Australia is at the back of the international pack in fighting inflation with core inflation rising to 3.5 per cent.

 

Australia’s core inflation is higher than every other major advanced economy.

 

This year, every other major advanced economy has seen greater declines in core inflation.

 

Rate cuts are happening overseas while there are none in sight for Australians.

 

Today's data confirms inflation is homegrown, too high and sticky.

 

Services inflation – which the RBA is paying close attention to – increased to 4.8 per cent.

 

Domestic inflation is running at more than five times imported inflation.

 

Since the election under Labor, the price of everything has gone up by 10 per cent:

• Food is up 11.8 per cent
• Housing is up 11.7 per cent
• Rents are up 16.1 per cent
• Gas is up 32.2 per cent
• Health is up 10.4 per cent
• Education is up 11.5 per cent
• Financial and insurance services is up 18.2 per cent

 

Labor has done nothing to address the pain Australians are feeling when they go to the checkout and pay their bills.

 

Under Labor, the underlying electricity price has gone up 31 per cent. The government has done nothing to address the underlying issues in our energy market – it needs to get back to basics.

 

This is evidence that Labor is failing to manage the economy.

 

Inflation is running the economy, not Labor.

 

Australia is in an entrenched household recession with no plan and no relief in sight.

 

Australians’ living standards have had the largest collapse in our history and by levels not seen in other advanced economies.

 

Let’s be clear: prices are still rising under Labor and this is leaving Australian families behind.

 

Costs are up, real incomes are down and families are really struggling under this weak and incompetent government.

 

A 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.

 

ENDS.