MEDIA STATEMENT
15 May 2026
The Budget-in-Reply speech by Opposition Leader Angus Taylor laid out a clear alternative for Australians who are worse off after years of Labor’s reckless spending, broken promises and economic decline.
I have previously warned that Australia’s national security, fuel security, economic resilience and standard of living were all heading in the wrong direction under this Albanese Government.
Last night, the Coalition made clear that we will fight to restore the Australian way of life.
Most importantly, the Coalition committed to developing a National Security Strategy and increasing defence spending to at least 3 per cent of GDP because the world has become less secure, and Australia must be prepared.
For years I have argued that Australia cannot continue to underinvest in defence while global instability grows around us. More than 103,000 Australians have died in service of our nation under our flag, and Parliament has a solemn duty to ensure we are properly prepared to defend our country, our people and our interests. The Coalition’s commitment to strengthen our warfighting capability, harden our bases, accelerate drones and missile systems, deliver AUKUS and rebuild Australia’s self-reliance is exactly the leadership our nation needs.
I also welcome the Coalition’s commitment to restore support for Australians who have contributed to this country all their lives. Labor has cut the private health insurance rebate for Australians over 65 and slashed $600 million from veterans. I have been outspoken about both of these disgraceful decisions and will continue fighting for older Australians and our veteran community, including through my ongoing petition to stop Labor’s health tax on seniors. As Angus Taylor said last night: “If you commit to Australia, Australia will commit to you.”
Australians know this is not the country we once knew. Families are working harder but falling behind. Young Australians are being locked out of home ownership. Small businesses are collapsing at record rates. Wealth creation and aspiration are being punished instead of rewarded under Labor.
As Angus Taylor said, “We can restore our standard of living and we can protect our way of life” under a Coalition Government.
Labor’s debt is now tacking towards $1.25 trillion because this Government cannot control its spending. Australians understand that when Labor runs out of money, it comes after yours.
The Coalition under Angus Taylor’s leadership has made it clear. We will fight to reverse Labor’s toxic taxes and rebuild an economy that rewards hard work, investment and aspiration.
Angus Taylor’s Budget in Reply speech confirmed three critical commitments from the Coalition: Axe Labor’s toxic taxes. Cut Labor’s mass migration program. Scrap Labor’s net zero policies.
Australians are sick of being told they must accept lower living standards while Labor prioritises ideological net zero policies over affordable energy, economic growth and industrial capability, whilst its big corporate mates grow wealthier.
Labor’s net zero obsession is driving up inflation, power prices and manufacturing costs while sending Australian jobs offshore. The Coalition has made clear that “net zero must go.”
I strongly welcome the Angus Taylor’s commitment to abolish Labor’s safeguard mechanism, hidden carbon taxes and anti-development laws that are crippling industry, mining and manufacturing. Australia should be using our natural strengths, not shutting them down. We should be digging, drilling, refining and manufacturing here again.
That includes rebuilding Australia’s fuel security. For too long, Australia has become dangerously reliant on imported fuel and overseas supply chains. The Coalition is committed to doubling Australia’s minimum fuel reserves, investing $800 million into new fuel storage capacity and unlocking critical gas and oil projects. That is exactly the kind of practical long-term thinking Australia needs.
I also strongly welcome the Coalition’s commitment to end Labor’s electric vehicle tax breaks which overwhelmingly benefit high-income earners while everyday Australians struggle with rising costs.
Importantly, the Coalition also committed to reserving the First Home Buyer 5 per cent deposit scheme for Australian citizens only. Australians deserve to know that taxpayer-funded housing support is going to Australians first. The Coalition also announced that key welfare programs, including JobSeeker, Youth Allowance, Family Tax Benefit and the NDIS, would be reserved for Australian citizens only, ensuring support is directed toward Australians who have contributed to and committed to this country. As Angus Taylor said: “If you commit to Australia, Australia will commit to you.”
Mass migration under Labor has placed enormous pressure on housing, infrastructure and services while the great Australian dream of home ownership slips further away for young Australians. The Coalition’s commitment to cap migration in line with housing construction is a major and necessary reform that unashamedly puts Australians first.
The Coalition also announced a permanent instant asset write-off of up to $50,000 for businesses with turnover under $10 million, giving small businesses the confidence to invest, expand and employ Australians again.
This Budget-in-Reply laid out a serious economic and national security vision for Australia’s future.
A Coalition Government under Angus Taylor will back aspiration, reward hard work, restore economic discipline, strengthen national security and always put Australians first.
[ENDS]
Media Contact: Brendan West – 0402 556 646 – Brendan.west@aph.gov.au
