Today’s quarterly Consumer Price Index (CPI) data confirms that after two and a half years of this government, Australians are poorer under Labor.  

 

Core inflation rose 0.8 per cent in the September quarter to be 3.5 per cent higher than a year ago – remaining well above the RBA’s target. 

 

Most concerningly, homegrown inflation is now running at almost seven times imported inflation.  Services inflation is now running at 4.6 per cent over the year. 

 

The data makes it clear – Australians are paying higher prices, higher taxes and higher mortgage repayments because of Labor’s homegrown inflation.  

 

Interest rates have come down in comparable countries like the US, UK, Canada and New Zealand, but not in Australia. 

 

Hardworking families and small business owners don’t need the data to know that they are paying a high price for Labor’s economic failures.  

 

Under Labor prices have increased 10 per cent with even larger increases for many essential items: 

• Food is up 11.7% 

• Education is up 11.5% 

• Housing is up 12.9% 

• Rents are up 16.4% 

• Insurance is up 18% 

• Gas is up 33.9% 

 

Labor has failed to manage our economy.  Shadow Treasurer Angus Taylor said this is the consequence of a Labor government which has completely failed to take the inflation problem seriously.  

 

“Labor is behaving like it has won the inflation battle. It goes to show the Treasurer and this government do not understand the pain their homegrown inflation is causing everyday Australians. 

 

“Labor’s fiscally unsustainable manipulation of headline inflation through subsidies is a desperate attempt to try and cover up their economic failures.  

 

“Labor continues to offer only band aid solutions. We know for a fact that the underlying price of electricity has risen by more than 30% since the election.  

 

“The RBA has said time and time again, they see right through this. Headline inflation is expected to spike sharply when the subsidies end next year.  

 

“Labor’s spending spree has resulted in more spending in the last financial year than government spending at the peak of the COVID-19 pandemic.  

 

“Throwing money at the problem without doing anything to meaningfully address the supply side has created a diabolical economic situation.  

 

“Labor’s total economic incompetence will continue to hurt hardworking Australians.  

 

“We need a Prime Minister who is focused on upgrading Australians’ standard of living, not upgrading his standard of travel. This is a Prime Minister who is focused on the perks of the job, not doing the job.  

 

“Many Australians will be thinking it’s time for an upgrade in government.” 

 

ENDS.