Shadow treasurer, Angus Taylor, key insights global on local issues for Cairns at business breakfast
The shadow treasurer has warned Australia would suffer the most in a global trade war, vowing to work with other countries to campaign against tariffs imposed by the US.
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The shadow treasurer has warned Australia would suffer the most in a global trade war, vowing to work with other countries to campaign against tariffs imposed by the US.
Angus Taylor answered a series of questions at an Advance Cairns breakfast on Tuesday.
“We want free trade, it’s simple,” he said.
“The worry here, is we could end up in a global trade war and we will be a victim of that and suffer more than most, we have to fight it.”
Mr Taylor said the best way to combat the new tariffs imposed by the US would be to form an international campaign with countries such as New Zealand and Canada.
“As soon as the new Prime Minister of Canada got into the role, I rang him and said, ‘hey, mate, we’ve got to work together on this’. ... and start running a campaign on an international level to say ‘this is completely unacceptable’ and ‘you’re going to trash the global economy’,” Mr Taylor said.
On inflation, Mr Taylor said: “You haven’t beaten it until the last one is gone ... beating inflation and boosting growth back into small businesses and regional communities, remain an absolute top priority.”
Question from Advance Cairns chief executive Jacinta Reddan: The fuel excise cut for next year, for us in the region road connectivity is absolutely critical. Fuel excise funds road construction, can you talk us through your thoughts on that?
Mr Taylor’s answer: “If you’re going to do cost of living relief, target those who are suffering the most and those who are hurting the most right now are assets rich and cash poor.
In the last couple of years we’re seeing the fuel excise exceeding the road user funding quite a bit, we must, if anything, put more into road infrastructure.
“We realise trunk infrastructure, whether it’s water or roads is absolutely essential to getting houses built around the country.
“We’re seeing tens of thousands of housing projects ready to go shovel-ready, but then there will be one piece of infrastructure that’s holding it back and you just sit there and say “how did it come to this.”
Mr Taylor referenced the $5m Housing Infrastructure Fund, stating it was designed to help get more houses built, which he also linked to reasons for the Coalition’s planned migration cuts.
Q. Workforce continues to be a huge issue for us up here, so when we talk about cuts to migration in a region like Queensland, many are concerned because we are really struggling to get skilled migrants here. So what can you say to assuage our fears?
A. “Let’s step back from this, half a million people is roughly double what we have ever seen before as a country. These are monstrous numbers, and the problem is the housing supply in this country hasn’t kept up. I mean, you’ve got low vacancy rates here and are struggling to keep up.
“Any small business you go to in the country, they’ll tell you stories about how hard it has been to attract and keep people.
“So, I’ll put that in perspective, it means we need 6 per cent more hours worked to produce the same goods and services that we did two and a half years ago. Something has gone desperately wrong. It’s an economic catastrophe.”
With vacancy rates in the region currently below one per cent, Mr Taylor said there was an urgent need to address the housing supply.
“Australia is a great migrant nation, but union officials should not be the ones determining who come into the country,” he said.
“We should decide, the government should decide who should be coming into the country to fill those skill gaps.”
Q. You’ve talked about abolishing the Housing Australia Fund, what will happen to projects like the 490 homes being built in Woree?
A. “We’re not going to cancel projects that have already been committed, but we don’t think this is the best way to spend taxpayers’ money.
“The budget deficits over the coming years, through to the end of the next term of parliament in the budget, it’s $125,000 in interest and debt repayments per family.
“Every dollar really matters, we’ve got to make every dollar work so hard now.”
Q. What’s the position on the divestiture of insurance companies?
A. “Our own regulators are making the situation worse. APRA and other regulators are requiring our insurers and our banks to hold more capital, extraordinary amounts of capital against risks they’re taking.
“But it’s now getting to the point where it’s getting harder to access a loan, it’s getting harder to get insurance and it’s hard to get financial advice.”
When asked if he would support the upgrade of the Bruce Highway and the sealing of the final section of the Kennedy Developmental Highway, Mr Taylor confirmed the Coalition would.
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