Angus Taylor criticizes government spending after RBA rate hike to 15-year high
Quick Look
- Opposition leader Angus Taylor spoke on ABC News Breakfast on his birthday, criticizing the federal government's spending on renewable energy transition, housing bureaucracy, and corporate welfare following the RBA's decision to raise interest rates by 25 basis points to 4.6%, a 15-year high.
- RBA Governor Michele Bullock stated inflation was driven by domestic capacity pressures, with the Middle East oil shock as an additional factor.
- Taylor argued the government lacks control over inflation and interest rates, insisting all spending must be offset by budget savings.
AI-generated summary
Why It Matters
The Reserve Bank of Australia raised interest rates by 25 basis points to 4.6%, marking a 15-year high. Governor Michele Bullock attributed inflation to domestic capacity pressures, noting the Middle East oil shock as an additional factor. Opposition leader Angus Taylor used his birthday appearance on ABC News Breakfast to criticize government spending on renewable energy, housing bureaucracy, and corporate welfare, arguing it fuels inflation and insisting all spending must be offset by budget savings.
Angus Taylor has stepped up on morning television (on his birthday!!) to speak about the RBA's decision to hike interest rates to a 15 year high.
The Reserve Bank raised interest rates by 25 basis points to 4.6 per cent on Tuesday. The bank's governor Michele Bullock says Australia's inflation challenge was broader than the impact of the Middle East war.
She said inflation had been "driven by domestic capacity pressures" and that the oil shock came "in addition to this".
Speaking to ABC News Breakfast, the opposition leader says the government isn't in control of inflation and interest rates.
Taylor says the government is spending too much money on the transition to renewable energy, "housing bureaucracy" and "corporate welfare".
He's called on the federal government to ensure that all spending is offset by savings in the budget.
"This has been home-grown inflation. We have the highest interest rates now of any developed country outside of Iceland. So we are seeing very specific factors here for Australia," Taylor says.
Hello and welcome to our federal politics live blog! It's great to have you join us early this Wednesday morning.
I'm Josh Boscaini joining you live from Parliament House in Canberra, here and ready to bring you all of today's federal politics news.
There's a few things happening in the world of politics today. First up, we'll likely hear reaction to the RBA's decision to hike interest rates.
The Greens are also meeting today and tomorrow where they'll decide who leads the party after Larissa Waters stepped down from the role.
Let's get this blog on the road and see where it takes us!
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What to Watch
AI outlook — possibilities, not facts
The RBA will hold interest rates steady at its next meeting pending inflation data
Likely · Within weeks
The Australian Greens will elect a new co-leader following their internal meeting
Very likely · Within days
Open Questions
- What specific savings does Angus Taylor propose to offset government spending?
- How will the Greens' leadership decision impact their political stance on economic policy?
- Is there internal disagreement within the government about the appropriate response to inflation?