Australians are facing a tough Christmas because Labor is focussed on all the wrong priorities.

The Treasurer can spin as much as he likes but the fact remains that Labor’s Mid-Year Economic and Fiscal Outlook (MYEFO) confirms this government is about big spending, big taxing, and a big Australia. 

Instead of reducing spending, Labor has spent an additional $209 billion - more than $22,000 per household.

Along with increasing migration this will only put more pressure on prices and the cost of housing. 

This does nothing to help Australians with the cost of living. 

The budget improvement was largely driven by higher tax receipts from Australians working harder to keep up with skyrocketing prices and inflation-fuelled bracket creep under Labor.

MYEFO makes it clear that:

• Australia’s economy will grow slower than our major trading partners and the world over the next three years.

• Inflation will be higher for longer, and unemployment will increase. 

• Labor has presided over $379 billion in extra taxes, with tax receipts as a percent of GDP at its highest level in 15 years. 

• Labor’s policy decisions are making the structural budget deficit worse. 

The fact remains, Australians are feeling enormous financial pain under the Albanese Government. 

Since Labor came to office interest paid on mortgages has almost tripled, prices have gone up by more than 9%, taxes have gone up by over 27% and real disposable income per capita has gone backwards by 8.6%.

Shadow Treasurer Angus Taylor said the Australian economy was being squeezed by Labor’s failure to manage the economy and take inflation seriously.  

“Instead of coming up with a real plan to help Australians, the Treasurer and the Finance Minister have unveiled their 6th economic slogan in 18 months and continue to spend, spend, spend. 

“No matter how much this Government tries to spin, Australians feel the truth in their hip pockets. Under Labor, they are going backwards and they are going backwards fast. 

“Instead of spending all his time on shiny slogans, the Treasurer should take responsibility for the dire consequences of his economic mismanagement”, Mr Taylor said.

Shadow Finance Minister Jane Hume said that Labor’s lack of a plan to get inflation under control is costing Australians. 

“For over a year, the Coalition has been calling on the Albanese Government to rein in their spending to help take the pressure off inflation and help Australian families with the cost of living. At the end of the year, they still don’t have a plan, and Australians are paying the price.

“Instead they’re interested in accounting trickery. This is a Government that talks about ‘saving money’ but in the very same breath, they’re spending $209 billion more which is only going to add to inflationary pressure.

“It’s not just the Coalition that are calling on the Government to rein in their spending. Economists and experts have both pointed out that government spending is adding to inflation. Labor’s cost of living crisis is being fuelled by their decisions.

“As a result, Australian families will continue to pay a high price for Labor’s inaction on inflation. It’s going to be a very tough Christmas for everyone as a result.”

ENDS