The Labor Government’s Federal Budget has taken a sledgehammer to Riverina residents’ livelihoods by increasing taxes, driving down living standards and continuing to cut funding to the regions, Federal Member for Riverina Michael McCormack says.
Mr McCormack said those living in the Riverina and wider regional Australia were bearing the brunt of a Labor Government turning its back on regional Australians.
“The Labor Government tried to put lipstick on a pig but trying to sweeten a whopping $77 billion of net tax grabs with a $5 a week tax cut is like trying to sweep the elephant in the room under the rug,” Mr McCormack said.
“This terrible Budget represents Labor’s flagrant disregard of the regions and voters – breaking election promises on big ticket items such as negative gearing and capital gains taxes.
“With this Budget, Treasurer Jim Chalmers has just made himself the highest income-taxing Treasurer in Australia’s recorded history.
“More than 160,000 people will be kicked off the National Disability Insurance Scheme, including many from the Riverina.
“People over the age of 65 will cop a significant hit to their hip pockets with the Labor Government cutting subsidies for older Australians – this will put pressure on an already-struggling public health system.
“This move will simply cause older Australians to ditch their private health insurance and put additional pressure on the public system, which will cost the taxpayer even more. The Minister’s own estimates suggest around 60,000 older Australians will be forced to drop their private health cover.
“There is no investment in infrastructure for the Riverina – there is no money to upgrade the Barton Highway. The Minister for Regional Development Kristy McBain promised on 29 June 2020 during the Eden-Monaro by-election campaign that she won, that Labor would spend ‘$250 million to make the Barton Highway duplication a reality’.
“It goes to show you can’t trust Labor on what it says it will do.
“Labor’s broken promises on tax betrays the trust of Australians and will see regional Australians pay more.
“Even on Labor’s own figures, disposable income per capita will fall and real wages will decline.
“In the regions, not only does Labor’s Budget make people poorer, they also suffer cuts to the productivity-enhancing infrastructure that could make all Australians richer.”
Across the Budget, regional Australians face at least $11 billion worth of cuts, including:
- $6.15 billion cut from the Inland Rail project,
- $4.7 billion cut from infrastructure spending,
- $103 million cut from the National Water Grid,
- $191.6 million cut from pest and disease, regional trade and drought funding for farmers, and
- $21.4 million cut from regional communications funding.
“Labor’s short-sighted cut to the Inland Rail will see more trucks on our roads and higher costs of goods for all Australians,” Mr McCormack said.
“It’s those in regional areas who will lose their jobs, it’s the nation’s freight productivity which will suffer, and the environment will suffer because the Inland Rail was projected to take 200,000 trucks off the roads and reduce carbon emissions by 750,000 tonnes each year from 2050.
“Labor has then rubbed salt into the Inland Rail cut wounds, with a $3.8 billion bailout to the Victorian Labor’s pet project, the Suburban Rail Loop in Melbourne.
“Labor’s addiction to mass migration is also adding to inflationary pressures. Labor plans for almost 300,000 people to migrate to Australia (in net terms) next financial year.
“Labor is ignoring the will of the Australian people who want to see lower migration so that the pressure on housing, hospitals and other services is reduced. This Budget sees Labor overshoot its migration target by 90,000 people over the next two years.
“The Nationals believe that Australia can deliver higher living standards, but only if we unleash our nation’s latent potential by using all of our resources and talent.”