Today’s budget update has shown the enormous cost of another three years of Labor.
Australians are suffering through the worst collapse in living standards on record and we’ve had 7 consecutive quarters of a family recession.
There is nothing in this budget update that will restore what has been lost under Labor.
There is no light at the end of the tunnel for Australia in today’s budget update.
Labor has turned a $15.8 billion surplus into $143 billion of deficits, with no plan to return the budget to balance for a decade.
Today’s statement shows Labor is the biggest spending government outside of wartime or a global crisis.
At a time when inflation is still too high, Jim Chalmers and Anthony Albanese have added an additional $347 billion in spending since the election.
Labor is spending $12 for every $1 saved, just in this budget update.
This will mean higher debt, higher taxes, higher inflation, and higher interest rates for longer.
There is now $233 billion of red ink in our nation’s finances over the next four years, with rising debt, and higher interest payments on that debt.
Also in this update, we’ve seen new migration figures. They show Labor has completely failed to manage immigration in this country.
One person is arriving to live in Australia every 46 seconds.
There’s been 1.3 million migrants during this term of Parliament, 700,000 more than expected at the election due to Labor’s mismanagement.
If Labor gets another term, migration will hit 2 million in total with no plan for housing and infrastructure.
What we have seen today is that the picture for another three years of Labor is a painful disaster for Australians.
And Labor takes no responsibility for its economic and fiscal mismanagement – every day it has yet another person to blame and yet another excuse.
The only thing Jim Chalmers does more than spin is spend.
Australians simply can’t afford another three years of Labor.