More than three million Australian families with a mortgage are the biggest losers this Melbourne Cup Day with the Reserve Bank hiking interest rates for the seventh month in a row to pull the reins on inflation.

A 25 basis point increase means a person with a typical mortgage of $750,000 will now pay $1205 more per month than they were when rates started rising in May.

Australians are hurting and in last week’s budget Labor failed to outline a plan to take pressure off interest rates.

Australians have been told their power bills are going up by more than 50 per cent, their mortgage payments will continue to rise, the cost of groceries will remain high, inflation will continue to surge and yet the Government still has no plan to tackle this cost of living crisis.

Australians can’t wait another seven months for Labor’s second budget to come up with a plan to deal with cost of living pressures that have become very real and painful for so many.

Labor’s budget was a missed opportunity to help Australians at a time when they really need it. The reality is, it’s getting harder and harder for Australians to make ends meet under this new, inexperienced Labor Government which is clearly incapable of managing the economy.

Almost every day of the election campaign Anthony Albanese promised he would show up and take responsibility.

It is time for the Prime Minister to stop making excuses and deliver a plan that will help Australians through this cost of living crisis.