Arabic version: تايلور يدافع عن موقف الائتلاف من إجراءات ادخار حزب العمال

According to ABC News, Opposition Leader Angus Taylor defended the Coalition’s opposition to Labor savings measures after the Reserve Bank lifted interest rates for the fifth time this year. The cash rate rose to 4.85 per cent, its highest level since late 2008.

Speaking to ABC News Breakfast, Taylor said federal government spending was too high and should be reduced to curb demand. He said government spending was growing faster than the overall economy, while describing the economy as not growing and saying small businesses were struggling.

Asked about the Coalition’s opposition to measures including changes to the private health insurance rebate for people over 65, Taylor said aggregate spending was what mattered for inflation. He also cited the International Monetary Fund’s view that spending was too high.

Prime Minister Anthony Albanese said the rate rise confirmed the government’s decision to seek savings before the end of the year. Labor has flagged savings measures for the mid-year economic and fiscal outlook due in December, while Albanese said the government would not “rip money” out of health or schools.

Albanese rejected the suggestion that government policies had led to the rate rise. Reserve Bank governor Michele Bullock said high public and private demand across the country was behind the decision, while Workplace Relations Minister Amanda Rishworth said the budget was not the primary driver of the increase.