Inflation remains too high under Labor

Wednesday, 26 April 2023

The Albanese Labor Government does not have a plan that will contain inflation.

The latest Consumer Price Index (CPI) data released by the ABS shows Labor’s policies aren’t working to bring inflation down and will not make life easier for struggling Australian families.

Inflation rose 1.4 per cent in the March quarter and 7 per cent annually – higher than expected. The data also confirms that prices have continued to rise for most goods and services.

Shadow Treasurer Angus Taylor said the first focus of the Treasurer and the government must be tackling inflation to address the cost of living crisis.

“Inflation is still far too high. It is clear Labor has the wrong priorities and is not acting appropriately to help ease pressure on Australians battling under higher prices,” Mr Taylor said.

“Labor has been in government for almost a year. During that time, cost of living pressures have only worsened and there’s no improvement on the horizon.  

“The Reserve Bank is only one tool in the kit to tackle inflation. The other is government. Inflation comes from Canberra and if the government fails to act, the Reserve Bank will need to impose much more pain on those already doing it tough. 

“Labor promised to cut power bills by $275 but instead, soaring energy prices are one of the main drivers of inflation with the annual rise in gas prices the largest on record.

“Under this Government we have now seen three quarters in a row of inflation with a 7 in front of it.

“The Treasurer will hand down his second budget in less than two weeks’ time. He must use this budget to take real action on inflation and its impact on Australian families and businesses.

“Australians are having to make real sacrifices to manage their budgets – the government must do the same.

“The last thing families need are more excuses and blame games from a Treasurer who would rather be an economic commentator than solve the problems Australians are facing today.

“The Albanese Government needs to accept responsibility and start showing some leadership.”