Today’s monthly Consumer Price Index (CPI) data drives home what hardworking Australians already know – we're paying a high price for the Albanese Labor Government’s bad economic policies.

Australia has one of the most entrenched and persistent inflation problems. While the government continues to spin the situation, the fact is it’s still too high at 4.3%.

The ABS’ measures of core inflation remain even higher with the annual trimmed mean at 4.6% and the CPI excluding volatile items at 4.8%. This is more than 2 percentage points above the mid-point of the RBA’s target band.

Today’s data shows the price of essential items remain too high: electricity has gone up 10.7% and gas by 12.9%, bread and cereals have gone up by 8.6% and dairy by 6.1%.

Rents have increased by 6.6% over the last year, while healthcare costs are 5.2% higher.

These numbers reiterate the difficult financial situation facing too many hardworking Australian families.

Unfortunately, there are no signs that things will get any easier in 2024. Labor’s failing policies on energy, workplace laws, housing and migration are only making a bad situation worse.

Coupled with the government’s big spending, it’s hard to see the pain ending anytime soon.

Shadow Treasurer Angus Taylor says the Federal Government can’t talk their way out of this.

“Australians are looking down the barrel of another tough year, as the Albanese Labor Government continues failing to take meaningful action on cost of living.

“This week, the Treasurer’s been patting himself on the back for wages growth of 4%. But that means nothing when the price of everything else has gone up much higher.

“Real disposable incomes are at an eight year low, and living standards have fallen the most out of any OECD nation.

“Last week, the Prime Minister promised the nation that cost of living will be his priority in 2024.

“But the best he had to offer struggling families is that he’s asking the Department of Finance and Treasury for ideas leading up to the May budget, two years after he came to power.

“That’s advice he should’ve sought on day one. Instead, he chose to spend the first 18 months of his term distracted by his failed Voice referendum.

“If the Albanese Labor Government was sincere about addressing the cost of living crisis, they would admit their failings.”

ENDS.