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Russell Broadbent urges government budget tightening to reduce cost-of-living pressure to tackle inflation after Reserve Bank decision

Russell Broadbent addresses the Reserve Bank's decision to maintain cash rates, urging government accountability in budgeting to alleviate cost-of-living pressures and tackle inflation effectively for Australians' benefit.

By news@gippsland - 10th May 2024 - Back to News

On Tuesday, the Reserve Bank chose to put cash rates on hold, keeping them at 4.35%. This means ongoing pressure for mortgage-holders, unless the Government listens to the Reserve Bank, takes accountability, and gets its priorities straight. While the Reserve Bank is trying to curb inflation, the Government is feeding it - spending an ever-exceeding amount of tax-payer money on deluded and unproductive ventures.

To genuinely ease cost-of-living pressures, the government must adopt a contractionary approach in the upcoming Budget, considering the excessive tax burden

Tackle inflation now

If the government is genuine about its intention to ease cost-of-living pressures, it should take a contractionary approach in next week's Budget. So, what exactly is the government going to do to alleviate cost-of-living pressures? Sure, the revised tax cuts will come into effect later this year, which was the obvious thing to do.

But there's been an average 7.6% increase in our tax rates since last year - the highest in the world - so these modified stage three tax cuts will only return a small portion back to us, the people. And any other incentives, subsidies, or stimulus in the name of 'Cost of living' will simply continue to delay future rate cuts and continue to put hard working families under the pump.

When the Federal Budget is handed down next week, I want to see the government put aside its shiny targets aimed at securing short term political gain, and start to reign in its reckless spending to tackle inflation, which is a hidden tax on us all. That would be for the benefit of all Australians. That's justice as I see it.

Pictures from David Littleproud MP Facebook page.

Source: http://gippsland.com/

Published by: news@gippsland.com

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  Darren Chester welcomed nearing completion of the $2.2 million Ensay Recreation Reserve redevelopment, praising community volunteers. The project delivers modern facilities, boosting sport, tourism, resilience, and connections.
• Danny O'Brien warns Labor is risking beachgoers safety by forcing councils, ratepayers to cover LSV funding shortfalls
  Danny O'Brien warns the Allan Labor government is forcing Gippsland councils and ratepayers to cover Life Saving Victoria shortfalls, risking reduced lifeguard patrols despite billions in new emergency services taxes.
• Darren Chester welcomes Minister Catherine King’s confirmation that the Eastern Beach Road intersection remains a priority
  The federal government has increased funding to $6.6 million for the Lakes Entrance road safety upgrade, but Federal MP Darren Chester says state government delays continue to stall the vital project.
• Wellington Shire Council offers free green waste disposal to help residents reduce fire hazards this season
  Wellington Shire Council is urging property owners, particularly in coastal communities, to prepare for the fire danger period by taking advantage of its Fire Ready No-Fee Green Waste Disposal program.
• Labor provides rebates and programs to help regional households switch from costly gas to cheaper electric appliances
  The Allan Labor government is supporting 1,183 regional households impacted by Solstice's gas network closure with rebates, discounts, and programs to help them transition to cheaper, energy-efficient electric appliances.
• Danny O’Brien denounces Port Welshpool Coastguard funding snub despite 25-year-old vessel and critical rescue role
  Danny O’Brien criticised the state government for overlooking Port Welshpool Coastguard, leaving its 25-year-old vessel unreliable, and urged clarity and reconsideration of funding decisions for critical local rescue services.
• Princes Highway $2M upgrade improves safety and access for pedestrians at Lakes Entrance and Kalimna
  Nearly $2 million in joint government funding will upgrade Princes Highway at Lakes Entrance and Kalimna, improving pedestrian safety, access, and traffic flow with new medians, lighting, safety platforms, and path reconstruction.
• Latrobe City Council launches 'Kindness is key' campaign to empower students and tackle bullying together
  Latrobe City Council launched the Kindness is Key: Stop Bullying campaign, co-designed with students to promote kindness, upstander training, and community action against bullying across local schools.
• Danny O'Brien criticises Labor for closing Sale and Bairnsdale courts on non-sitting days, inconveniencing locals
  Danny O'Brien condemns the Labor government for closing Sale and Bairnsdale courts on non-sitting days, restricting public access and causing significant inconvenience for Gippsland communities who rely on local court assistance.
• Martin Cameron demands Labor guarantee Traralgon PSOs won’t be removed amid redeployment to retail precincts
  Martin Cameron has urged the Allan Labor Government to guarantee PSOs won’t be removed from Traralgon, warning redeployment to shopping centres could compromise safety on the region’s already under-resourced rail network.
• Martin Cameron condemns Labor for blocking Jack’s Law, pledges action to combat knife crime
  Martin Cameron condemned the Allan Labor government for blocking Jack’s Law, pledging to introduce it if elected, giving police powers to combat knife crime, following its success in other Australian states.
• Darren Chester and Martin Cameron launch petition urging action on long-delayed Traralgon Princes Highway bypass project
  Darren Chester and Martin Cameron have launched a community petition urging state and federal governments to prioritise funding and design work for the long-delayed Traralgon Princes Highway bypass to ease congestion.
• Tim Bull demands end to brumby shooting as pest and weed control programs face cuts
  Gippsland East MP Tim Bull has urged the state government to scrap its costly brumby shooting program, criticising cuts to pest and weed control services vital for farmers and rural communities.
• Martin Cameron says new emergency services tax replaces fire levy, adding enormous pressure to struggling small businesses
  Latrobe Valley small businesses face soaring costs as Labor's new Emergency Services Tax replaces the Fire Services Levy, with Nationals warning it punishes regional communities and fuels insolvencies amid financial mismanagement.