Fighting inflation must become priority one, two and three

Wednesday, 25 October 2023

The September quarter Consumer Price Index (CPI) has highlighted the pain Australians are feeling under this distracted and out of touch Labor Government.

Shadow Treasurer Angus Taylor said prices are going up and up and have been ever since Labor got it into government.

“Australians aren’t being fooled by the Treasurer’s spin. They can acutely feel the pain of Labor’s cost of living crisis in their bank accounts and household budgets,” Mr Taylor said.

“This Treasurer has an excuse for everything but a solution for nothing. It seems his only plan is to tell Australians they’re better off when quite clearly, they are not.

“The Treasurer has been out boasting that it’s been a year to the day he handed down his first Budget but unfortunately during this year Australians have fallen further and further behind.”

  • The cost of almost everything has gone up. Mortgages, rent, groceries, furniture, insurance, fuel – you name it.
  • Renters are experiencing the highest increases since 2009.
  • A family with a $750,000 mortgage is paying $22,000 more per year on their repayments.
  • Workers are paying 15% more income tax.
  • Inflation is still far too high with core inflation higher than most advanced economies.
  • The price of fuel has risen 7.2% in the quarter.
  • Australians are working more hours for less.
  • Parents are faced with tough choices in order to pay the bills and put food on the table for their children.

“For the Treasurer to suggest that Australians are better off is completely out of touch,” Mr Taylor said.

“The reality is, over the past 12 months the Albanese Labor Government has had its eye off the ball and has not done enough to tame inflation.

“We learnt today in Senate Estimates that after almost 18 months in office, the Prime Minister has not sought a one-on-one briefing from the Treasury secretary on inflation – as previous Prime Ministers have done.

“The fight against inflation needs to be priority one, two and three. That’s unfortunately not what we’re seeing right now and it’s hardworking Australians left paying the price.”