The Barefoot Investor has warned Australians not to rely on the next federal budget to provide much-needed relief to the cost of living crisis.
Scott Pape called it a waste of time and revealed he would miss it for the first time in 20 years when it premieres on Tuesday.
Pape said he would rather celebrate Dad’s Day with his three-year-old daughter than waste his time on “poor man’s prime-time political theater.”
He suggested the rest of Australia also let it go and instead start implementing their own financial plan.
“Government advisers spend months in focus groups conjuring up a catchy name for their signature extravagance, which they hope will get them re-elected,” he wrote in a column for the mail.
The Barefoot Investor said he won’t be watching, for the first time in 20 years, and suggests we all let it go and focus on what we can directly control.
‘(This year it’s ‘Made in Australia’, apparently.)
“Then they throw them out and the next mob dismantles it.”
‘Also, all the optimistic economic forecasts they make in the Budget can’t hide the fact that many people feel like they are living in a recession right now.
Treasurer Jim Chalmers previously said Tuesday’s budget will be underpinned by “five pressures” on Australia’s economy: persistent inflation, slowing growth, rising tensions, fragmented supply chains and a changing global economy.
Many Australians hope the government will follow up and introduce a housing package, open more urgent care clinics and invest in tertiary education.
But according to Pape, Canberra has enough problems of its own and Australians should not turn to them for help.
‘Bottom line? “Don’t look to Canberra for help – they have enough problems already,” she said.
Pape argued that Australians should start focusing on what they can “directly control” and encouraged them to start a new “budget tradition”.
“On Tuesday night I want you to dust off an old copy of my book and have a cheap, barefoot date night,” he said.
‘Yes, I know it’s probably been a while since you’ve looked at Betty the Sheepdog and me, but there’s a special kind of compound interest that comes from getting together to plot, plan, and dream… as a team (and Yes’ If you’re single, bring a friend).
“Specifically, on Tuesday night I want you to write down what barefoot step you are currently on and then choose just one thing that you can do in 30 minutes or less that will help you move to the next step.”
Millions of Australians are bracing for cost-of-living relief in Tuesday’s federal budget lockdown
Pape suggested that could mean finding a cheaper insurance deal, “mastering” debt or “cashing out” the super fund.
“Best of all, you can do it with a nice bottle of wine or a fancy meal (or both), without Elbow or Mr Potato Head in sight,” he said.
“I haven’t endorsed this in any focus groups, but I call it… the barefoot anti-budget.”
The federal government will invest $11.3 billion in housing initiatives when Tuesday’s budget is passed.
About $1 billion will go toward transitional and crisis housing for youth, as well as women and children escaping domestic violence.
Grants provided under the National Housing Infrastructure Fund to build these homes will increase from $175 million to $700 million.
The funds will help those most at risk, Homesolving Australia chief executive Kate Colvin said.