Today, millions of Australians will be disappointed that interest rates are not coming down.
Unfortunately, this Labor government has made the Reserve Bank’s job of tackling inflation harder, not easier.
Australia has had just two interest rate reductions, after twelve interest rate increases under Labor.
By comparison, interest rates have fallen: three times in the USA; four times in the UK; six times in New Zealand; seven times in Canada; and eight times in the Euro Area.
The average mortgage holder is paying around $1,900 more per month in additional interest payments, than when Labor came to office.
As the Reserve Bank has recognised, public sector spending is leading to “homegrown” inflation.
Labor’s latest Budget shows Australia in deficit for at least the next ten years. Until Labor starts reinstalling budget responsibility, it will make the Reserve Bank’s job harder.
In just three years of Labor, prices have risen on average by 12%. Many everyday essentials like food, rents and power bills have increased by more.
High inflation and interest rates mean that Australia has experienced the biggest decline in living standards in the developed world.
Australians need cost of living relief, especially those struggling with a mortgage.
The Liberals will listen and ensure we present a strong alternative.
This starts with a strong economy, so everyday Australians can get ahead.
