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When I'm out in the community, I hear the same concerns repeatedly: cost of living pressures are relentless - consecutive interest rate hikes have made that clear - and community groups across Wentworth are struggling to keep up with growing demand from people who need the very basics like food and shelter. At my pop-up offices so many people - particularly young ones – are telling me they are doing everything right but just can't get ahead. Businesses are struggling and government red tape and bureaucracy is making it worse.
None of this is an accident - it is the result of years of policy failure. That's why this budget really matters. Here is what I want to see:
Targeted support for the most vulnerable. The budget must properly look after our most vulnerable in these difficult times. That includes funding food relief, legal assistance and community services already stretched to breaking point, better protections for renters including ensuring they are not left out of the clean-energy transition. It also means fully funding the Medical Research Future Fund which is critical as our population ages.
Spending restraint to reduce inflation. At 26.9% of GDP, government spending is at historical highs and is adding to inflation pressures. This budget needs to pull back on government spending and make sure every dollar is working as hard as possible – that means taking a hard look at infrastructure spending, the tax treatment of EVs, and ensuring the NDIS, which is a life-changing service for so many in our community, is put on a sustainable footing.
Tax reform that gives back to Australians. I'm pleased to see reports the government is considering tax reform in the personal income space and which I pushed in my Tax White Paper and potentially changes to support small business and start-ups. But if revenue raised just goes to the government to fund spending then the work is only half done. To help more Australians, regardless of their family backgrounds, build wealth then any money raised can’t just go to spending. And the government must listen to concerns of the start-up industry and ensure that any changes don’t reduce incentives to start and invest in our most productive businesses. I will also keep pushing for serious reform to gas and resource taxation – an issue I know matters deeply to our community - and continue to work on how we can reform company taxation to drive more business investment.
Long-term reform for productivity growth. Without productivity growth we cannot grow prosperity. The budget must lay the groundwork for reforms that will actually lift living standards for the next generation. That includes speeding up government decision-making and reducing red tape, making sure migrants can actually use their skills in the industries they got skilled visas for, delivering the clean-energy transition at lowest cost and reducing costs in housing construction.
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