Transcript - Interview with Kieran Gilbert, NewsDay, Sky News

MELISSA MCINTOSH MP
SHADOW MINISTER FOR ENERGY AFFORABILITY
SHADOW MINISTER FOR WESTERN SYDNEY
FEDERAL MEMBER FOR LINDSAY

Wednesday, 25 September 2024

Subjects: Inflation; RBA; interest rates; mortgages.

Live on NewsDay with Kieran Gilbert (Sky News)

Kieran Gilbert
I want to go live to the Shadow Energy Affordability Minister Melissa McIntosh. Appropriate that we're talking to you today, Melissa, given the big fall here in terms of the inflation number is the energy rebates. Do you welcome the impact that we're seeing here? A huge fall in the impost for people's power prices, given those rebates.

Melissa McIntosh
Thanks, Kieran. I think we have two things here. One is what the RBA Governor pre-empted, which is temporary, and that has been related to the credits by both the Federal and State governments. But then we've also got everyday Australians paying $1,000 more for their energy. So, this is feels like what we always see from the Albanese Labor government when they like to hoodwink Australians into believing something that is not quite true. So, this is a temporary relief. And Australians, in reality, are paying much more. I walk down the high street of Penrith every single day and those local small businesses are telling me they can barely afford to keep their doors open. People in Penrith, across my electorate across Western Sydney, are saying their energy bills are too high. This is a reality for Australians.

Kieran Gilbert
No, absolutely hard to disagree with that. But when you look at the overall post Covid inflationary environment worldwide, there is a now a downward trajectory, thankfully, on inflation. And today the underlying inflation rate also down from 3.8 to 3.4 per cent. That's encouraging, isn't it?

Melissa McIntosh
Well, it doesn't seem to be encouraging the Reserve Bank Governor, she's indicating that there won't be any rate cuts anytime soon. And the two big issues, in addition to energy prices, for every Australian, particularly here in Western Sydney, where people are doing it tough right now, is high mortgages. We have more than 1.6 million Australians right now at risk of default of their mortgages and also high rent prices. It's really hard to get into even a rental property here in Western Sydney, which is why it's also quite extraordinary that the Government is considering changes to negative gearing when they promised Australians they wouldn't touch it.

Kieran Gilbert
Ok, Melissa, we're out of time. We'll talk to you next week.