Today’s National Accounts confirm Labor inherited a growing economy courtesy of strong economic management from the previous Coalition Government.

The data also highlights cost of living pressures are really starting to hit household budgets. 

Shadow Treasurer Angus Taylor said the data shows Australian families are having to dig into their savings to pay for Christmas and to keep up with the rapid rise in cost of living.

“Rising interest rates combined with soaring grocery prices, rents and power bills are starting to take a toll on household budgets,” Mr Taylor said. 

“Under Labor spending is growing faster than incomes with cost of living eating into people’s savings.    

“Families will be feeling the pinch as they go into Christmas and it’s only going to get harder in the New Year with thousands of households due to start rolling off fixed interest rates.

“It is encouraging to see strong wages and household income data, particularly employee earnings in the private sector. 

“This is the market working as it should with businesses and companies raising pay packets to hold onto good staff in a strong jobs market and inflationary economic environment. 

“This is yet more evidence that Labor’s extreme industrial relations laws reforms aren't needed.

“While the economy is showing continued signs of strength, the test for Labor is whether it will preserve the strength of the economy while outlining a credible plan to guide us through the tough times ahead.  

“Right now all this government has is a growing list of forecasts and excuses. Treasurer Chalmers says he feels your pain but he won’t cop the blame.

“Instead of excuses, Australians need a plan from Anthony Albanese. Labor is in government now – the buck stops with Labor.  

“If the Labor Government doesn’t have a clear economic plan, the Reserve Bank will have no choice but to raise interest rates even higher.”

ENDS.