The Prime Minister has called Labor MPs back to Canberra from their summer break early for urgent cost of living talks.
The Labor caucus (MPs and Senators) will meet on Wednesday to discuss the price of energy and supermarket groceries, as well as the ‘Stage 3’ tax cuts.
Other parliamentarians aren’t expected back until 6 February.
Prime Minister Anthony Albanese told Sky News today that the caucus of Labor MPs would “look for ways to assist people” during a cost of living crisis.
According to the latest data from the Australian Bureau of Statistics, the rate of inflation fell to its lowest level in almost two years, 4.3%, in November. This doesn’t mean prices are falling, rather that they are increasing at a slower rate than they did previously.
Stage 3 tax cuts
It comes after Albanese confirmed last week that the ‘Stage 3’ tax cuts will go ahead in July.
The cuts mean people with an annual income of between $45,000 and $200,000 will be taxed at the same rate from 1 July.
It will mostly benefit high-income earners, which some economists have said could worsen inflation.
Last week, Opposition Leader Peter Dutton said the government had failed to respond to “the cost of living pressures that families are really acutely feeling at the moment.“
Liberal Senator Dave Sharma told Sky News today: “This government has had 18 months to deal with these issues and Albanese decides in the dying days of summer to pull all Labor MPs back to Canberra at significant expense… I hope something substantial comes out of it rather than a headline and a media opportunity.”