Nothing technical about inflation pain
Today’s monthly Consumer Price Index (CPI)
data has shown the impact of inflation on everyday Australians is real and it
is acute.
The headline inflation rate of 5.2% remains
well above the Reserve Bank of Australia’s target band of 2-3%. Soaring prices
of electricity, gas, insurance, rent and automotive fuel mean what Australians
are feeling is far worse than the headline figure suggests.
Excluding volatile items, CPI also remains
well above the headline rate at 5.5% with annual trimmed mean inflation at
5.6%.
Shadow Treasurer Angus Taylor said household
budgets are being squeezed at every possible angle under Labor.
“Soaring energy bills, rising grocery prices,
sky high mortgages and rents and now escalating fuel prices. How much more can
Australians cop?” Mr Taylor said.
“Despite promising day after day to bring the
cost of living down before the election, Labor has made a bad situation worse.
“The Coalition has been calling on the
government for over a year to rein in its spending to take pressure off prices
but Deutsche Bank analysis this week has shown Labor governments around the
country increasing spending by 2% of GDP.
“Families are paying a hefty price for
Labor’s failure to take inflation seriously.
“Energy companies told the Cost of Living
Committee there’s been a dramatic increase in the number of Australians
struggling to pay their energy bills with more people now accessing hardship
programs than during the COVID pandemic.
“Despite the real pain families are feeling,
the Treasurer started the week claiming balancing growth with keeping inflation
low was a ‘narrow’ and ‘technical’ objective.
“This is a government missing in action on
the fight against inflation and is distracted by its Canberra Voice and
repaying favours to its biggest donors – the unions.
“Labor must treat
inflation as priority one, two and three. Unfortunately that’s not what we’re
seeing and it’s hardworking Australians paying the price.”