The latest monthly inflation data from the Australian Bureau of Statistics confirms inflation is still homegrown, too high and sticky.  

 

Headline CPI came in above market consensus at 3.5 per cent, while core inflation remains stubbornly high at 3.8 per cent. Fruit and vegetable prices have seen their highest rise since December 2022. 

 

Since the election, the price of everything has gone up 10 per cent.  

 

Under Labor, gas is up 33 per cent, electricity is up 14 per cent (even after taxpayer funded rebates) and rents are up 16 per cent. 

 

Australia remains well and truly at the back of the pack among advanced economies.   

 

This year, inflation has fallen in every major advanced economy. In Australia, it hasn’t. 

 

Rate cuts are on the cards in other economies while in Australia the RBA has said they are not expecting any cuts this year. 

 

Despite a worrying spike in imported inflation, homegrown inflation continues to outstrip imported inflation – at three times the pace. 

 

These figures confirm that Labor is still failing to address the source of the inflation challenge. Labor’s attempts to manipulate the headline inflation rate are only temporary masks for the real issue. 

 

This is a cost of living con job from a Labor government only putting band aids on bullet wounds.  

 

This means Australians are still paying more at the checkout, the petrol pump, and on their bills due to Labor’s failed economic management.   

 

Shadow Treasurer Angus Taylor said the figures were the consequence of a Treasurer who is fighting everything but inflation.  

 

“Inflation in Australia is homegrown, and it is stubborn. Australia is at the back of the pack and families are paying the price. 

 

“Labor has had three budgets and two years to get this under control, instead they have spent more time fighting the Opposition than fighting inflation.  

 

“Labor promised prices would be back under control by July this year. Instead, we have seen prices since the election rise by double digits – over 10 per cent. Inflation is running the economy, not Labor.  

 

“Australia is in an entrenched GDP per capita and productivity recession, with no plan for productivity and no rate relief in sight. Australians’ living standards are collapsing by levels not seen in other advanced economies. 

 

“Families and small businesses are losing hope and confidence.  

 

“A Peter Dutton led Coalition government will get Australia back on track with a back to basics economic agenda. We will deliver strong economic management that fights inflation and boosts productivity.  

 

“We will be absolutely focused on restoring Australians’ way of life.”