Australians are poorer under Labor
After almost two years of Labor, Australians’ quality of life has fallen dramatically due to higher taxes, high inflation, higher interest rates and low productivity.
Today’s National Accounts figures prove Labor has been missing in action on managing the economy.
Australia is in an entrenched GDP per capita recession, a consumer confidence recession, and we are experiencing the slowest two quarters of consecutive GDP growth in almost 18 years outside of the pandemic.
The economy is grinding to a halt:
- Real net disposable income per capita has fallen 7.5% since before the election.
- Productivity remains negative through the year and has fallen –5.4% since Labor came to office.
- Household savings remain 7.6 percentage points lower than before the election.
- Personal income taxes are 23% higher since before the election.
This is the consequence of a distracted government that has spent more time playing politics than managing the economy.
Labor’s policies are making a bad economy worse:
- Poorly managed migration that is making rents and housing unaffordable
- Energy market interventions that aren’t bringing down prices and costing billions in taxpayers money
- Bad workplace laws that will remove flexibility for workers, raise prices, and make it harder for young Australians to get a job
- Broken promises on taxes – whether it’s franking credits, retirement savings, personal income tax, or Australian companies – Labor are taking more money out of Australians’ pockets at a time they need it most; and
- Billion of wasteful spending – Labor has spent another $209 billion since the election, making prices and interest rates higher for longer.
Labor inherited a strong economy from the Coalition, but in two years we have seen that evaporate.
Labor’s extra spending has not reduced the cost of living, and Labor’s ties to the big end of town and union donors has left it unable to put Australian families first.
Shadow Treasurer Angus Taylor said that for many Australian families, it feels as if they scraped through the pandemic only to find themselves working harder than ever, with less to show for it.
“We need to restore our standard of living and build the foundations for continued prosperity. That is why a Peter Dutton Coalition Government is committed to strong budget management and a back-to-basics economic agenda that reduces cost of living pressures, cuts red tape, and supports aspiration.
“A Coalition government will deliver policies that take pressure off small businesses and households, increase home ownership, boost productivity, and reward aspiration and hard work.
“At the same time, a Coalition government will support our community by increasing home ownership, securing our borders and immigration, and standing up for our interests on the international stage.
“This is the only way to restore our standard of living and our way of life, and build the foundations for future prosperity.”