Rate Rise Looms as Labor Loses Control of Inflation
Australia has officially secured the gold medal that nobody wanted, our nation now leads the major advanced economies in headline inflation while local families pay the price at the checkout.
Federal Member for Dawson, Andrew Willcox, has today slammed the Albanese Labor Government after ABS data confirmed a staggering jump in headline inflation to 4.6 per cent; this leaves Australia with a rate 1.3 percentage points higher than our closest peers in the United States and United Kingdom.
Mr Willcox said the data confirms that Australia’s cost-of-living crisis is a home-grown disaster driven by decisions made in Canberra.
"Higher inflation is not a bug of the economy Labor has built, it is a design feature.
“While other nations are seeing prices stabilise, Australia has been left vulnerable because this government refuses to stop pouring debt-funded petrol on the inflation fire," Mr Willcox said.
"The Treasurer likes to point to international conflicts, but the reality is clear, if the Iran conflict ended today, it would not stop the underlying inflation problem that is crushing families across Dawson.
“Our inflation was a problem before the crisis, and it will remain a problem until this government stops overspending and start reining in their $223 billion blowout by the Treasurer."
The spike in inflation has led economists to warn of an almost certain 15th interest rate rise when the Reserve Bank meets next week. Mr Willcox warned that the impact would be felt far beyond just mortgage holders.
"When interest rates rise to combat Labor’s home-grown inflation, the heat is felt by everyone.
“We are seeing a devastating flow-on effect where rapid rent rises are forcing our most vulnerable community members to choose between paying rent or putting food on the table.
"The upcoming Federal Budget in two weeks is the final chance for the Treasurer to take the pressure down. Unless the government stops its reckless spending, families will continue to fall further behind.
"Australians are working harder for less while the government treats our economy with contempt.
“It is time for Labor to stop the excuses, stop the clickbait politics, and start delivering the common-sense economic management that regional Australia deserves."
ENDS
Contact: Amanda Wright | Media & Communications Adviser
P | 07 4944 0662 M | 0455 456 705 E | Amanda.Wright@aph.gov.au