Today’s Consumer Price Index data shows that inflation in Australia is too high, stubborn and homegrown.
It rose sharply by 1% in the March quarter. Core inflation – the Reserve Bank’s preferred measure – remains at 4%.
Australians are paying a high price for Labor’s economic mismanagement.
Under Labor (since June 2022):
- Food is up 10%
- Housing is up 12%.
- Insurance is up 26%.
- Electricity and gas are up 18% and 25% respectively.
Electricity has increased despite expensive rebates from governments. Labor’s pre-election promise of a $275 reduction in household bills is in tatters.
Australia’s inflation is higher than most advanced economies.
Higher inflation means more pressure on interest rates.
A family with a $750,000 mortgage is paying $24,000 more per year on their repayments.
Renters have experienced their highest increases since 2009.
Labor’s economic and energy policies are making matters worse.
They’ve had two years to rein in spending and boost productivity to beat inflation.
Instead, productivity has collapsed and Labor has spent an additional $209 billion since the election.
Meanwhile they have focused on the wrong priorities, like their $400 million Voice Referendum.
Australia’s standard of living has seriously declined under Labor. There is no plan from this government to restore it.
Australians deserve better.
Regards,
Angus Taylor
Shadow Treasurer
