Shadow Treasurer Angus Taylor has deferred detailing how a Coalition government would tackle inflation until the lead-up to the election, after claiming government spending is driving the persistent inflation rate.
Taylor has often touted the need for more austerity in government spending to rein in inflation, and after speaking generally about how the Opposition would tackle inflation, host Patricia Karvelas asked Taylor to say specifically what money a Coalition government would take out of the economy.
This was some of their exchange on ABC’s RN Breakfast:
Karvelas: Could you outline to me the immediate things you would stop spending money on that you think would lower inflation. What are they? Could you be specific?
Taylor: We’ve done this on many, many occasions, on your program, $45 billion we’ve opposed through the parliament. In recent times, we’ve said we don’t need corporate welfare initiatives. That’s not appropriate at a time like this.
Karvelas: Corporate welfare initiatives. What are you referring to?
Taylor: We’re talking about giving money to big miners and others, as Labor is proposing to do with their policies. Now we’ve also seen the treasurer add a spin unit in his department, and this is typical of where this government spends money, and more broadly, adding 36,000 Canberra-based public servants.
Karvelas: If you cut back public servants and the money you’re talking, I think in relation to corporate you’re talking about the future made in Australia. I’m talking about money in the system right now, in the economy, fuelling inflation. Those two measures aren’t going to cut inflation.
Taylor: A whole series of measures is what I said to you, and I’ve also said the key here is to grow the economy faster than spending. Okay? And this is, this is where this government has absolutely failed…
Karvelas: So would you radically cut infrastructure projects that are currently in the system because you talked about public servants and the future made in Australia? I cannot see how that would make a huge impact on inflation. So would you look to cut back money in infrastructure spending?
Taylor: Well, I’m not going to announce all of our policies now on your program. We’ll do that in good time in the lead-up to the election.
