Under the Albanese Labor Government’s own failing plan for our economy, Australians will not see a recovery in their standard of living until at least 2030 – another two terms of parliament.  

The Treasurer tried to bury his mid-year budget update and the latest population statement in the days before Christmas. It’s easy to see why. When you look closely at the numbers and put the two pieces of data together, it paints a grim picture of the expected economic outcomes of Labor’s first term in government and beyond.  

The Treasurer’s MYEFO forecasts for household income growth combined with Treasury’s population statement show Australians will be nowhere near recovering what living standards they have lost since Labor came to government.   

On the Treasurer’s own numbers by June 2025 Australians’ living standards will still be more than 7% behind where they were when Labor came to power in May 2022.  

On this trajectory it would take until 2030, almost another two terms, to undo the damage Labor has done. 

That’s almost six years Australians will be making up the ground lost under Labor. 

Noting these are based off heroic projections that Australians’ real incomes recover sustainably and population gets under control. 

Shadow Treasurer Angus Taylor said this is more proof Australia cannot afford another three years of Labor. 

“Under the Albanese Labor Government hardworking Australians are enduring the steepest decline in living standards on record,” Mr Taylor said.

“Not only is this completely unprecedented in our history, it’s also unparalleled anywhere else in the world.  

“No amount of spin or unfounded optimism from the Treasurer will restore the financial losses hardworking households have incurred under Labor.   

“The new year of 2025 offers no relief under this failing government. The Treasurer’s own data proves Australia cannot afford another three years of Labor.  

“The Albanese Government is ignoring the problem, pursuing empty promises and implementing bad policies with no plan to restore Australians’ living standards.  

“The Coalition will get our country back on track by boosting investment, increasing competition, cutting government waste and red tape, rebuilding business, lowering taxes, and delivering secure, low emissions energy. 

“Australians deserve better than Labor.” 

ENDS.