Today’s inflation figures confirm the Albanese Government has failed to tame inflation.
Consumer prices grew by 1% in the quarter, increasing inflation to 3.8%.
Core inflation is 3.9%. This is well above the Reserve Bank’s target and above both the Reserve Bank and Treasury’s forecasts.
Inflation impacts everyone. It means higher prices, higher interest rates and higher taxes.
Under Labor, prices have increased by more than 10%, including:
🍞 Food up 11%
🏥 Health up 11%
🎒 Education up 11%
🏠 Housing up 15%
🚪 Rent up 15%
💰 Financial and insurance up 17%
💡 Electricity up 22%
🔥 Gas up 25%
Australia is at the back of the pack when it comes to tackling inflation.
Our inflation has been consistently higher than every major advanced economy.
This year, we are the only one of the G10 countries where core inflation has accelerated.
The Reserve Bank has had its foot on the brake, pushing up interest rates to control inflation they say is homegrown.
However, Labor keeps pressing down on the accelerator.
After three failed budgets, Labor has added $315 billion in extra spending, adding fuel to inflation.
Their economic, energy and industrial relations policies are making inflation worse.
A Coalition Government will tackle inflation as an absolute priority.
We will do this by cutting wasteful spending, reducing red tape and delivering affordable energy.
We will also protect consumers and small businesses from corporations or union bosses who misuse their power.
Australia can’t afford three more years of Labor.
