The latest economic data shows that our cost-of-living crisis is only getting worse.
In the September 2023 quarter, living costs for working households rose 2.0 per cent, with an annual rate that is almost twice that of the Consumer Price Index.
What is clear from these figures is that it is inflation that is fuelling the pain that Australian households are feeling right now.
From increasing energy costs, higher fuel prices and rising grocery bills, inflation is impacting household budgets across the board.
This data also showed that these same Australians were most impacted by rising mortgage costs, which could further strain household budgets in the coming months.
The International Monetary Fund (IMF) has outlined that rising costs need to be reined in, warning that more needs to be done to contain Australia’s “high and persistent inflation”.
To achieve this the IMF has flagged additional rate rises will be needed – at a time so many households can least afford it.
The Treasurer’s claim that working Australians are better off under the Albanese Government, ignores the reality faced by hardworking Australians.
Tackling inflation is the only way we can give cost of living relief to all Australians, but unfortunately Labor does not have a plan.
Shadow Treasurer, the Hon Angus Taylor MP, this week outlined his priorities to reinvigorate our economy and support middle Australia.
It is a back-to-basics economic agenda, which prioritises:
- Supporting small business and entrepreneurship, backed by an innovative and safe financial system and less red tape.
- Delivering an incentive-based tax system, cutting the compliance burden and supporting workplace participation.
- Supporting more work, not more welfare.
- Containing the growth in government spending and
- Getting the basics right where government does have a role to play – reliable affordable energy, well targeted critical infrastructure and accessible home ownership, and an education system that puts outcomes first.
Labor was elected on a promise to make life ‘cheaper’ for Australians, sadly this has not come to fruition.
Instead, Australians can only expect more pain from their lack of a plan to tackle inflation.
