“The International Monetary Fund has issued a fail to the Albanese government’s economic model because it is destroying the wealth and wages of Australians and failing to drive reform to increase the health of the economy”, said Shadow Treasurer, Tim Wilson.
Mr Wilson’s comments come in the wake of the latest IMF report card into Australia, which noted that Australia now faces the highest cost of government debt in 15 years, productivity has crashed to an annual growth rate of -0.2 per cent, and a “more ambitious” reform strategy is needed to lift the economy out of its slump.
“The IMF has called out the Albanese government in pursuing higher taxes, higher debt and smashing confidence for investment and improvement of the wealth and wages of Australians”, Mr Wilson said.
“First, it was Labor legends like Bill Kelty calling out the spin and failures of the Albanese government, then it was the backbench MP’s leaking against the Treasurer, and now it is the IMF calling out the Treasurer and the Prime Minister for their failed economic model that is destroying the wealth and wages of Australian families”.
“Jim Chalmers brought Australia over a trillion dollars of debt while bond yields are hitting record highs, forcing future generations to pay for his addiction to spending”.
“The government spins higher wages, but Australians are living with less purchasing power and lower real wages; they spin more affordable housing, while first home buyers are falling behind and living higher rents; and now they have the audacity to spin lower debt as it keeps rising. Now an international report card has called out the Albanese government for what Australians are living”.
“This is a Treasurer presiding over the worst run of productivity growth since records began in 1960, and the IMF’s verdict is damning: business dynamism has weakened, regulation has crept across every state, and Australians are paying the price in falling living standards.”
“The IMF has told Chalmers exactly what needs to happen: rein in spending, broaden the tax base, and deliver real reform that grows the economy instead of taxing it. Instead, Labor has chosen higher taxes on capital gains, rental properties and trusts while spending climbs to 26.8 per cent of GDP, the highest outside the pandemic since 1986.”
“Australians didn’t need the IMF to tell them the Government has an active inflation agenda. They’re living it every time they open a bill. But it’s another independent voice confirming that Labor’s answer to every problem is to stoke inflation, tax inflation, and spend inflation.”
