Wednesday, 11 November 2026

Topics: Albanese-Chalmers psychodrama; Jim Chalmers’ job security; Andrew Charlton’s academic credentials; small business; inflation; interest rates; spending; cost of living; Fuel Price Shield.

E&OE……………………..

Peter Stefanovic: Well, the Prime Minister says Labor is a united government, and the Treasurer is doing a great job, despite the government not landing its controversial budget this year and replacement rumours swirling, Andrew Charlton among them. Joining us live is the Shadow Treasurer, Tim Wilson. Morning, Tim. So Labor is united, Treasurer doing well, your thoughts?

Tim Wilson: Well, the Treasurer is doing disastrously. Yesterday the Prime Minister delivered a living eulogy for the Treasurer and his record. It's clear that the Prime Minister is giving effusive praise, as are all of his colleagues, because it's the basis on which he'll then go on and dump him afterwards. It's quite clear that Andrew Charlton absolutely is positioning. Of course, he's denying his interest in the job, and that's precisely because that's how they operate. They'll want to maintain a united front before the killing fields begin.

Peter Stefanovic: Will he be any better, Andrew Charlton?

Tim Wilson: I don't think so. At the end of the day, people point to him being book smart, and I respect his academic intelligence. But this government has no empathy for small business owners in the country. They have no empathy for Australians that are struggling to just keep their head above financial water. They keep spending, addicted to spending, which is leading to interest rates rising and of course Australian households going to the supermarket and paying more and getting less.

Peter Stefanovic: Well, I mean, just back on the PM saying that the party is united. You've got Murray Watt out yesterday saying that he believes that some were undermining the Treasurer. So, I mean, so much for being united.

Tim Wilson: That's because backbenchers go to their communities that they represent and they run the Treasurer's spin and lines, and no one's buying it anymore. You can't go to a small business anymore that's struggling to keep its doors open and say, "But the headline numbers are fantastic, and it's all got to do with Iran." They know it’s not to do with Iran. They know it's a consequence of the government's spending addiction. And of course, to Australians who are in households who are struggling to pay their bills, they just need to look at what Treasury used to say when we were last in government, that nobody gives a hoot about international factors, they want you to lead. Business is out there today saying that the government needs to lead, they won't, and of course we're all paying a significant price.

Peter Stefanovic: How sure or certain can you be that spending will be cut in MYEFO?

Tim Wilson: Very little confidence. I think the Treasurer's got to seriously consider whether he pursues a mini budget that would change the conversation, because the current trajectory of the government is to continue to spend. They're addicted to it, and they've already started to dampen down expectations. When they dampen down expectations about cutting spending, what they're saying to Australians is: expect more inflation, expect high interest rates and them to be sustained there, expect to go to the supermarket and pay more and get less.

Peter Stefanovic: Well, I mean, Andrew Clennell floated this too last night with Peter, but his belief was that they're working out some kind of cost-of-living help and a new round of it. Would you have any concerns about that being inflationary if they do?

Tim Wilson: Well, every time they've proposed cost of living assistance to date, it's led to more inflation. They give with one hand then take with the other to get them through a political crisis. We saw that in the lead-up to the last election. So, I think now is the time where we actually need serious spending restraint. We put $31.3 billion of savings on the table. The Treasurer could pick those up tomorrow and adopt them. Earlier this year, we wrote to the Prime Minister and the Treasurer and said we'd like a bipartisan approach to reducing spending so that we can get inflation under control and interest rates down. The government's fobbed that off. It's quite clear they're just going to keep spending until Australian households break.

Peter Stefanovic: So, with that said, would you be against any kind of cost-of-living help at the moment?

Tim Wilson: Well, it depends on how it's provided and whether it's provided with inflationary offsets. You just need to look at our fuel price shield where we said to the Australian people that we would cut excise on fuel by 50%, if the price of brent crude goes above $100 a barrel for two weeks.

Peter Stefanovic: Should they go back there again, would you be open to going back there again, the cost of fuel excise?

Tim Wilson: Well, again, we provided inflationary offsets for our plan. That's the key difference, and I don't see that they're offering any inflationary offsets.

Peter Stefanovic: So, if there were offsets, you’d be for it?

Tim Wilson: I’ll wait and see the detail, but we provided offsets for everything we've put forward because the problem with the government's active inflation agenda is they keep stoking inflation so they can tax it, so they can then spend it again in a vicious cycle that's making Australian households poorer.

Peter Stefanovic: All right. Well, we'll see what they come up with, but good to see you this morning, Tim. Appreciate it.

[ENDS]