Politics With Michelle Grattan: Tim Wilson Says Government Is Borrowing From The Future To Spend Today

The cash rate this week hit its highest point since 2011. It was the Reserve Bank's fourth interest rate increase of the year.

The government has blamed the ongoing Middle East conflict for fuelling inflation and higher rates, while the Opposition is putting primary blame on government spending.

To discuss Australia's economic woes and what the Opposition says should be done better, as well as other issues including AI and migration, we were joined on the podcast by the shadow treasurer, Tim Wilson.

On the impact of the US-Iran war on interest rates, Wilson says inflation was rising before the war:

(The podcast was recorded shortly before the release of figures showing inflation at 4% in the year to August.)

Wilson said the Coalition wants to cut spending and taxes. But when it comes to setting budget caps on these as proportions of GDP, he declines to be specific:

But he said the Opposition will announce its formal policy at a later point:

Wilson warns about the risk of Australia being a“client state” to AI companies:

On AI guardrails, Wilson says the Coalition supports“measured approaches towards navigating” the new technology.

Having recently toured regional areas of the country, Wilson says migration is needed, especially for small businesses. But he says the Liberals want to restore a sense of control over the system.

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