Labor is hurting Australian families and businesses

Wednesday, 26 June 2024

Today’s monthly inflation data shows Labor's “carefully calibrated” economic plan is failing Australians.  


With headline inflation rising to 4.0% and core inflation – the RBA’s preferred measure – rose to 4.4%, Australian families and small businesses will be bracing for even more economic pain than they have already endured.  


No matter how the government tries to spin this, there is no doubt from today’s data that this is Labor’s homegrown inflation crisis with domestic inflation hitting 5.2%. 


Australia is at the back of the pack due to this homegrown inflation. Under Labor, Australia’s core inflation is increasing, and higher than every country in the G10, including US, UK, Euro area and Canada who have seen inflation moderating. 


This is the result of a government that has spent the last two years completely distracted, with the wrong priorities and absolutely no interest in the economic prosperity of our country.  


Over the last two years of Labor the prices for everyday essentials have risen: 

  • Food 11.4% 
  • Housing 14.0% 
  • Rents 14.2% 
  • Electricity 21.5% 
  • Gas 22.2% 
  • Health 11.1% 
  • Education 10.9% 
  • Financial and insurance services 16.2% 


Instead of showing true economic leadership, the Albanese Labor Government continues to fail Australian families and small businesses.  


Australia is in an entrenched household, consumer confidence and productivity recession, with no plan from Labor to fix the situation.  


Shadow Treasurer Angus Taylor said today’s inflation data is shocking but not surprising.  


“This is what happens when you have a big spending Labor government that’s completely out of touch with the economic reality.  


“We’ve now had four months in a row of accelerating core inflation. This will no doubt be of concern to the independent Reserve Bank.  


“Despite households and business owners doing everything they can to manage their budgets and make ends meet, they are constantly being let down by a weak Prime Minister and a weak Treasurer who have no idea when it comes to the economy.  


“The Albanese Labor Government’s economic plan is failing.  


“Australians can’t afford more of Labor.”