Budget Analysis: Australia’s three major political parties speak with Ticker News

The Australian Government’s 2021 federal budget was handed down last night, with leaders spending big to lock in the nation’s Covid-19 recovery.

It’s being dubbed by the Morrison government as the most crucial budget since World War II, with more than $53 billion in new stimulus payments and funding being allocated for key ­services.

The winners? The country’s vaccination rollout program, women, the aged and child care sectors, major infrastructure projects, business owners and taxpayers.

The losers? The climate, renewables, universities, and international tourism were just a few of the areas which didn’t receive as much attention – from a financial point of view.

But what did the country’s three major political parties have to say? We spoke with Federal Finance Minister Simon Birmingham, Greens Leader Adam Bandt, and Labor Senator Katy Gallagher.

SENATOR SIMON BIRMINGHAM – MINISTER FOR FINANCE, LIBERAL PARTY OF AUSTRALIA

Birmingham says the budget plan is one which is measured and prudent, with a focus on ensuring a sustainable debt profile.

He applauds Australia and his government for its pandemic response, particularly when comparing the nation’s economic position to many other country’s around the world.

The Finance Minister believes the budget has many measures designed to help ensure Australia’s productivity continues to grow.

He says the Morison government has implemented a series of reforms and incentives to generate innovation culture in Australia, and promote sustainable and positive long-term outcomes.

In terms of the housing bubble, Birmingham speaks of expanding government-guaranteed support for first home buyers, which will allow more young people to enter the property market.

Focussing on women, the minister applauded the introduction of economic security streams which have been introduced to support the female population.

ADAM BANDT MP – LEADER OF THE AUSTRALIAN GREENS PARTY

On the other end of the political spectrum is Greens Leader, Adam Bandt who says the budget is only good for “the billionaires and big corporations”.

Bandt slams the $50 billion handouts and subsidies for the coal and gas industries and the $1.1 billion for new coal and gas projects during a “climate crisis”.

He argues it’s ridiculous that the budget has $62 billion allocated for the super-rich, all whilst the government’s own forecasts anticipate further wage cuts.

The Greens Leader was not surprised by the budget, and spoke about the “trickle-down effect”, whereby subsidies and handouts will eventually be passed down to low and middle-class citizens.

Will the budget promote any real change? Bandt says this level of spending could have turned Australia into a green energy superpower. But instead, it promotes coal and gas.

Bandt talks of global summit leaders from around the world now having to hold back-room meetings to work out how they deal with Australia’s climate stance.

All in all, Bandt is not a fan of the Government and thinks that “pressure is beginning to build” on the Prime Minister and his party allies.

SENATOR KATY GALLAGHER – AUSTRALIAN LABOR PARTY

Senator Katy Gallagher is a Labor Party representative for the Australian Capital Territory, bringing our budget analysis to a conclusion.

Gallagher says it is extraordinary that there is $100 billion in spending, a massive deficit and a huge debt, yet real workers on the ground are still being left behind.

She believes the budget is more of a “political fix” than a real and genuine attempt to deal with weaknesses in the economy.

The Labor Party would have liked to see better wage forecasts, and they worry that wage growth is not only going to stop – but it’s going to go backwards.

Gallagher thinks the Australian public is looking for more permanent and sustainable solutions to economic, environmental and societal issues.

In terms of the budget’s focus on women, the senator welcomes the money being spent but says the financing lacks any real form of coordinated action to ensure members of the female population are both safe and valued.