Dutton, Cash, Smith – Media Release – Coalition Commits $2 Million to Holocaust Education

Media Releases

THE HON PETER DUTTON MP LEADER OF THE OPPOSITION SENATOR THE HON MICHAELIA CASH SHADOW ATTORNEY-GENERAL SENATOR DEAN SMITH SENATOR FOR WESTERN AUSTRALIA COALITION COMMITS $2 MILLION TO HOLOCAUST EDUCATION   An elected Dutton Coalition Government will commit $2 million to the Holocaust Institute of WA to help educate Western Australians about the atrocities of both the Holocaust and the October 7 Israel attacks.   Opposition Leader Peter Dutton will be in Western Australia on International Holocaust Remembrance Day (January 27) and will attend a service at the Holocaust Institute of WA to mark the 80th Anniversary of the liberation of Auschwitz-Birkenau.   The $2 million commitment for the Holocaust Institute’s Education Centre will help complete the fit out of their facility to world-class standards.   The Education Centre, located in the Jewish Community Centre (JHub) in Yokine, will include state of the art exhibitions, interactive visual and digital displays that will effectively convey the atrocities of both the Holocaust and October 7.   “Educating Australians about atrocities of the Holocaust and the October 7 attacks is an important mission that deserves support,’’ Mr Dutton said.   “By gaining awareness of the persecution and atrocities committed against Jews, Australians will have a better understanding of why there is no place for antisemitism in our community.’’   “We hope this sort of education will drive awareness and foster positive action within the Western Australian community.’’   Senator Michaelia Cash said: “Leadership is needed to combat antisemitism in Australia. It is also clear that education is vital to combatting the increase in antisemitic behaviour we have seen since October 7, 2023.”   “Educational institutions such as universities have failed to educate students on the dangers of antisemitism, so it is important that organisations like the Holocaust Institute of WA help fill that gap.’’   “The awful events of the Holocaust and October 7 must never be forgotten, and it is important that new generations are taught about the awful events which took place.’’   Senator Dean Smith said: “The WA Jewish community is an incredibly important and valued part of our state and deserves all possible support, especially in the face of rising antisemitism under Labor.”   “With 25 per cent of Australians knowing nothing about the Holocaust, education remains a crucial step in combatting discrimination – the Coalition understands that.”   “While the Albanese Government has demonstrated complacency, our commitment to this centre and measures like the Courage to Care program respond to this crisis with the urgency it requires.” 26 January 2025

Hume, Smith & Canavan – Media Release – National Crisis Needs National Response

Media Releases

SENATOR THE HON JANE HUME SHADOW MINISTER FOR FINANCE CHAIR OF THE COST OF LIVING COMMITTEE SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR THE HON MATT CANAVAN SENATOR FOR QUEENSLAND MEDIA RELEASE Monday 18 November 2024   NATIONAL CRISIS NEEDS NATIONAL RESPONSE Following a two year inquiry, the Cost of Living Committee has found that Australians’ standards of living have collapsed due to Labor’s high inflation and low productivity. The Committee’s final report, Paying the Price: The Cost of a Crisis on Australians’ Standards of Living makes an additional nine recommendations to the Albanese Government, on top of the 14 that remained unactioned from the Second Interim Report. In response to the overwhelming evidence that Australia’s inflation crisis is homegrown, the Committee has called for the Albanese Government to show leadership and convene National Cabinet to address excessive government spending that is driving inflation. In addition, the Committee has found that Australians’ falling standards of living needs an active response from Government. The Report found that Labor’s anti-productivity red tape agenda was contributing to the cost of living crisis, driving up costs for small businesses and prices for consumers. For that reason, the Committee also recommended the Albanese Government to convene National Cabinet to develop productivity-enhancing reforms for the economy, including establishing a national deregulation agenda. Chair of the Committee Senator Jane Hume said that two years of evidence has overwhelmingly shown that Australians are worse off under Labor. “High inflation has eaten away at the standard of living for Australians, and is the driving force of this cost of living crisis. “Anthony Albanese must call a National Cabinet to address the excessive government spending from all levels of Government, to help address our homegrown inflation crisis. “Sadly, the Prime Minister and his Labor colleagues have been gutless in their response. “If Labor was serious about lowering the cost of living and restoring our standards of living, they would show leadership and act on these recommendations.” Senator Dean Smith, whose Private Senator’s Bill to encourage donations to food charities and slash food waste was endorsed by the report, said Labor needs to focus on people rather than politics. “A food donation tax incentive is the highest policy priority for food relief charities and the hungry households they support, but despite two and half years of very public advocacy to deliver it, Labor continues to turn a blind eye. “I call on the Albanese Government to put people first and reverse its decision to oppose this sensible and practical solution, which will help to address record food stress across the country – especially as Christmas approaches. “Labor’s cost of living crisis has hit charities and not for profits very hard, with many overwhelmed by a combination of skyrocketing demand for services and dramatically increased operating costs.” Senator Matt Canavan said Labor had abandoned Australians across the country by focussing on their pet projects and keeping cosy relationships, instead of the cost of living crisis. “For two and a half years we have seen nothing but wrong priorities from Anthony Albanese and his Government. “Families and small businesses, particularly those in regional and rural Australia, have been forgotten by Labor, and as we heard throughout the Committee it is those communities who are doing it incredibly tough. “It’s time we saw some action from Labor on the cost of living and I urge the Albanese Government to adopt these recommendations as a matter of priority.” The Final Report is available online here. ENDS

Taylor and Smith – Joint Media Release – Labor’s opportunity to improve record of competition failure

Media Releases

The Hon Angus Taylor MP – Shadow Treasurer – Member for Hume Senator Dean Smith – Shadow Assistant Minister for Competition, Charities and Treasury – Senator for Western Australia MEDIA RELEASE 15 November 2024 LABOR’S OPPORTUNITY TO IMPROVE RECORD OF COMPETITION FAILURE The Albanese Government has been given the chance to finally deliver meaningful competition reform for Australian businesses and consumers – having repeatedly failed to do so. In a Senate Economics Committee report released today, the Coalition has made clear while it endorses the legislation – the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 – the success of the new regime hinges on Labor’s ability to successfully implement it. On that score, the Albanese Government’s record counts against it, having shown poor stewardship of complex policy matters, mismanaged the economy, and dragged its feet on key competition initiatives – including supermarket reforms, the Consumer Data Right and the News Media Bargaining Code. The Coalition stressed the need for a balanced and transparent implementation process that monitors costs, reports regularly on progress, and focuses most heavily on sectors where market concentration is problematic. It echoed the concerns of many stakeholders that the economy-wide nature of the new framework risks burdening small and medium businesses with potentially high compliance costs and red tape, neither of which they are in a position to manage – and stifling investment and innovation as a result. This regime also represents a major challenge for the ACCC, demanding considerable resources and, in many ways, a shift in direction. The Coalition noted in its comments that, while it absolutely supports the ACCC’s work in achieving better competition outcomes, future increases to funding and staff – including to deliver the mandatory reporting framework – must be justified by its success. Stakeholder concerns over implementation risks, including delays in processing merger applications and the need for constant consultation to review thresholds and other settings were reflected in the Coalition’s recommendations. These closely reflected proposals to improve implementation from the Business Council of Australia and include regular publication of KPIs to measure how the regime is performing and the establishment of an expert implementation panel. Comments attributable to Mr Taylor: “The Coalition is committed to competition reform that enhances growth, delivers real benefits for Australian consumers and businesses and, most important of all, puts the customer in charge. “The customer is the best regulator in the industry, but they can only do that if they have competition and if they have choice. That’s why a robust competition framework is essential, but it can’t become sludge and red tape. “Australians and Australian businesses have good reason to doubt this government’s ability to implement complex policy. Under Labor the price of almost everything has gone up. “The Coalition will always stand ready to work towards balanced, targeted solutions that will strengthen competition where it is most needed, supporting growth, innovation and, most of all, the prosperity and choices of all Australians.” Comments attributable to Senator Smith: “The Coalition is supporting this legislation in good faith, because we want to see competition improve in concentrated sectors of the economy like aviation and the supermarkets. “Labor must ensure that the implementation of this new regime is efficient, responsive and transparent – something it has not been able to deliver with other policy rollouts. “Stakeholders have made clear that there are risks associated with this framework if it is poorly implemented and our recommendations reflect their informed suggestions for how to mitigate those risks.” ENDS

JMR – Howarth / Smith – Labor Still Cannot Explain CDR Hold Up

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The Hon Luke Howarth MP Shadow Assistant Treasurer Shadow Minister for Financial Services Senator Dean Smith Shadow Assistant Minister for Competition, Charities and Treasury Liberal Senator for Western Australia JOINT MEDIA RELEASE 8 November 2024 LABOR STILL CANNOT EXPLAIN CDR HOLD UP The Coalition is urging Assistant Treasurer and Minister for Financial Services Stephen Jones to progress the rollout of the Consumer Data Right (CDR) as quickly as possible. As well as finally delivering on this long-overdue commitment, it would make up for some of the precious time lost through Labor’s 14-month delay in legislating the competition reform. Under questioning from Senator Dean Smith during a Senate Estimates hearing in Canberra, Treasury officials confirmed that an important component of the CDR – consent and operational enhancement rules – have been drafted and delivered to the Assistant Treasurer for approval. However, it was also revealed that these rules remain on Mr Jones’ desk, with Treasury unable to move ahead with finalising them. Asked if the Assistant Treasurer would be dealing with these matters expeditiously, Senator Gallagher’s reply will give little comfort to frustrated stakeholders and consumers: “I can’t answer on behalf of him, but I would expect so. You know, that is his approach. He is a hard-working Minister with a lot on his plate.” The latest delay comes after legislation to support the CDR languished for fourteen months in the Senate without debate under Labor. It was only forced onto the Albanese Government’s legislative agenda in July 2024 after sustained Coalition pressure led by Shadow Assistant Treasurer Luke Howarth and Shadow Assistant Competition Minister Senator Dean Smith. Finally passed the following month, the Treasury Laws Amendment (Consumer Data Right) Bill 2022 paves the way for consumers to direct accredited representatives to make secure instructions on their behalf, including ordering payments, opening and closing accounts, switching providers and updating personal details. Senator Smith took the opportunity to query “why there was such a significant delay to the Bill being debated and then finally passed in the Senate?”. Senator Gallagher remarked only that “There is a lot of consideration is given to the legislative program.” Now, after presiding over another hold up that it cannot, or will not, explain – and with the Assistant Treasurer having assured guests at an event in August that Labor was prioritising the initiative and “backing the CDR” to be “the system of choice” – the go-slow continues. Questioned whether concerns related to the Privacy Act were contributing to the delays, Treasury officials said “It’s not affecting our current planning and delivery and commitment of this.” It prompted Senator Smith to ask what many impacted parties are also asking: “If that is the case, why is there still a delay?” The answer, once again, is the Albanese Government itself. With the next election less than six months away, the window of opportunity to implement these reforms in the current Parliament is rapidly closing. Labor will have failed to advance a bipartisan and universally endorsed competition measure that is desperately needed by Australian consumers and businesses in the cost of living crisis. ACCC Chair Gina Cass-Gottlieb released statistics on CDR usage for the first time last week, painting a clear picture of the strong demand for it across the country. It rests with the Assistant Treasurer to finally begin acting with the urgency the CDR deserves. ENDS

JMR – Howarth & Smith – Albanese Government Refuses To Ditch Red Tape For Local Accountants And Bookkeepers

Media Releases

The Hon Luke Howarth MP Shadow Assistant Treasurer Shadow Minister for Financial Services Senator Dean Smith Shadow Assistant Minister for Competition, Charities, and Treasury MEDIA RELEASE 11 September 2024 ALBANESE GOVERNMENT REFUSES TO DITCH RED TAPE FOR LOCAL ACCOUNTANTS AND BOOKKEEPERS The Albanese Labor Government has teamed up with the Greens and Senator David Pocock to block the Coalition’s attempt to throw out onerous new regulations for local accountants, bookkeepers and tax agents. Eight Senate crossbenchers yesterday joined the Coalition to vote in support of a disallowance motion which would have nullified the Tax Agent Services (Code of Professional Conduct) Determination 2024. On the floor of the Senate, the Government capitulated and finally admitted the regulation is defective and significant changes are required. It remains to be seen whether the Assistant Treasurer will deliver on these piecemeal changes or backflip yet again. With these embarrassing, last minute concessions it is now another deal with the Greens that has blown up in the Government’s face. The Government’s approach to consultation, communication and stakeholder management on these regulations has been bizarre and disrespectful. Nine weeks after making this law, the Assistant Treasurer finally started consulting directly with industry stakeholders just hours before it was set to be disallowed. This desperate attempt to salvage the regulations came after Stephen Jones had repeatedly told tax practitioners their serious concerns were unfounded, and the new regulation was ‘modest’. It’s too little, too late and a Coalition Government would entirely reverse these regulations and unwind this attack from Labor and the Greens. Shadow Assistant Treasurer and Shadow Minister for Financial Services Luke Howarth said this is bad government and the grassroots advocacy campaign from local tax practitioners has been effective and should not stop. “These are small and family businesses who are some of the most trusted members of our community and they should be treated with respect. The Albanese Government has left them distraught and wondering whether they should stay in the profession. 72,000 tax practitioners, many small or individual practices, have been burdened with bad regulation in response to the sins of a few partners at PWC. A local BAS agent in North Lakes is very different to an international tax partner at PWC. These new regulations are unnecessary and will drive up costs for individuals and small businesses who rely on and trust tax professionals to help manage their financial affairs.” Shadow Assistant Minister for Competition, Charities, and Treasury Senator Dean Smith said the Government’s eleventh-hour concessions were a sign of a desperate Government operating in crisis mode. “With the support of eight Senate crossbenchers and the entire tax practitioner community, we have sent a clear message to the Government about these far-reaching and poorly drafted regulations. The ten leading professional associations have come together to repeatedly support the disallowance motion and secure multiple backdowns and concessions from the Government. The Government’s chaotic process has been worst-practice consultation, communication and policymaking and the thousands of local accountants and bookkeepers who have been left reeling deserve better.” Background The Tax Agent Services (Code of Professional Conduct) Determination 2024 (the Determination) is a disallowable instrument made on 2 July 2024 which imposes new obligations on registered tax practitioners. The Determination has received significant criticism from the peak professional accounting and tax practitioner bodies and has been subject of a campaign from accountants, bookkeepers and tax agents to have it withdrawn or disallowed. Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, The Tax Institute, Australian Bookkeepers Association, Institute of Certified Bookkeepers, Institute of Financial Professionals Australia, Financial Advice Association of Australia, NTAA PLUS and SMSF Association (collectively the Joint Bodies) wrote to the Assistant Treasurer on 15 July 2024 to express strong concerns about the construct and implications of the provisions of the determination. The Joint Bodies again wrote to the Assistant Treasurer on 9 August 2024 to advise that proposed changes to the start date had not alleviated their concerns with the Determination and the significant compliance burdens and uncertainties on small tax professional businesses. These stakeholders continued to call for it to be withdrawn or disallowed and took out a full-page advertisement condemning the regulations on 5 September and wrote the Prime Minister. A vote on the disallowance motion, moved by Senator Dean Smith on 10 September, was negatived in a tied 31-31 vote in the Senate. Crossbenchers David Pocock and Lidia Thorpe, Labor and the Greens voted against disallowance. In a one-minute statement on the disallowance motion, the Government admitted further changes and public consultation would be required and sought to delay it. The new legislative power used by the Assistant Treasurer to make the Determination was part of Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 which was passed in late 2023 as part of a deal with the Greens to ensure the passage of Labor’s franking credit reforms. Senator Barbara Pocock announced at the time that the Greens had secured the relevant amendments, and the Determination would follow. ENDS

Taylor, Howarth and Smith – JMR – The Coalition Powers Up The Consumer Data Right

Media Releases

The Hon Angus Taylor MP Shadow Treasurer The Hon Luke Howarth MP Shadow Assistant Treasurer Shadow Minister for Financial Services Senator Dean Smith Shadow Assistant Minister for Competition, Charities and Treasury MEDIA RELEASE Thursday, 15 August 2024 THE COALITION POWERS-UP THE CONSUMER DATA RIGHT In the Senate today, the Coalition ensured the passage of key legislation to expand the functionality of the Consumer Data Right (CDR), an important cost of living and competition initiative. During the first week back from Parliament’s winter recess, the only legislation passed has been because of a Coalition motion forcing it. It took 20 long months of languishing in Parliament and the Coalition’s intervention to pass the Bill, leaving many to wonder whether the Assistant Treasurer had forgotten about his own legislation. Even when Labor’s own legislation has unanimous support, they are still unable to pass it. The Assistant Treasurer is a single-issue minister, with little interest in Australia’s digital economy or financial services sector. Stephen Jones’ myopic approach leaves colleagues to make their own duplicative announcements, like “One-Click Energy Switch”, which is a use case CDR action initiation was built for. Labor’s neglect of the CDR has left the banks, energy providers and the broader CDR ecosystem in regulatory limbo. On 3 July 2024, Senator Gallagher said regarding the Bill: “I’m not sure if there’s going to be an amendment moved… I’ve been advised there is some further work to do, and that makes debating this not possible… that work will need to be done, and it will need to be brought back after the winter recess.” On the same day, Treasurer Jim Chalmers said: “We will work methodically through those sorts of issues in a legislative sense, but also working with the various stakeholders to see if we can get it right.” No further work was done. No amendment was moved. Stakeholders were left in the dark. Labor’s management of its legislation is a farce, and it has taken the Coalition’s intervention to mop up their mess. The Albanese Government’s silence and mismanagement of the CDR has caused uncertainty about its future. The Coalition supports a proportionate regulatory approach when the Government considers its next steps, particularly for smaller and regional banks, to ensure the CDR’s future rollout can continue with certainty and in a sustainable way. The Coalition remains open to sensible changes that could be brought forward to the Consumer Data Right to ensure appropriate phasing and proportionality, with certainty and accountability about forward work timelines. This is why the Coalition has called for and supported the development of a Financial Services Regulatory Grid – another promised initiative which has stalled without explanation under Labor. ENDS. Background: The Consumer Data Right gives consumers and small businesses more control over their data by enabling them to access and share their data with accredited third parties to access better deals on everyday products and services. The Consumer Data Right has already been rolled out to banking and energy, with non-bank lending to follow as the third sector.

Taylor, Howarth & Smith – Jmr – The Coalition Will Stop Labor’s Attacks On Local Accountants And Bookkeepers

Media Releases

The Hon Angus Taylor MP Shadow Treasurer The Hon Luke Howarth MP Shadow Assistant Treasurer Shadow Minister for Financial Services Senator Dean Smith Shadow Assistant Minister for Competition, Charities, and Treasury MEDIA RELEASE 13 August 2024 THE COALITION WILL STOP LABOR’S ATTACKS ON LOCAL ACCOUNTANTS AND BOOKKEEPERS The Coalition will seek to disallow the Albanese Labor Government’s latest move to burden tax practitioners with unnecessary and unrealistic red tape. The new obligations are far-reaching, poorly drafted and potentially impossible for thousands of small tax practitioners to comply with. This will drive up costs for Australians and small businesses who rely on and trust tax professionals to help manage their financial affairs. These clients are individuals and small businesses like young professionals, retirees and tradies – the impacts could span millions of Australians, during a cost-of-living crisis. Labor’s obsession with piling on red tape creates a compliance burden that is ultimately passed on through additional costs to clients. These impacts are why adequate consultation, good communication and quantification of regulatory impact are so important. The Albanese Government has failed all three tests with this chaotic process and left thousands of local accountants and bookkeepers reeling. Labor’s “Tax Agent Services (Code of Professional Conduct) Determination 2024” is beset with a barrage of problems: Minimal or no consultation. Unrealistic commencement timeframes and no regulator guidance. Retrospectivity, with a requirement to consider matters as far back as 1 July 2022. A disproportionate impact on small practices and sole practitioners. A new requirement to report to clients on any matter that could significantly influence a decision of a client to engage with them, which could include health and mental health issues. A new requirement to report to clients about ongoing investigations before there has been an outcome. Inconsistent obligations, including a duty to ‘dob in’ clients despite an existing obligation not to disclose confidential client information without the client’s permission. This disastrous process is a sign of things to come under a Labor-Greens minority government. The Assistant Treasurer’s promises to back financial services professionals fell apart as soon as he cut a deal with the Greens to legislate Labor’s broken promise to raise taxes from franking credits. Shadow Treasurer Angus Taylor said only a Coalition Government will put an end to Labor’s war on financial services professionals. “A strong economy with thriving small businesses, informed consumers, higher home ownership, and better retirement outcomes require strong advice networks. Yet Labor is layering red tape upon red tape on finance professionals that just drive up costs for consumers. “This isn’t the right approach in a cost-of-living and cost-of-doing-business crisis. Local accountants and bookkeepers have been blindsided by this new red tape yet Labor has refused to listen to community feedback. “Australian families and small businesses are paying the price of Labor’s failure to manage the economy and failure to listen.” Shadow Assistant Treasurer and Shadow Minister for Financial Services Luke Howarth said these attacks from the Assistant Treasurer are nothing new. “Rushed and botched regulation with a lack of meaningful consultation has come to be expected from this Government. “Financial advisers learned this after the Assistant Treasurer’s failure to live up to his promises on advice reform. Now the Assistant Treasurer isn’t just failing to cut red tape, he is creating even more of it for tax practitioners. “This pile of new red tape is unwarranted – local accountants and bookkeepers are already highly regulated and some of the most trusted professionals in our community.” Shadow Assistant Minister for Competition, Charities, and Treasury Senator Dean Smith said smaller tax practitioners’ need for regulatory certainty, proportionality and guidance have been completely ignored by the Government. “The Assistant Treasurer rushed this regulation through without warning on the last sitting day before Parliament’s six-week winter recess, leaving Australia’s 71,000 registered tax practitioners to play catch-up.” “Now they have assessed the potential burden, they are rightly calling for it to be withdrawn or disallowed.” “The Coalition calls on all crossbench Senators to support the disallowance and reverse the regulatory burden and uncertainties that will fall on accountants, bookkeepers, and other financial professionals at a time when they can least afford it.” Background The Tax Agent Services (Code of Professional Conduct) Determination 2024 (the Determination) is a disallowable instrument made on 2 July 2024 which imposes new obligations on registered tax practitioners. The Determination has received significant criticism from the peak professional accounting and tax practitioner bodies and has been subject of a campaign from accountants, bookkeepers and tax agents to have it withdrawn or disallowed. Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, The Tax Institute, Australian Bookkeepers Association, Institute of Certified Bookkeepers, Institute of Financial Professionals Australia, Financial Advice Association of Australia, NTAA PLUS and SMSF Association (collectively the Joint Bodies) wrote to the Assistant Treasurer on 15 July 2024 to express strong concerns about the construct and implications of the provisions of the determination. In response to pressure from industry and the Coalition, the Assistant Treasurer revised the original 1 August 2024 commencement date to 1 January 2025 for firms with 101 employees or more and 1 July 2025 for firms with 100 employees or less. These. The Joint Bodies again wrote to the Assistant Treasurer on 9 August 2024 to advise that the changes to the implementation dates have not alleviated their concerns with the Determination and the significant compliance burdens and uncertainties on small tax professional businesses. These key stakeholders are still calling for it to be withdrawn or disallowed. The new legislative power used by the Assistant Treasurer to make the Determination was part of a TLAB Bill passed in late 2023 as part of a deal with the Greens. Senator Barbara Pocock announced at the time that the Greens had secured the relevant amendments, and the Determination would follow. ENDS.

Taylor, Howarth & Smith – JMR – Consumers Losing From Labor’s Failures on Consumer Data Right

Media Releases

Friday, 9 August 2024 CONSUMERS LOSING FROM LABOR’S FAILURES ON CONSUMER DATA RIGHT The Coalition welcome the Assistant Treasurer’s rediscovery of the Consumer Data Right after two years of inaction on this crucial reform. The Consumer Data Right has the potential to be a gamechanger for consumers and competition in Australia, but it needs to be managed right. Under Labor, legislation has sat unpassed in parliament for almost two years, an awareness campaign for consumers has stalled, businesses have been left in limbo without regulatory certainty, and new policy has developed without consideration of how it would interact with a future CDR ecosystem. These failures are of Labor’s making. This is another failure from an Assistant Treasurer who has disappointed in every element of his portfolio, yet stayed in the job because of his factional allegiance to the Prime Minister. Australian consumers are the losers for Stephen Jones’ repeated failures. It is clear from the delays on the Consumer Data Right that Labor’s commitment to competition reform is more about distracting from their role in fuelling inflation than delivering for Australians. The Coalition is committed to making the Consumer Data Right work to boost competition and drive good consumer outcomes. The Coalition will closely scrutinise the next steps outlined by the government and hold Labor accountable for any further delays or cost increases of this crucial reform. The Coalition will continue to work with stakeholders across the whole CDR ecosystem to ensure the roll out is efficient, well phased, and proportionate – particularly for small, regional and rural banks and mutuals. The Coalition is committed to reversing the creeping compliance burden Labor is imposing on Australian businesses. It is essential the Financial Services Regulatory Grid be delivered as a priority, before the end of the year, to help businesses plan and hold regulators accountable for the costs they are passing on to consumers and small businesses. Shadow Treasurer Angus Taylor said this is just another example of Labor’s failed economic management. “It is clear Labor has given up leading the economic debate. Labor has let inflation run out of control and it has botched the roll out of this crucial reform for over two years in office. “This is a crucial competition reform that will deliver real benefits for consumers, but it has sat idle while Labor has spent billions of taxpayers’ money on its own priorities that are just fuelling inflation. “The Coalition is committed to delivering strong competition policy that empowers consumers and small businesses, and we will work in government to ensure the Consumer Data Right delivers on its potential.” Shadow Assistant Treasurer and Shadow Minister for Financial Services Luke Howarth said the Assistant Treasurer provided nothing new today after 14 months of silence on the Consumer Data Right. “Regulatory uncertainty has been the hallmark of the Albanese Government’s financial services policy agenda. “Banks, energy providers, non-bank lenders and other CDR participants have faced a year of regulatory limbo waiting for the Assistant Treasurer to make up his mind. “The Government has failed to explain why it has stalled and neglected this important initiative for so long.” Shadow Assistant Minister for Competition, Charities and Treasury Senator Dean Smith said Labor’s competition agenda is now being driven by the Coalition.   “At a time when lifting productivity is critical to reversing Australia’s declining living standards, Labor’s approach has been characterised by dithering and delay.   “Labor’s go-slow approach to CDR reform has hurt the FinTech industry and disempowered consumers at a time when Australians deserve greater finance technology choices.” ENDS.

Hume, Smith, Canavan & Kovacic – Media Release – Labor’s spending to fuel inflation crisis for longer

Media Releases

SENATOR THE HON JANE HUME SHADOW MINISTER FOR FINANCE CHAIR OF THE COST OF LIVING COMMITTEE SENATOR FOR VICTORIA SENATOR DEAN SMITH SHADOW MINISTER FOR COMPETITION, CHARITIES AND TREASURY SENATOR FOR WESTERN AUSTRALIA SENATOR THE HON MATT CANAVAN SENATOR FOR QUEENSLAND SENATOR MARIA KOVACIC SENATOR FOR NEW SOUTH WALES   MEDIA RELEASE Wednesday, 7 August 2024 LABOR’S SPENDING TO FUEL INFLATION CRISIS FOR LONGER Struggling mortgage holders won’t be seeing rate relief any time soon as the Reserve Bank of Australia has said they are looking for ‘softer growth’ in Government spending before it could cut interest rates. The Reserve Bank of Australia (RBA) told the Cost of Living Committee at its hearing in Sydney, that it had almost doubled its forecast of Government spending since Labor’s Budget, increasing from 2.1% to 4%, confirming that Government spending is driving inflation. AMP economist Dr Shane Oliver told the Committee that wages had gone backwards by five per cent, and that the economy was at a risk of recession. He went on to tell the Committee that if Labor’s spending was lower, the RBA would be able to consider cutting rates. Alan Oster, chief economist at NAB, told the Committee that sectors like manufacturing, hospitality, and retail were feeling the pinch of higher interest rates and lower consumer spending most acutely. Both Dr Oliver and Mr Oster described Labor’s spending as “bad timing” and “unhelpful”. Economics professor Richard Holden told the Committee that the Labor Government had delivered three very expansionary Budgets that were “putting upwards pressure on inflation.” He went on to say that the Government’s temporary measures that lowered headline inflation were a ‘trick’ and still added to demand. Judo Bank economist Warren Hogan agreed, and said that the only way to get inflation under control was for the Government to get the policy settings right, including by getting more flexibility into the labour market. The Business Council of Australia (BCA) highlighted the cost of doing business crisis that was also caused by higher inflation, noting record insolvencies experienced in Australia in recent months. Chief Economist Stephen Walters echoed the economists’ comments that a flexible industrial relations system was key to lowering costs and passing on savings to consumers. Chair of the Committee, Senator the Hon Jane Hume said that the Albanese Government is ignoring the warnings of experts and running the Australian economy into the ground. “Instead of showing restraint in their fiscal policy to be in line with the RBA, the Albanese Government has increased spending by $315 billion. That’s not what the RBA wants to see. “The RBA has now pushed out any hope of a rate cut this year, and in fact they even considered lifting rates yesterday. That brings no comfort to Australian households who are struggling to cope with these higher for longer interest rates. “Australians are poorer under Labor, and from the evidence we heard today, it’s clear that there is no end in sight to the financial pain households and businesses are facing right now.” Coalition Senators Smith, Canavan and Kovacic called on the Albanese Government to act on the warnings from the RBA and the economists who gave evidence to the Committee today for the sake of all Australian households and businesses. ENDS.