If Scott Morrison wants an ‘economy election’, Labor says ‘bring it on’

New Daily
Nov 21 2021

Shadow treasurer Jim Chalmers says he will be “delighted” for the federal election to be fought on the economy and the cost of living.

The week Prime Minister Scott Morrison claimed that power and petrol prices would rise under a Labor government, forcing interest rates higher than they would need to be.

But Dr Chalmers says Mr Morrison has been “lying” to Australians about the economy and the consequences that has had on families.

“If he wants to have an election on the fact that petrol prices have gone up on average over the last year something like $900 for an average family with an average car, at the same time as real wages have gone backwards $700 over the last year, then we say bring it on,” he told ABC’s Insiders program.

“I think that should be central to an election about the economy, about living standards, and about the prime minister’s failures on economic management.”

But government frontbencher Stuart Robert insists the Liberals are the party that can actually manage the economics, and that Labor under Anthony Albanese “certainly isn’t”.

“We are the party that actually sticks to our economic guns and credentials, Mr Albanese is a bob each way and a flip-flops,” Mr Robert told Sky News’ Sunday Agenda program.

Multinationals’ tax dodges
However, Dr Chalmers wasn’t clear on what tax agenda Labor will take to the next election, other than to say the emphasis will be on multinational taxation.

“We’ve said repeatedly we won’t take an identical agenda on tax or anything that we took to the last election to the next election,” he said.

“But we will finalise our policies, all of our policies, including on tax, with an emphasis on multinational taxes between now and the election.”

Assistant Treasurer Michael Sukkar jumped on the lack of detail, saying Australians know the Liberal and National parties stand for lower taxes.

“Instead of trying to sneak out policies over the Christmas and summer breaks, Labor owes it to Australians to front up and be honest about their plans to tax families and businesses,” Mr Sukkar said in a statement.

Even so, figures last week showed wages were growing at an annual rate of 2.2 per cent as of the September quarter and when inflation was at three per cent over the same period.

The Australian Automobile Association’s latest transport affordability index released on Sunday shows weekly costs have for the first time risen above $400 for the average Australian metropolitan household.

It shows average weekly household transport costs have increased by as much as $58 compared to 2020.

Capital city households are on average spending more than $401.86 a week on transport costs, while regional households are spending an average of $328.51.

AAA managing director Michael Bradley said rising fuel prices were a significant contributor to rising costs across both regional and metropolitan Australia.

“With a federal election and two state elections due next year, this report is a timely reminder that cost of living pressures are rising and that policies that further increase transport costs need to be avoided,” he said.

Quote:

The week Prime Minister Scott Morrison claimed that power and petrol prices would rise under a Labor government, forcing interest rates higher than they would need to be.

And where do interest rates need to be? Not at 0.1%. That level of interest rates is the RBA doing CPR.

Joe Hockey, 7.30, 6 August 2013:

Quote:

LEIGH SALES, PRESENTER: Joe Hockey, John Howard and Peter Costello told us for years that low interest rates were a good thing, a sign of their great economic management. You today have turned that on its head. Are you really telling Australians now that they shouldn't celebrate when interest rates are low? JOE HOCKEY, SHADOW TREASURER: Well, we should celebrate when interest rates are sustainably low. It was Kevin Rudd on four November 2009 that said three per cent cash rate was an emergency level. Today they've gone to 2.5 per cent. And Leigh, they're not cutting interest rates because the economy is doing well. Interest rates are being cut to 50 year lows because the economy is struggling.

If interest rates at 2.5% means the economy is "struggling", at 0.1% the economy is flatlining.

Quote:

The week Prime Minister Scott Morrison claimed that power and petrol prices would rise under a Labor government

Power prices are usually set by State governments, at least they are here where we have a single, WA government owned provider (Synergy).

And, I'd really like for Scott Morrison to tell us how much more he believes petrol prices will rise under a Federal Labor government seeing as we're already paying close to $2.00 a litre.

The smell of fear and desperation from ScoMo and the Coalition grows stronger as we get closer to the Federal election.

Bam wrote on Nov 22^nd, 2021 at 6:44am:

Quote: The week Prime Minister Scott Morrison claimed that power and petrol prices would rise under a Labor government, forcing interest rates higher than they would need to be. And where do interest rates need to be? Not at 0.1%. That level of interest rates is the RBA doing CPR. Joe Hockey, 7.30, 6 August 2013: [quote]LEIGH SALES, PRESENTER: Joe Hockey, John Howard and Peter Costello told us for years that low interest rates were a good thing, a sign of their great economic management. You today have turned that on its head. Are you really telling Australians now that they shouldn't celebrate when interest rates are low? JOE HOCKEY, SHADOW TREASURER: Well, we should celebrate when interest rates are sustainably low. It was Kevin Rudd on four November 2009 that said three per cent cash rate was an emergency level. Today they've gone to 2.5 per cent. And Leigh, they're not cutting interest rates because the economy is doing well. Interest rates are being cut to 50 year lows because the economy is struggling.

If interest rates at 2.5% means the economy is "struggling", at 0.1% the economy is flatlining.
[/quote]

Ahh yes the better economic managers

Low interest rates; low inflation; high household savings, low unemployment; wages starting to rise at long last.

It's a good set of numbers.  8-)

Captain Nemo wrote on Nov 22^nd, 2021 at 9:32am:

Low interest rates; low inflation; high household savings, low unemployment; wages starting to rise at long last. It's a good set of numbers.  8-)

You had better take off those blue glasses.

Low interest rates means the economy has flatlined.

Low inflation: that is false. Inflation has spiked to around 3% and could go higher. Watch fuel prices in particular. Stagflation is a real risk right now.

High household savings: Doesn't mean anything if confidence tanks or those savings are depleted by inflation.

Low unemployment: The participation rate has tanked.

Rising wages: Eight years of stagnant wages, after wages growth was intentionally suppressed by the Coalition.

Bam wrote on Nov 22^nd, 2021 at 10:33am:

Captain Nemo wrote on Nov 22nd, 2021 at 9:32am: Low interest rates; low inflation; high household savings, low unemployment; wages starting to rise at long last. It's a good set of numbers.  8-) You had better take off those blue glasses. Low interest rates means the economy has flatlined. Low inflation: that is false. Inflation has spiked to around 3% and could go higher. Watch fuel prices in particular. Stagflation is a real risk right now. High household savings: Doesn't mean anything if confidence tanks or those savings are depleted by inflation. Low unemployment: The participation rate has tanked. Rising wages: Eight years of stagnant wages, after wages growth was intentionally suppressed by the Coalition.

No one unemployed in Australia has any excuse to stay that way, given the current desperation of businesses to hire people: skilled and unskilled jobs.
If Morrison announced ending the dole in February the only ones affected would be the absolute no-hoper bludgers.

Frank wrote on Nov 22^nd, 2021 at 10:35am:

Bam wrote on Nov 22nd, 2021 at 10:33am: Captain Nemo wrote on Nov 22nd, 2021 at 9:32am: Low interest rates; low inflation; high household savings, low unemployment; wages starting to rise at long last. It's a good set of numbers.  8-) You had better take off those blue glasses. Low interest rates means the economy has flatlined. Low inflation: that is false. Inflation has spiked to around 3% and could go higher. Watch fuel prices in particular. Stagflation is a real risk right now. High household savings: Doesn't mean anything if confidence tanks or those savings are depleted by inflation. Low unemployment: The participation rate has tanked. Rising wages: Eight years of stagnant wages, after wages growth was intentionally suppressed by the Coalition. No one unemployed in Australia has any excuse to stay that way, given the current desperation of businesses to hire people: skilled and unskilled jobs. If Morrison announced ending the dole in February the only ones affected would be the absolute no-hoper bludgers.

Employers are knocking back Australians who apply and then crying that they can't find anyone.

Any employer who claims they can't find workers should have their hiring practices scrutinised very closely by a private police force, including details of any applications received, and if their hiring practices are not up to scratch they should be encouraged to fix them, under threat of penalties. Mutual obligation goes both ways.