RATE CUT BOLSTERS CASE FOR LABOR TAX CHANGES

JIM CHALMERS MP.
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1 month ago
RATE CUT BOLSTERS CASE FOR LABOR TAX CHANGES
JIM CHALMERS MP
Today’s interest rate cut bolsters the case for Labor’s tax cut proposal to get more money into workers’ hands sooner, to help the Reserve Bank boost the floundering economy.
 
Two rate cuts in two months are a damning indictment of the Liberals’ economic mismanagement.
 
Interest rates are now a third of what they were during the depths of the Global Financial Crisis.
 
The Reserve Bank can’t do all of the heavy lifting.
 
It’s time for the Government to do its bit and support Labor’s amendments which would see every Australian worker receive a tax cut in this term of Parliament.
 
The key point from the RBA Governor’s statement today was: “Consumption growth has been subdued, weighed down by a protracted period of low income growth and declining housing prices.” 
 
After six years in office, the Liberals have no one to blame but themselves for feeble growth, stagnant wages and weak consumption.
 
The Liberals’ claim that they’re good at managing the economy isn’t backed up by facts.
 
This is the only Government which has ever presided over an economic growth rate and a cash rate which both have a one in front of them at the same time.
 
This third-term Government has no plan and no idea how to fix the mess it’s made of the economy or boost the feeble growth on its watch.
 
If the Liberals were doing such a good job managing the economy, the Reserve Bank wouldn’t have had to cut the cash rate for two months in a row.
 
Treasury