Today’s National Accounts show it’s getting tougher for hardworking Australian families to make ends meet.

It’s clear we now have a slowing economy with raging inflation at 7.8 per cent.

Households are saving just 4.5 per cent of their incomes, down from 7.1 per cent in the September quarter.

Interest paid on mortgages grew by 23 per cent during the December quarter and taxes have increased which shows bracket creep is very real and impacting many Australians.

Families are pulling back on spending with retail sales falling 3.9 per cent in the month of December.

Shadow Treasurer Angus Taylor said it’s clear cost of living pressures are getting worse.

“Instead of acting to ease pressure on inflation, Labor wants to raise your taxes,” Mr Taylor said.

“The Prime Minister made many promises during the election campaign. He promised families would be better off under his government but families are in fact, worse off.

“Energy bills have soared, mortgages payments are rising every month, rents have increased, grocery costs are rising by the day and Labor’s promised real wage increase hasn’t eventuated.

“This is a government that spent an election campaign promising they would act to address the rising cost of living and yet now, it’s the last thing they want to talk about.

“We’ve seen this week that this is government that has no problem breaking promises they made less than 12 months ago with the announced changes to superannuation taxes.

“Australians have had the wool pulled over their eyes. Labor has broken its promise on superannuation, the question remains, what’s next?

“Anthony Albanese told Australians his word was his bond. This Prime Minister’s word now means nothing.”

ENDS.