The 2022 Federal Budget was a missed opportunity to address key economic concerns including spiralling inflation and generations of debt burden, according to the Liberal Democrats Lead Senate Candidates from across the nation.
Lead Senate Candidate for Queensland Campbell Newman said: “Frydenberg and Morrison have spent the last two months spruiking about the cost of living and giving Australians a fair go.
“But their empty rhetoric has been highlighted in this budget where they have thrown billions of dollars at unproductive pursuits, and they have recycled old infrastructure projects that have been partially completed or are yet to be started despite being in the last three budgets.
“On top of that, they have put in one-off trinkets such as the payment to our pensioners and the temporary reduction in fuel excise in an attempt to demonstrate they actually care about the cost of living.
“Here we are with spiralling debt and the LNP had the opportunity to stick to Liberal economic values, but they didn’t.
“What have the Liberal-National coalition done for small and medium business? Absolutely nothing. Small and medium business is the engine room of the Australian economy and the largest employer of the Australian work force, yet it is drowning in red tape, unacceptable industrial regulation, and ballooning tax burden.”
Campbell said the Coalition had the opportunity to stick to its core values and deliver a fiscally responsible budget targeting the real economic and social drivers of this great nation, however, they have squibbed and adopted an ALP/Green approach of reckless spending without an eye on future productivity or job creation in the private sector.
Mr Newman sees value in creating environments that foster the entrepreneurship of small business through lowering tax rates with exemptions from ASIC fees and charges and the option for employers to pay their staff in shares that are tax free until such a time they are actually sold and only then subject to capital gains tax.
Victorian Lead Senate candidate David Limbrick said all Australian governments, including the states and territories, have a spending addiction.
“The remedy for inflation can be summarised in two words: spend less,” Mr Limbrick said.
“Unfortunately, the major parties refuse to acknowledge they have a problem, and we appear to be in the early stages of a slow-motion economic car crash. If we want to avoid the impacts of inflation, voters will need to look for political alternatives to the major parties.”
Lead Senate Candidate for NSW John Ruddick said: “The worst impact of our over-reaction to COVID is the least talked about – our massive Commonwealth debt which has all but doubled.
“Not only are the major parties ignoring the debt, but they have also spent this budget season clamouring over each other to promise more endless spending.
“Both Morrison and Frydenberg are too busy with their pre-election ‘cash-splash’ to acknowledge the ominous spectre of rising inflation around the globe.”
Mr Ruddick compared this to ‘economic vandalism’ and the real national security threat.
He went on to say, “Only the Liberal Democrats have a plan to tackle our spending addiction.
“We are championing a ten percent cut in government spending in all departments excluding Defence and on top of that a one percent cut every year after until the debt is repaid.
“This is tough love, but love it is for the next generation of Australians.”
Lead Senate Candidate for Western Australia Kate Fantinel described the Budget as another example of the Liberal Party’s questionable economics credentials.
“The Liberal Party brag about their economic credentials but in reality they are just as addicted to taxpayers’ money as Labor,” she declared.
“Cost of living is a real issue, especially in Western Australia, and the meagre temporary reduction on the fuel excise will hardly ease the pressure on families already struggling to make ends meet.”
Kate also raised concerns about the growing debt her generation and the next will be saddled with.
“As a younger person, I am extremely concerned about the pressure big budgets like these will place on my generation and generations after me – after all, we will be the ones hit with higher taxes to pay for greedy government spending,” she pointed out.
“The Liberal Democrats is the only fiscally responsible party who is calling for an immediate ten percent cut to almost all government spending.”
South Australia’s Lead Senate Candidate Kenelm Tonkin strongly believes in encouraging start-ups, helping jump-start new businesses in regional areas, and lowering the risk for angel investors who back entrepreneurial talent.
“Year after year, the Liberal-Labor duopoly claims they support small business and want to cut red tape,” Mr Tonkin said. “Most of their politicians have never been in business so they don’t know what this means.”
For over 20 years The Liberal Democrats have promoted small responsive government focused on delivery to core areas. A ten point Freedom Manifesto outlines the party’s vision for Australia, including economic policies that highlight the need to reduce government waste and the duplication of services between levels of government.
Media inquiries:
National & WA:
Kate Fantinel
0401 620 227
QLD:
Kayla Hanna
0407 650 733