Summary: In response to the government’s pre-election budget, Labor’s Shadow Assistant Treasurer Andrew Leigh, a former professor of economics, describes an alternative economic plan. Leigh tells Michelle Grattan that a Labor government would have delivered a budget that faced down Australia’s big economic challenges. “They include declining living standards: income per capita in real net terms has declined 4% since the government came to office; flagging innovation, which has seen too few Australian firms develop ‘new to the world’ innovations; and rising inequality where the gap between rich and poor now is as high as it’s been in three-quarters of a century,” he says.
