Prime Minister Anthony Albanese says a budget cash handout would have been 'cheap politics and hugely expensive economics'.
abc.net.au/news/anthony-albanese-defends-decision-for-no-cash-splash-in-budget/101609602The prime minister has again defended the government's decision not to offer cash handouts to Australians struggling to pay their energy bills, saying it would do more harm than good.Anthony Albanese says a one-off cash giveaway would have made the problem worseLast week's budget painted a bleak picture for the next couple of years, with Treasury forecasting high living costs and declining real wages.
"My colleagues and I understand there are many people feeling the pain of rising prices, especially off the back of a decade of stagnant wages," he said. "Instead of helping households, it would only add to the inflationary pressures that are eating away at family budgets and devaluing wages. The RBA expects inflation to peak around 8 per cent this year, largely due to Russia's invasion of Ukraine and the recent floods.Labor promised to reduce power prices by $275 by 2025, however, when pushed on whether that would still occur,"We know that there is also enormous pressure due to the Russian invasion of Ukraine, which has seen global power prices spike, but we are also looking at what we can do in the short term.
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