‘Going back to its socialist roots’: Shadow treasurer Angus Taylor slams Labor’s economic policy as ‘politics of envy’

Shadow treasurer Angus Taylor has slammed Labor’s “mismanagement” of the economy, claiming Prime Minister Anthony Albanese’s plan to fund the tax cuts is to “rob Peter to pay Paul”.

After weeks of debate, the Coalition agreed to back the federal government’s amendments to the stage three tax cuts following a party room meeting earlier this week.

Mr Taylor said despite this decision the Opposition will take new policies that align with the original stage three tax cuts to the next federal election.

Claiming Labor’s “egregious” mismanagement of the economy was the number one issue Australians were facing, Mr Taylor said the collapse of real disposable incomes was something new.

“We have never seen a collapse in real disposable incomes in our lifetimes, like we’re seeing right now, 8.6 per cent in 18 months. I mean, we’re seeing people at food banks we’ve never seen before,” he said.

Meanwhile, Treasurer Jim Chalmers praised Prime Minister Anthony Albanese in Question Time on Thursday and declared Labor was the party of aspiration and working people.

“Under this prime minister and his government, only Labor puts people before politics, only Labor is the party of middle Australia,” Mr Chalmers said.

“Only Labor is the party of aspiration. Only Labor is the party of working people and their families and their communities.

“Only Labor is the party of bigger tax cuts for more people”.

Mr Taylor said he asked Mr Albanese if Labor would rule out changes to negative gearing, something the prime minister refused to do.

“The question I asked him was an important one, which is whether they preferred to grandfather existing arrangements, which would mean people would have to unwind all of any of their investment properties that are negatively geared. Now, again, absolutely refusing to rule it out. So, we know where they’re going.”

“Labor pretends to be all sorts of things. They’re not, they are the politics of envy.

“It’s not the politics of aspiration… We have Labor going back to its socialist roots right now”.

Mr Taylor said Labor had “trashed the economy” by spending an extra $209 billion since coming into power.

“Australians are hurting,” he said

“That’s how Labor does it. It’s divisive politics.” 

“We had racial division all last year and we got to have no doubt, economic division this year.

“But that’s the way the Prime Minister likes to play the game. That’s the Australia he wants to see. It’s certainly not the Australia we believe in.”