Australia is at the back of the international pack in fighting inflation with core inflation rising to 3.5 per cent.
Australia’s core inflation is higher than every major advanced economy.
This year, every major advanced economy has seen greater declines in core inflation.
Rate cuts are happening overseas, but there are none in sight for Australians.
Data released yesterday confirms inflation is homegrown, too high and sticky.
Domestic inflation is running at over five times imported inflation.
Since Labor was elected, prices have gone up by an average of 10%. Essential items have increased, including:
🍞 Food is up 12%
🏡 Housing is up 12%
🎒 Education is up 12%
🏘️ Rents are up 16%
⛑️ Financial and insurance services are up 18%
🔥 Gas is up 32%
Labor has done nothing to address the pain Australians are feeling when they go to the checkout and pay their bills.
Under Labor, the underlying electricity price (without rebates) has gone up 31 per cent. The government has done nothing to address the underlying issues in our energy market.
Inflation is running the economy, not Labor.
For 18 months, Australia has been in an entrenched per-capita (household) recession – the longest in our history – with no relief in sight.
Australians’ living standards have had the largest collapse since records began and by levels not seen in other advanced economies.
A Coalition Government will get Australia back on track with a back-to-basics economic plan.
We will deliver strong economic management that fights inflation and boosts productivity.
