Politics with Michelle Grattan: Tim Wilson says government is borrowing from the future to spend today
The shadow treasurer also blames government spending for inflation and says the Coalition would not ‘spend willy-nilly’ if elected.
The cash rate reached its highest level since 2011 this week, marking the Reserve Bank's fourth interest rate increase of the year. The Australian government attributes the spike to the ongoing Middle East conflict, while the opposition attributes it to government spending. Joining a podcast to discuss Australia's economic challenges, opposition shadow treasurer Tim Wilson said that inflation had been on the rise even before the US-Iran war.
He stated that the Coalition wants to reduce spending and taxes but declined to set specific budget caps for these proportions. Wilson warned against Australia becoming a "client state" for AI companies, emphasizing the importance of having some influence over the direction of frontier models. He believes AI works in Australia's national and security interests, as well as contributing to the country's future.
Wilson also highlighted the need for immigration, particularly for small businesses, while stressing the importance of maintaining control over the system. He believes that Australians want migrants to contribute to the nation rather than just taking from it.
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