Anthony Albanese has defended his Government’s economic record and management of inflation as he prepares to jet overseas for COP31 with fellow world leaders.
The Prime Minister will travel to the annual UN climate conference in Antalya in Turkey this week where Climate Change and Energy Minister Chris Bowen will serve as negotiations chief.
It comes after Mr Albanese was in the Caribbean with King Charles and Commonwealth allies while the RBA hit homeowners with a fifth interest rate rise.
Mr Albanese defended his trip while speaking in Canberra on Monday, insisting the conference was important for global action on climate change.
“Australia is playing an important role in reducing our emissions. In the December quarter of last year was the first time that renewables reached above 50 per cent of emissions,” he said.
Australia’s annual inflation has jumped to 4.3 per cent — up from 4 per cent the month before — and is set to remain outside the Reserve Bank’s target band until the end of 2027.
Opposition leader Angus Taylor and his Coalition colleagues have repeatedly accused the Albanese Government of poor budget management and overspending.
However, the PM brushed off suggestions it had been driven by Labor’s economic decisions and instead attributed blame for the five interest rate hikes this year to war in the Middle East.
“It’s also a fact that, unlike the budgets that we inherited, we have produced savings in every single budget and every single economic statement that we’ve made,” Mr Albanese said.
“We have seen inflation rise around the world.
“We saw last week interest rates increase, not just in Australia, but the Bank of England for the first time in a long while increased interest rates.
“I accept and my Government accepts completely that there are pressures on Australian families.
“We accept that as well, that we need to find savings in the Budget.”
Australia received the joint hosting rights to COP after a compromise with Turkey, allowing it to hold the main conferences while Mr Bowen was appointed president of negotiations and Pacific partners held pre-COP events.
During his speech at pre-COP, Mr Albanese warned of a summer of extreme weather due to the El Niño across the Indo-Pacific.
But shadow energy minister Dan Tehan questioned why the PM had to attend yet another conference.
“The Prime Minister should be here in Australia, chairing the Expenditure Review Committee of Cabinet, finding the savings that are needed to drive inflation down in this nation, and to start addressing the cost-of-living crisis,” Mr Tehan told The Nightly.
“There’s no reason for him to go to Turkey to hold Chris Bowen’s hand.
“What the Prime Minister should be saying to Chris Bowen is ‘forget about playing president and start focusing on energy affordability in Australia’.”
After COP31, the PM is also expected to travel directly to the Philippines for ASEAN and then China for the APEC Summit before returning to Canberra. He’s also slated to attend the G20 Summit in the United States in December.
Treasurer Jim Chalmers and Finance Minister Katy Gallagher have promised to make cuts in their mid-year economic and fiscal outlook in December.
It comes as Mr Taylor outlined his plans for a “red-tape razor gang” to slash government rules and regulations by 25 per cent in a speech to the Sydney business community today.
The task force would be led by Liberal deputy leader Jane Hume.
“Under Anthony Albanese and Jim Chalmers, Australia is on a road to economic ruin,” Mr Taylor said.
“In just three years, Federal spending has grown from around its historical average to the highest level in 40 years outside the pandemic.
“His unrestrained spending has generated larger deficits year-after-year. Our approach to finding savings is grounded in discipline and responsibility.
“We will cap spending growth to less than economic growth.
“Jane Hume – my superb deputy and the shadow minister for Deregulation – will lead a red tape razor gang across the whole of government. Each of my shadow ministers will identify red tape within their portfolio that we can slash.”
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