New ABS data has blown apart the Treasurer's claim that working Australians are better off under the Albanese Government.
In the September 2023 quarter, living costs for working households rose 2.0 per cent, with an annual rate that is almost twice that of the Consumer Price Index.
What is more, data showed these Australians were most impacted by rising mortgage costs, and can only expect more pain from Labor’s lack of a plan to tackle inflation.
This comes at the same time the IMF has warned that more needs to be done to contain Australia’s “high and persistent inflation”.
Shadow Minister for Finance, Senator Jane Hume said these figures confirm that inflation is what’s fuelling the pain that Australian households are feeling right now.
“This new data from the ABS reinforces what Australians already know, it is tough under this Albanese Labor Government.
“We know that inflation is going to be higher for longer, because of the Labor’s lack of action. That means that interest rates are also going to be higher for longer. The data shows it is working Australian mortgage-holders who are feeling it most.
“Labor was elected on a promise to make life ‘cheaper’ for Australians, but like so many of their promises, this one is well broken. With interest rates rising and real wages going backwards, Australians are continuing to pay the price for Labor’s cost of living crisis.
“Tackling inflation is the only way we can give cost of living relief to all Australians, but unfortunately Labor doesn’t have a plan. Australians can’t afford another year of Labor’s inaction.
“The fact that this new data comes as the IMF has flagged additional rate rises will be needed is of great concern.”