The Scott Morrison and Anthony Albanese campaigns continue; RBA signals further interest rate hikes; John Howard questions Labor housing policy, Super Home Buyer Scheme criticized by independents

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Prime Minister Scott Morrison warned that Australia’s economy would be hit by rising prices, war in Europe, supply disruptions and pandemic shutdowns in China after May 21 regardless of who wins the federal election.

And in an economic speech to the Australian-Israeli Chamber of Commerce, Morrison highlighted his government’s response to the pandemic, its commitment to keeping government tax levies as a share of GDP at or below 23.9% and the policy housing plan announced on Sunday.

Scott Morrison addresses the Australian-Israeli Chamber of Commerce on Wednesday.Credit:James Brickwood

“Australians have survived the biggest global health pandemic in a century,” he said.

“But it wasn’t just about saving lives… From the start, we had two goals: saving lives, [and] save livelihoods, because we understood that the pandemic was like a meteor, an economic meteor hitting our country, hitting our world.

He added: “We are putting this pandemic behind us and all the government intervention in our lives that comes with it.”

Morrison highlighted the choice Australians faced on May 21 and the risks posed to the Australian economy by an uncertain global economic environment which was putting pressure on the cost of living, with oil prices rising by more than 50% and wheat prices rising 65 percent since the start of the year.

But Morrison said: “Inflation is the challenge and that’s why when you’re dealing with things like this you have to know the things you can’t control, world events, world forces, oil prices, wars in Europe, disruptions in supply chains and pandemic shutdowns in China.

“Everything that happens after May 21, one way or another, is not going to change.”

Lunch for about 250 guests, held in a reception hall at Crown Casino, learned that under his government the cost of private health insurance had risen more slowly, instant asset write-offs had been used by companies to invest in new capital goods. and that the government had protected jobs at the height of the pandemic.

Election Day, Morrison said, gave Australians “a choice between a government that knows how to handle money and a Labor Party that won’t even tell you what its policies cost”.

“We know we haven’t been perfect; which has, in a one in 100 year event, but I tell you what, whenever, whenever there are challenges, we go right back out there and fix it and keep going.

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