Today’s National Accounts figures confirm that Australia is in a GDP per capita recession, and they highlight the grim Christmas that so many households will face.

The numbers today tell us that middle Australia is being absolutely crushed.

Since the Albanese Labor Government came to power, mortgage repayments have almost tripled. Prices have gone up by more than 9%. And incredibly, taxes have gone up by over 27%.

This is the result of homegrown inflation that’s higher and more entrenched than our peers.

Shadow Treasurer Angus Taylor said the figures are an inevitable consequence of a Treasurer who’s out of his depth.

“The Treasurer has been at pains to blame everyone and everything other than himself. But the reality is, this is a result of Labor's economic mismanagement,” Mr Taylor said.

“Australian households don’t need data to tell them how tough things are, because they’re living it every single day.

“They’re digging deep into their savings, they’re working more hours and more jobs, and they’re cutting back on the basics like fresh food. This is the exact opposite of what we want to see.

“The Treasurer started the year with a 6,000 word essay on remaking capitalism. He’s finished the year with an economy that is crushing Australian households.”

ENDS.