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Dear Friend,
 
Today’s quarterly inflation data confirms that after two and a half years, Australians are poorer under Labor.
 
Core inflation rose 0.8 per cent in the September quarter and is 3.5 per cent higher than a year ago. This is well above the Reserve Bank’s target.
 
Homegrown inflation is now running at almost seven times imported inflation.  
 
Australians are paying higher prices, higher taxes and higher mortgage repayments because of Labor’s homegrown inflation. 
 
Interest rates have come down in comparable countries like the US, UK, Canada and New Zealand, but not in Australia.
 
Under Labor prices have increased 10 per cent. Some essential items have increased by even more. For example:
 
🍞⁠   Food is up 12%
🎒   Education is up 12%
🏡   Housing is up 13%
🏘️   Rents are up 16%
⛑️   Insurance is up 18%
🔥   Gas is up 34%

Labor has tried to manipulate headline inflation through subsidies. 
 
However, these are band aid solutions that are financially unsustainable. The underlying price of electricity has risen by more than 30% since the election. 
 
The Reserve Bank has said they see through this. Headline inflation is expected to spike sharply when the subsidies end next year. 
 
Labor’s spending spree has resulted in more spending in the last financial year than at the peak of the COVID-19 pandemic. 
 
Throwing money at inflation without tackling it at its source, creates a real problem. 
 
Labor has simply failed to manage our economy. 
 
We need a Prime Minister who is focused on upgrading Australians’ standard of living, not upgrading his standard of travel. 
 
Many Australians will be thinking it’s time for an upgrade in government.

 
Kind regards,

Angus Taylor
Shadow Treasurer

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Authorised by A. Hirst, Liberal, Canberra.
 
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