PM job pledge as Labor spruiks reform

Prime Minister Scott Morrison will spruik a new small business pledge, while Anthony Albanese will make his pitch to industry leaders, as the focus of federal campaign turns to the leaders’ economic credentials.

Mr Morrison said the coalition would look to create 400,000 new small businesses during the next five years, should the government be re-elected.

The government also announced it would spend $17.9 million on the Business Energy Advice Program to help small businesses be more efficient, in an attempt to cut back on power bills.


“We have the track record to set the conditions that help businesses, and our ambitious pledge will see 400,000 more join the economy,” Mr Morrison said.

Figures from the tax office reveal government tax incentives led to $23 billion in business investment in the past year.

Meanwhile, the Labor leader will address the Australian Chamber of Commerce and Industry in Sydney.

Mr Albanese will pitch the need for economic reform.

“A country cannot keep drawing from an old well, because the well eventually dries out,” he will say.

“Australia needs a new playbook to seize the future.”

Among the measures proposed by Mr Albanese is universal childcare, which he said would help increase workforce participation.

It comes after the Reserve Bank raised interest rates for the first time in almost 12 years on Tuesday, with the cash rate increasing from 0.1 to 0.35 per cent.

The rate hike has put cost of living pressures at the centre of the campaign, with both leaders claiming they would better manage the financial squeeze being felt by Australians.

© AAP 2022