After five Labor Budgets, Australians are paying more, working harder, and going backwards.
This is a Budget with higher taxes, more debt, more division and no plan to restore Australians' standard of living or protect our way of life.
The Budget confirms Anthony Albanese and Jim Chalmers are the owners of the highest taxing government in Australia's history.
This Budget sees the economy burdened with $50 billion of higher taxes including $15 billion in higher personal income taxes.
The Budget also confirms that government spending will remain at its highest level in 40 years, outside of the pandemic.
In another blow to households, the Budget confirms home grown inflation compounded by international factors will hit 5 per cent, well above the RBA's target band of 2 to 3 per cent, which means interest rates will continue to be higher for longer.
It confirms that living standards will go backwards again, confirming Australians with a typical mortgage are $32,000 a year worse off under Labor even after this Budget.
All families are also feeling the pain of wages not keeping up with Labor's inflation, with the Budget revealing the buying power of Australians' wages has declined by 3 per cent under this government.
Once again Labor have blown their own immigration targets, by the end of their first two terms they will have bought in 2 million migrants including overshooting its target by another 90,000 over the next two years.
Australians are still staring at a decade of deficits, with debt forecast to hit $1.25 trillion.
The yearly interest bill on that debt will hit more than $42 billion or $80,000 per minute.
The Budget also confirms Labor's housing taxes will reduce the supply of homes by 35,000 over the decade, whilst also increasing rents.
We have consistently said if you tax something more you get less of it - and Labor's own budget papers confirm that in relation to housing.
Shadow Treasurer Tim Wilson said the Budget only delivers debt, division and decline.
"This is a Budget of broken promises, higher taxes, lower living standards and fewer homes," Mr Wilson said.
"It fails Australia's future economy and has failed the basic test of restoring honesty, Australia's security and living standards. It pulls the ladder of opportunity up from young Australians before they get their first foot on the rung.
"This Budget is taking from the future to feed Labor's spending addiction today by taxing growth and opportunity, and adding more debt.
"Restoring honest government should be the easiest test to meet because it involves saving money, but the Treasurer has started Budget season in a trust deficit to match his Budget deficits by openly betraying Australians on new taxes.
"Labor governs for themselves, not Australians, and this Budget is designed to feed their outdated economy, not build the economy Australians will need in the future.
"Australians are living the consequences of Jim Chalmers' active inflation agenda where he stokes inflation, taxes the inflation and then spends the inflation, eating away at Australians' living standards.
"The Albanese government is ignoring warnings from the Reserve Bank and the International Monetary Fund and doubling down on pouring debt petrol on the inflation fire."
Shadow Finance Minister Claire Chandler said the Albanese government's attempt at economic reform was really just a cash grab.
"This is a Budget with higher taxes, more debt, more division and no plan to restore Australians' standard of living or protect our way of life," Senator Chandler said.
"It is clear when you take a look under the hood, this budget that doesn't do what it says on the box - it's simply a tax on Australians trying to get ahead.
"The Budget and the government's higher taxes will do nothing to increase productivity and nothing to improve living standards.
"This is a Budget that projects deficits because Labor cannot control their spending addiction, and that passes the bill onto the next generation of Australians through higher taxes into the future.
"This government is the master of betrayal. They promise savings in one breath and then spend more in the next.
"Jim Chalmers claims $221 billion in savings, yet this Budget shows the government has also gone on a $324 billion spending spree."
"For the last four years, the Albanese government has failed to get its spending under control, and tonight's budget is no different. The Budget confirms that government spending is still growing twice as fast as the rest of the economy, and it will be young Australians who have to pay the price of that through higher taxes."
On Thursday night, Opposition Leader Angus Taylor will deliver the Budget in Reply and outline the Coalition's plan for a Better Australia.
A plan to restore Australians' standard of living.
A plan to protect our way of life.
A plan to back hard work, reward aspiration, grow the economy and get Australia on the right track.
Australians cannot afford more broken promises, more taxes, more debt and more division.
