Australians suffering from Labor's confused economic priorities

Wednesday, 29 May 2024

Today’s monthly Consumer Price Index (CPI) data shows Labor’s cost of living crisis is hurting hardworking Australians.

Core inflation – the RBA’s preferred measure – rose to 4.1%, well above the RBA’s target.

Concerningly just over the past year, domestic inflation has risen 5%, while imported inflation has risen by 1%.

Australians continue to face one of the highest and most persistent rates of inflation of any advanced economy because Labor has failed to tackle the source of the problem.

And with Labor’s big spending, big government third budget, Australian households and businesses face higher prices, higher interest rates and higher taxes for longer.

Under the nearly two years of Labor’s homegrown inflation, the price of everyday essentials have gone up by:

  • Food 11%
  • Housing 14%
  • Rents 13%
  • Electricity 20%
  • Gas 25%
  • Health 11%
  • Education 11%
  • Financial and insurance 15%

Consumer confidence and retail trade data all show that households are struggling to keep their heads above water.

Meanwhile, nearly 17,000 businesses have become insolvent since the Albanese government came to power.

Shadow Treasurer Angus Taylor said Australians deserve better than a weak Labor government that fails to provide economic leadership.

“This is the consequence of the Albanese Labor Government’s confused economic priorities.

“Under Labor, we’ve seen a collapse in Australians’ standard of living and productivity. Australian households are in a recession.

“But instead of reining in spending and getting government out of the way, the Albanese Labor Government has been doing the opposite.

“Our economy is suffering from a weak Prime Minister and weak Treasurer who have no vision for Australia’s future.

“Hardworking Australian families and businesses are sick of the government’s excuses. It’s time for Anthony Albanese and Jim Chalmers to take responsibility for their economic failures.

“This is Labor’s homegrown inflation.”