Live updates: Shadow Treasurer Angus Taylor addresses the National Press Club

Shadow Treasurer Angus Taylor is addressing the National Press Club , where he is laying out the opposition's case for the budget in reply.The shadow treasurer is careful to make the case that the inflation currently sitting above the RBA's target band is no longer being driven by supply chain issues or other overseas factors as it was during the pandemic, labelling it "homegrown inflation" brought on by Labor's spending.

"$450 million on a failed referendum, billions in corporate welfare, millions in grants to the union movement ... 36,000 additional Commonwealth public servants and $35 billion in of budget spending the were passed through Parliament," he notes.Taylor is painting a picture of a struggling economy Angus Taylor kicks off his speech with a tale of families in his electorate no longer being able to afford organised sport for their children."Despite being promised cheaper mortgages and cheaper power bills and a lower cost of living before the election, Australians have seen nothing of the sort.

Taylor now has an opportunity to flesh out some of the opposition's proposals — and make the case against the government's, having had a week to examine them.Good afternoon, and thanks for joining our live coverage of Shadow Treasurer Angus Taylor's budget-in-reply speech to the National Press Club. The shadow treasurer will be up shortly, at 12:30pm AEST. In the meantime, you can catch up on the day's financial news over on ourTerrified passengers texted 'I love you' to families during severe turbulence onboard Singapore flightPeter Dutton has spelled out the maths on home ownership — and he might have done us a favour

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