Yesterday, two economic problems were highlighted that are hurting Australians.
Firstly, inflation accelerated to 3.8 percent.
Australia’s inflation is higher than every major advanced economy (including the US, UK, Canada, Germany, Italy, France or Japan).
Secondly, the Government was caught trying to hide a nearly $60 billion black hole.
New figures from the Government’s budget update in December reveal deficits from 2029–30 to 2035–36 are $60 billion worse than expected.
These problems are related. Labor’s uncontrolled spending keeps inflation higher for longer.
Since Labor was elected in 2022:
🍜 Food is up 16 percent.
📚 Education is up 17 percent.
🏥 Health is up 18 percent.
🏡 Rents are up 22 up percent.
💡 Electricity is up 38 percent.
🛟 Insurance is up 39 percent.
Hardworking Australians expect their government to ease cost of living pressures, not add to them.
However, Labor’s reckless spending is fuelling inflation. This in turn puts upward pressure on interest rates.
The average mortgage holder is already paying around $21,000 a year more in interest than when we were last in Government.
Labor promised Australians relief. Now Australians are being asked to brace for more pain.
When Labor spends, you pay.
Our country deserves better.
