Today's National Accounts figures must be a wake up call for Anthony Albanese and Jim Chalmers.

 

It shows the slowest GDP growth since 1991, outside the pandemic. This is the fifth consecutive quarter of negative GDP per person growth.

 

Australia is in an entrenched household, consumer confidence, and productivity recession.

 

It did not have to be this way.

 

Labor’s $315 billion in extra spending, productivity killing workplace relations changes, and billions of off-budget funds are causing higher inflation, higher interest rates, and higher taxes.
This is a path to ruin, not recovery.

Had the Prime Minister and Treasurer taken inflation seriously from day one, Australia would not be in such a dire economic situation.

 

But Labor’s economic mismanagement and confused priorities have created this mess.

 

Under the Albanese Labor Government, there are no winners. Every single Australian is worse off:

• Real disposable income per capita has fallen 7.8% since before the election.
• Productivity has fallen 5.2% since Labor came to office.
• Household savings remain 9.9 percentage points lower than before the election.
• Personal income taxes are 20% higher since before the election.
• Mortgage payments have almost tripled since the election.

Shadow Treasurer Angus Taylor said the blame falls solely at the feet of Anthony Albanese and Jim Chalmers.

 

“Today’s data confirms what Australians feel – they are poorer under Labor. This is a shocking data set and absolutely devastating for Australian households.

 

“On any measure, Labor isn’t delivering strong economic management. The only thing keeping Australians’ heads above water in this cost-of-living crisis are their jobs.

 

“The RBA Governor today has confirmed that inflation is home grown, government spending is up and real wages have fallen under Labor.

 

“This is the consequence of a weak Prime Minister and weak Treasurer with no economic vision for our country.

 

"Labor has delivered three failed budgets that have added to inflation, and left households and small businesses struggling to make ends meet.

 

“Labor’s only fiscal strategy is to let bracket creep run and steal $60 billion from household budgets to bolster its own.

 

“Over the past few weeks – we have heard endless stories out of Senate estimates of government waste, poor process, and anti-small business policies.

 

“Labor only has a plan to spin, not a plan for a strong economy.

 

“We need to get the economy back on track and back to basics and restore Australian’s standard of living. 

 

“We have a lot to be optimistic about, but not if we continue down the path of Labor’s economic destruction.”

 

ENDS.