Australian Bureau of Statistics (ABS) data released today confirms the cost-of-living crisis is worsening on Labor's watch.
Inflation rose 3.8 per cent annually for the June quarter, up from 3.6 per cent in the March quarter. This marks the first increase in inflation since the December 2022 quarter.
ABS data has further confirmed in the last quarter essentials such as housing is up 5.5 per cent, rents are up 7.7 per cent, electricity is up 7.5 per cent, fuel is up 6.6 per cent and insurance is up 6.4 per cent.
Victorians have witnessed debt fuelled spending and borrowing to fund Labor's Big Build, which all Victorians are paying for through the highest debt in the country, the highest taxes and now even higher costs.
The Liberals and Nationals have a plan to bring down the cost of living through sensible economic management:
- Rein in skyrocketing debt, legislating a Victorian debt cap at our first budget
- Conduct a wholesale review of Victoria's tax system, providing tax relief for families, businesses, and individuals
- Review all major projects, including the Suburban Rail Loop, to ensure value for money for Victorians
- Establish Construction Enforcement Victoria to bring transparency back to all major project contracts
Shadow Treasurer, Brad Rowswell, said: "The Allan Labor Government doesn't have a plan for this cost-of-living crisis. Victorians are doing it tough with many families struggling to pay for weekly groceries, fuel and housing. Today's data also means that interest rates will be higher for longer, putting more pressure on strained budgets.
"A further rate hike will hurt Victorian families, already under immense pressure in Labor's cost of living crisis. We know that every time there is an interest rate rise, more people access hardship programs, seek to refinance with banks and reach out to charities to help put food on the table.
"A quarter percentage point increase on the cash rate would add $100 to monthly repayments on a $600,000 mortgage. Since the Central Bank started lifting rates, the cumulative impact has already been more than $1400 a month.
"Labor can't manage money - they've blown out the budget with reckless spending and borrowing for their Big Build and now we're paying through the highest taxes in the country, higher costs and higher interest rates."
