wages have gone backwards. And when you combine higher mortgage repayments, higher taxes and rising everyday costs, many households are up to $30,000 worse off.

Australians are working harder but falling further behind.

This is Labor’s cost-of-living crisis.

And Australians are paying for it every single day.

Government spending is at a 40-year high outside of a recession. That spending is fuelling inflation. And when inflation stays high, interest rates stay high.

That is the cycle Labor has locked Australians into.

A TAX SYSTEM STACKED AGAINST AUSTRALIANS

Instead of fixing the problem, Labor is asking Australians to pay more.

Labor is now the highest-taxing government in Australian history.

Bracket creep alone is quietly taking around $2,000 a year from the average taxpayer.

But it does not stop there.

Labor is now flagging a full suite of taxes Australians did not vote for - taxes on family savings, shares, property, small business and trusts.

This isn’t tax reform.

This is a tax grab.

A hit on aspiration.

A hit on people who have worked hard, saved, invested and tried to get ahead.

At a time when families are already under pressure, Australians deserve relief not more tax.

A GOVERNMENT WITHOUT A PLAN

This is the deeper problem.

Labor does not have a credible plan to grow the economy.

Productivity is falling. Growth is slowing. And the next generation is being left to carry the burden.

Every dollar of debt Labor racks up today is a tax bill for young Australians tomorrow.

That is not just bad economics.

It is fundamentally unfair.

A CLEAR ALTERNATIVE: THE COALITION’S PLAN

The Coalition offers a clear alternative.

Our plan is about restoring hope, reward and opportunity.

We want Australia to be a country where families can get ahead again, where small businesses are backed, where young Australians can aspire to own a home, and where hard work is rewarded rather than punished.

That is the Australia the Coalition believes in: affordable, secure, ambitious and strong.

We will restore fiscal discipline by reining in wasteful spending and focusing government on what matters.

We will tackle inflation at its source because unless you deal with inflation, you cannot deal with interest rates or the cost of living.

We will deliver lower, simpler taxes and end Labor’s reliance on bracket creep.

We will back small and family businesses by cutting red tape and restoring confidence to invest, grow and hire.

And we will restore the dream of home ownership by boosting supply, streamlining approvals and removing the barriers that are driving up costs.

Because in Australia, hard work should lead somewhere.

CHEAPER ENERGY. STRONGER ECONOMY.

You cannot fix the cost of living without fixing energy.

Right now, Labor’s policies are driving up costs and holding back investment.

The Coalition will take a practical, common-sense approach.

We will support a balanced energy mix: oil, gas, coal and renewables working together to deliver lower prices and greater reliability.

We will scrap Labor’s carbon taxes on business that are pushing up the cost of everything - from food to housing.

We will streamline approvals and fast-track nationally significant projects, including Western Australia’s Browse Basin and Queensland’s Taroom Basin.

If you want lower prices, you need more supply.

And if you want more supply, you need a government that backs industry not one that stands in its way.

BACKING WESTERN AUSTRALIA

Western Australia knows better than most that a strong resources sector means a strong national economy.

Our state helps pay the nation’s bills. Our mining, gas, energy and small business sectors create jobs, drive investment and keep Australia competitive.

But under Labor, too many WA projects are being delayed by red tape, uncertainty and ideology.

The Coalition will back Western Australia.

We will fast-track nationally significant projects like Browse, streamline approvals, unlock new oil and gas supply, and support the industries that create real jobs and real wealth.

Because when Western Australia is strong, Australia is strong.

SECURING AUSTRALIA’S FUTURE

Recent global instability has exposed how vulnerable Australia has become.

Fuel security is not theoretical. It is about whether our economy can function in a crisis.

The Coalition has a clear, practical plan.

We will more than double Australia’s minimum fuel reserves to 60 days.

We will deliver over 1 billion litres of new storage through an $800 million Australian Fuel Security Facility.

We will support domestic refining and remove barriers to new investment.

And we will unlock the next wave of Australian energy supply.

This is about resilience.

It is about security.

And it is about protecting Australians from future shocks.

THE CHOICE IS CLEAR

This Budget is a fork in the road.

Labor will offer more of what has already failed:

More spending. More debt. More hidden taxes.

The Coalition offers something different:

Discipline. Lower taxes. Cheaper energy. A stronger economy. A government that backs Western Australia.

A plan to restore living standards.

A plan to rebuild Australia’s resilience.

A plan to give Australians a fair go again.

Because Australia should be a country where you can get ahead.

Where you can afford a home.

Where your hard work is rewarded not punished.

On 12 May, Australians do not need another Labor Budget full of spin.

They need a Budget and a government that delivers for them.

The Coalition is ready to be that government.