Mumbai Press Center

May 18, 2024 | [ANALYSIS] Federal Budget Does Nothing to Help Australians with the Cost of Living Crisis

Following Freedom Publishers Union's analysis of the Australian Government's Federal Budget, delivered by Prime Minister Anthony Albanese on May 14, 2024, we express our disappointment and immediate concerns.

In the weeks prior, the Federal Government had engaged in an ambitious media campaign attempting to frame the Budget as a Budget which would "address the cost of living crisis".

It is now clear it was all just traditional politicking and media spin.

Australians are experiencing a serious cost of living crisis right now, particularly for rental accommodation, housing, energy and grocery prices, and even soaring costs to see a doctor.

Nobody is unaffected.

Of most serious and immediate concern to Freedom Publishers Union is the unsustainable high cost of energy and grocery prices.

While the problems around rental accommodation and housing are critically important and require some form of Government intervention, the problems are more closely tied to record high numbers of immigration rather than fiscal policy.

In his Budget Reply speech, Opposition Leader Peter Dutton pledged to reduce the permanent migration numbers for two years.

However, in the years that follow it will be reset and the number will be set to increase again, which will put Australia at risk of once again heading into an immigration abyss, something the nation currently finds itself in.

We welcome the reduction in permanent migration numbers coming into Australia, however Mr. Dutton's pledge does not go far enough.

To have any effect, the reduction in numbers must be slashed much more than is being proposed.

On energy, the Government announced from July 2024 additional support will be offered to all Australian households and small businesses, in the form of $300 and $350 energy supplements, respectively.

While any assistance is welcome, this is a shockingly inadequate amount and will realistically do very little to help most Australians pay for the exorbitant high cost of energy, which particularly punishes larger families.

There was nothing delivered in the Budget which will actually go towards helping Australians with high grocery prices.

During the past fortnight, data has showed there is an increasing amount of parents now eating less or making the ultimate sacrifice of not eating at all, just so they have enough money left to feed their children.

This is a terrible realization in a modern, rich economy such as that of Australia.

There will be a 10% increase in the maximum amount paid for rental assistance, for those that qualify.

The increase does nowhere near enough to help renters - particularly those living in the East Coast capital cities - when rent increases of $50-$100 (or more) have now become common.

This has made rental accommodation unaffordable and in scarce supply, bringing many Australian renters to the brink and forced to live in their cars or one of the many tent cities that are now being constructed in the capital cities.

To add insult, the Budget delivers billions of dollars in subsidies propping up international companies working on experimental and unproven technology, such as the American quantum computer company, PsiQuantum.

The subsidies are being directed under the new (and somewhat misleading) to-be established program dubbed "Future Made in Australia".

The Government has appeared reluctant to directly support Australian-owned companies, instead has enthusiastically offered a generous billion-dollar subsidy to a foreign-owned company under secret contractual agreement.

A further billion-dollar subsidy is being delivered to produce a program to determine the feasibility and eventual establishment of a domestic solar panel manufacturing industry with a goal to compete with China.

This is not just stupidly risky, but simply not feasible, is unrealistic and purely an economic fantasy if the Government seriously think they can compete with the scale and market power of China, in the manufacturing arena.

We saw the Labor Party's past fiscal experiments with trying to keep the doomed car manufacturing industry alive, in Australia, which ignored the advice of economists and industry experts.

We believe a solar panel manufacturing industry will ultimately be sealed the same fate before its even established.

Freedom Publishers Union believes Australians have been blatantly mislead by the Government, which framed the Budget as one which would ultimately assist with the cost of living which has engulfed the nation and crippled people's lives.

It seems only fitting that the worst Australian Government in recent political history could only deliver one of the worst budgets to match their own dismal performance, overall.

The Government, led by Prime Minister Anthony Albanese, has failed Australian citizens, again.

It has failed at national security.

It has failed with immigration.

It has failed at building enough homes.

It has failed on energy policy, choosing ideology over facts.

It has failed with the economy and ultimately has failed to deliver a Budget to help Australians with the worst cost of living crisis since World War II.

Asia/Pacific Press Office - Mumbai Press Center

Written by The Editorial Board.

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