- See more Daily Mail on Google - save us as a Preferred Source
Nat Barr has unleashed on Treasurer Jim Chalmers over Australia's soaring interest rates, government spending, and high taxes as households brace for more mortgage pain.
asserted
households → see → pain
The Sunrise host questioned why Australia was on track to have one of the highest cash rates in the developed world, with the Reserve Bank widely expected to lift rates from 4.35 per cent to 4.60 per cent on Tuesday.
asserted
Bank → question → Tuesday
Barr said only Iceland would have a higher rate, while countries including the US, UK, New Zealand, Canada, Denmark, Sweden and Singapore had lower rates.
asserted
countries → say → rates
We have the second-highest cash rate in the developed world.
asserted
We → have → world
You know them,' Barr asked.
asserted
Barr → know → them
Chalmers pushed back, arguing Australia's economic performance needed to be considered more broadly.
asserted
performance → push → ?
'Well, the first point is that inflation and interest rates are going up right around the world,' Chalmers said.
'
asserted
Chalmers → go → world
The second point is, if you want to make comparisons with other countries, you've got to make the full comparison.
asserted
you → want → comparison
Nat Barr has unleashed on Treasurer Jim Chalmers over Australia's soaring interest rates, government spending, and high taxes as households brace for more mortgage pain
Chalmers rejected the suggestion the government had allowed spending to spiral
'
asserted
spending → unleash → suggestion
You know, we've got stronger economic growth than almost every major advanced economy.
asserted
we → know → economy
We've got lower debt, much, much lower debt than the major advanced economies.
asserted
We → get → economies
And so, when you make those comparisons, it's important to make the whole comparison.'
asserted
it → make → comparison
Barr was quick to hit back, saying those figures offered little comfort to households struggling with higher repayments and living costs.
'
asserted
figures → hit → repayments
But Jim, people don't feel that, though.
asserted
people → feel → that
I can promise you, people on the text line are saying, "All the figures, that's great, but on my kitchen table, this is my problem."
asserted
this → promise → table
So that's what they're living with.
asserted
they → live → what
'
Barr also challenged the Treasurer over government spending, asking whether elevated spending was adding to inflationary pressure.
asserted
spending → challenge → pressure
'Government spending has climbed to 26.9 per cent of GDP.
asserted
spending → climb → GDP
Do you concede that spending is contributing to our inflation crisis?' she asked.
asserted
she → concede → crisis
Chalmers hit back at the suggestion the government had allowed spending to spiral.
asserted
spending → hit → suggestion
Australia has one of the highest cash rates in the world
'When it comes to government spending, we've been able to get that down quite substantially since we've come to office,' he said.
asserted
he → have → office
'Government spending as a share of the economy has come down considerably in the last four or five years or so.
asserted
spending → come → years
Barr pressed him again, pointing to concerns raised by economists and the Reserve Bank about government spending and demand in the economy.
asserted
Barr → press → economy
'But you've got economists and even the RBA Governor saying your high government spending is contributing to this.
asserted
spending → get → this
Do you accept that it's still too high?'
asserted
it → accept → ?
Chalmers said there was more work to be done on the budget.
asserted
Chalmers → say → budget
'I accept that there is always more work to do to get the budget in even better nick, to build on the very substantial progress that we have made already,' he said.
asserted
he → accept → that
'If you look at that final budget outcome we released yesterday, the budget deficit for this year is around half what we inherited when we came to office.
asserted
we → look → office
It means that even in that one year, even since the budget, the budget's $6 billion stronger, debt is $10 billion lower.
asserted
debt → mean → budget
Barr then turned to tax, telling Chalmers: 'You are on target to become the highest-taxing treasurer in Australian history.
asserted
You → turn → history
That's what people are feeling.'
asserted
people → feel → what
Chalmers disputed the characterisation and pointed to tax levels under former Coalition treasurer Peter Costello.
asserted
Chalmers → dispute → Costello
That's an important point that I think people are missing, reacting to those stories today,' he said.
asserted
he → think → stories
'But even that story today acknowledges that taxes were higher under Peter Costello.
asserted
taxes → acknowledge → Costello
A lot of people from the other side of politics point to Peter Costello as a model.
asserted
lot → point → model
He had higher taxes in his budgets than I have in mine.
asserted
I → have → mine
So I just think that's an important bit of perspective.'
asserted
that → think → perspective
The Aporia
