The latest OECD Economic Outlook should be a warning shot for Australians on the exorbitant cost of another three years of Labor’s failed economic plan.  

Just yesterday the National Accounts showed the Albanese Labor Government has delivered the longest household recession on record and the biggest collapse in living standards in 50 years. Today the OECD report confirms there is no light at the end of the tunnel for the economy under Labor. 

The OECD forecasts show Australia’s economy growing below the world and G20 average over the next three years and slower than advanced economies in 2025 including the United States, Spain, Canada, Denmark and South Korea.  

Next year Australia is forecast to have higher inflation than Germany, Spain, Japan, France, Canada, Korea and the United States.  

The OECD’s Economic Outlook is clear: governments need to rein in spending, reduce debt and deregulate their economies to boost investment, innovation and economic growth. 

Instead, Labor is strangling businesses in red and green tape through bad workplace laws, job destroying environmental regulation and higher taxes.  

The Mid-Year Economic and Fiscal Outlook (MYEFO) is an opportunity for Labor to admit its mistakes and change course by restoring strong fiscal guardrails, ending wasteful spending and red tape and charting a path back to a structural budget balance. 

This is the only way to bring down inflation sustainably and restore Australians’ living standards. Australia needs solutions to our collapsing economy not more subsidies and more big government.  

Australia is on the wrong track under Labor’s failed economic management. Labor’s combination of higher taxes, reckless spending and big government is keeping prices high and making Australians poorer. 

The Coalition will rebuild our economy by boosting investment, increasing competition, cutting government waste and red tape, rebuilding business, lowering taxes and delivering secure, low emissions energy. 

Only a Peter Dutton-led Coalition Government will restore strong budget management and get Australia back on track. 

ENDS.