Andrew Bolt: Seven reasons to be concerned about the Budget

Treasurer Jim Chalmers says Labor is “beginning the hard yards of Budget repair” but here are seven ways in which he is misleading us.

The seven reasons Australians should be concerned about Labor’s Budget.

1. THE DEBT KEEPS RISING

Treasurer Jim Chalmers says Labor is “beginning the hard yards of Budget repair”. False. Labor promises $50bn deficits each year for years to come. Net debt will soar from $572bn to $767bn four years later. The government clearly plans to break its promise to keep the final stage of the tax cuts, due in 2024, and looting most of that $250bn.

2.LABOR CAN’T STOP SPENDING

Chalmers says “restraint is what defines this Budget.” False. From next financial year it will spend even more each year than the Morrison government did during Covid pandemic, when it was saving businesses in the lockdowns.

3. LABOR BREAKS PROMISES

Chalmers says the Budget “delivers on our commitments”, including “cheaper and cleaner energy”. False. Labor promised to cut the average electricity bill by $275. Instead, it will rise by $1000 over the next year and half. Gas bills will rise $600.

4. WHAT COST OF LIVING “RELIEF”?

Chalmers says Labor has “a five-point plan for cost-of-living relief”. Misleading. Its plan includes more childcare, which helps only some people with young children they want in care. Stay-home mums get nothing. It includes “getting wages moving again”, when the Budget admits real wages will keep falling.

5. WHAT “MILLION HOMES”?

Chalmers says one plan to ease cost pressures is to “build one million new, well-located homes over five years from 2024”, with the co-operation of business and states. Dubious. A million homes where? How? Why has Labor promised only $350m – $350 per house?

6. HANDS OFF OUR SUPER

Chalmers says superannuation funds will help fund this plan for one million homes, for their members’ interests “and for the national interest”.

Hang on. Government schemes tend to go badly, and even union-dominated super funds have one legal duty above all – not to help Labor “for the national interest” but make sure members retire on as much money as possible.

7. “CHEAPER” CHILDCARE?

Chalmers promised “cheaper childcare”, and will now give subsidies to couples on even $530,000 a year, so the equivalent of 37,000 extra full-time workers will stop minding their own children. Dubious. There’s already a shortage of childcare workers. Higher funding will largely be soaked up by higher wages. History shows more money doesn’t cut fees, which have risen nearly 40 per cent since 2013.