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Dear Friend,
 
Today, inflation rose a shock 1.3% in the September quarter and 3.2% over the year.
 
In the words of the Reserve Bank Governor this week, today’s inflation figures represent a “material miss” of the Reserve Bank’s inflation forecasts.
 
This makes interest reductions for mortgage holders less likely. 
 
The average mortgage holder is paying an additional $1,800 per month in interest under Labor.
 
Make no mistake: this inflation is home-grown. 
 
It is the inevitable consequence of three years of Labor’s spending spree.
 
Government spending is growing at more than four times the rate of the economy. It has reached its highest level outside of recession in nearly 40 years. 
 
Since Labor was elected the price of essentials has significantly increased:
 
🍳Food is up 15%.
🩺Health is up 15%.
📚Education is up 17%.
🏡Housing is up 19%.
🏘 Rents is up 21%.
💰Insurance is up 37%.
🔥Gas is up 38%.
⚡Electricity is up 39% (without rebates).
(Source: ABS, June 2022 to September 2025)
 
Under Labor, gas and electricity price rises are the inevitable consequence of their disastrous energy policy.
 
The cost of housing keeps rising, as Labor fails to hit its housing targets. 
 
Today’s shock inflation figures come just a fortnight after the ABS confirmed the unemployment rate is also materially above the RBA’s forecasts.
 
Everyday Australian households are paying for Labor’s spending spree in their tax returns, electricity bills, mortgage statements and in their difficulty finding a job.
 
When Labor spends, you pay.

Regards,

Ted O'Brien
Shadow Treasurer

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Authorised by A. Hirst, Liberal, Canberra.
 
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