Labor failing to fight inflation first

Wednesday, 26 July 2023

The June Quarter Consumer Price Index (CPI) shows inflation is still running rampant at 6%.

Core inflation in Australia at 5.9% remains among the highest of the world’s advanced economies.

Shadow Treasurer Angus Taylor said the data tells us what we know Australians are feeling every single day – prices are not coming down.

“Australians are feeling it when they pay their mortgages, their rent, their energy bills, their groceries,” Mr Taylor said.

“The latest labour force data shows Australians are having to work more hours just to make ends meet.

“Inflation is coming from Canberra because the Albanese Labor Government is failing to fight inflation first.

“Instead, it has the foot on the accelerator while the Reserve Bank is pumping the brake and when this happens, you blow up the engine.

“Labor’s dangerous cocktail of policies are making a bad situation worse.

“The test for this government from here is to get inflation back to the Reserve Bank’s target rate of 2-3% and keep it there while maintaining a strong economy.”