The burden being place on Australian families by the continual rise in the cost-of-living, is a regular topic that I speak about in this column and with good reason.
When we look at the cost-of-living over the past 18 months:
- Groceries are up by 9 per cent
- Housing is up by 12 per cent
- Electricity has gone through the roof for many, and is now up by 18 per cent
- Insurance costs have risen by 22 per cent
- Gas, is up an incredible 27 per cent
Although it may be dropping, inflation also remains stubbornly higher than in other developed nations.
This week in parliament, changes to the Stage Three tax cuts were passed.
While I support measures which lower your taxes and allow you to keep more of what you earn, this was sold as an effort by Labor to tackle the spiralling cost-of-living – the numbers tell a different story.
If we break it down, the average weekly saving from these changes will be around $15.46 per week.
However, in real income terms, the average Australian is $8,000 worse off than they were a year ago.
When hardworking Australians are at a minimum of $150 a week worse off, $15 a week is not going to scratch the surface.
And if you consider their mortgage costs, they’re closer to $600 a week worse off.
The closer you examine it, the more problematic it gets.
A truck driver in Logan, on an average wage, will receive a tax cut of $804 in July, but their cost-of-living has gone up by $8,000, plus an interest increase on their mortgage of around $24,000 a year.
In this case, they’re at least $600 a week worse off and in return, this Government’s plan to address these issues is a $15-a-week tax cut.
Cost-of-living pressures have gone up to such an extent that Australians are unfortunately far worse off now, then they were when Labor came into government 18 months ago.
Australians need a comprehensive, long-term economic plan, which provides real relief for households.
Sound economic policy must be delivered, when the conditions get tough – action that we have not seen with the Albanese Labor Government.
