Election 2022 LIVE updates: Scott Morrison, Anthony Albanese talk up economic credentials as cost of living dominates election campaign

Key posts

  • Albanese, Morrison make their pitches on business and the economy
  • This morning’s headlines at a glance
  • 1 of 1

Albanese, Morrison make their pitches on business and the economy

Labor leader Anthony Albanese will tell business leaders he wants a new phase of economic reform to lift Australia’s growth and create the conditions for rising wages, ramping up his message on jobs after this week’s interest rate rise focused the election campaign on the economy.

In a competing pitch, Prime Minister Scott Morrison will today vow to help 400,000 small business owners set up shop over the next five years under policies he claims would be better for business.

Scott Morrison and Anthony Albanese on the campaign trail yesterday.Credit:James Brickwood, Alex Ellinghausen

The two leaders will step up their claims on economic management at a time when peak business groups are calling for action by either side after the May 21 election to ease labour shortages, extend help for business investment and cut red tape.

Morrison will base his message on government figures that claim a $23 billion boost to business investment under Coalition tax policies, almost all of it from an instant asset write off that allows employers to claim a tax deduction on new assets.

Albanese will use a speech to business leaders in Sydney to highlight major Labor policies, such as a childcare plan that promises 96 per cent of families will be better off from higher childcare support.

Read the full story here.

This morning’s headlines at a glance

Good morning and thanks for your company.

It’s Thursday, May 5. I’m Broede Carmody and I’ll be anchoring our live coverage for the first half of the day.

Here’s what you need to know before we get started.

  • Prime Minister Scott Morrison and Opposition Leader Anthony Albanese will both talk up their economic credentials today. As David Crowe and Rachel Clun write, the PM will today pledge to help set up 400,000 small businesses over the next five years if the Coalition is returned to government at the May 21 election. Albanese will tell business leaders that he wants a new phase of economic reform to lift growth and wages.

Anthony Albanese and Scott Morrison on the campaign trail.Credit:Alex Ellinghausen, James Brickwood

  • Staying with the economy, Shane Wright reports that economists are of the view that cost-of-living spending in the federal budget “100 per cent” helped bring forward the Reserve Bank of Australia’s decision to increase official interest rates.

The Reserve Bank of Australia raised rates on Tuesday.Credit:Louie Douvis

  • And in other news, a Commonwealth agency has delayed the release of a coral bleaching report until after the federal election. Just over 72 per cent of voters say they are concerned by China’s security pack with Solomon Islands. And Treasurer Josh Frydenberg and his independent challenger Monique Ryan will go head-to-head in a televised election debate tonight.
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