Monday, 21 September 2026

Topics: 2026 Intergenerational Report; inflation; productivity; taxation; superannuation.

E&OE……………………..

Tim Wilson: Good afternoon, everyone. Last week an international report card was issued that gave a big fail to the Albanese government and its economic model. Today, the Treasurer has handed down the latest Intergenerational Report. It also gives a big F to the Albanese government and its economic model. It projects out an environment of higher inflation, lower living standards, the destruction of wealth and wages, a potential compounding of debt out into the near horizon and the long horizon, and higher taxes.

The Reserve Bank has already highlighted and cited that the data underpinning the Intergenerational Report is unrealistic. They use a nearly half productivity rate in comparison to the Intergenerational Report. What we have is a report from the Albanese government that seeks to cook the books to justify their economic model, which will only lead to lower standards of living and the destruction of wealth and wages.

What we need now more than ever is confidence in the Australian economy and investment in the Australian economy so that the next generation of Australians can live higher standards of living than they are currently living and into the future. Instead, the government has continued to impose new taxes on future investment that would drive productivity and economic growth for the Australian people. And let's be under no illusion about the consequences of what would happen if the Albanese economic model continues. We would see a continued explosion in debt, and if we use the Reserve Bank's productivity numbers, could lead to a near doubling of public debt being imposed on your children and your grandchildren.

This government has fundamentally let down the Australian people. We know 50 times over they lied to the Australian people about introducing new taxes. We know now because of this Intergenerational Report, the Albanese government is setting future generations up for lower standards of living and a poorer quality of life. And we know off the back of this intergenerational report, the only way the Albanese government can cover the consequences of their higher taxes, higher inflation agenda is to cook the books which would give them a greater sense of confidence about numbers, but not the standard of living that Australians will live.

Journalist: Should the government set growing fertility rates as a priority? Is something like a baby bonus necessary?

Tim Wilson: What needs to happen to increase the birth rate is it needs to be easier for families to be able to support and raise children. One-off measures aren't going to be the solution to the challenges of being harder to get into your first home, rising rents, and of course greater taxes on Australian households for those who want to get ahead. We need a complete overhaul and economic reset from the Albanese economic model, which only plans to hand to future generations higher debt and a lower standard of living. It is not an answer to a fertility problem, for the first thing a new child to be born with is higher debt that they carry because the Albanese government can't control its spending.

Journalist: Many of the report's projections rest heavily on AI adoption. Do you share the document's confidence that AI will deliver productivity growth?

Tim Wilson: I have no doubt that AI will contribute something to the future of the Australian economy, but the Albanese government has essentially said it's going to double our productivity under its productivity assumptions, and I just think this is them cooking the books. You see the Reserve Bank has come out with a productivity rate of 0.7%, they have far less confidence about the contribution it will play in comparison to the Albanese government. The Treasurer can't keep running away from the consequences of this active inflation agenda that seeks to stoke inflation, tax inflation, and spend inflation, in a vicious cycle to increase the amount of tax revenue he gets in comparison to the amount of wages and investment Australians get to build a better future.

Journalist: The report also points out that superannuation is taking enormous pressure off the age pension in decades ahead. Would allowing Australians greater early access to super risking undermining those forecasts.

Tim Wilson: We saw a report only last week that highlighted more and more Australians are using their superannuation to pay off their mortgage. We simply believe that people should be making long-term decisions based on home ownership which they enjoy in their working stage of life and retirement and making sure they have enough to retire with confidence. That isn't the economic model the Albanese government's embracing. The economic model the Albanese government's embracing will leave future generations with higher public debt, therefore higher taxes, because today's debt is tomorrow's taxes, and will eat into the living standards of Australians as they want to get ahead and live with a secure retirement. Thank you very much.

[ENDS]