Today's quarterly inflation figures confirm what Australians are feeling and Labor is denying: Anthony Albanese and Jim Chalmers have failed to tame inflation.
Consumer prices grew by 1% in the quarter, increasing headline inflation to 3.8%.
Core inflation - the RBA's preferred measure - is even higher at 3.9%, well above the RBA's target, and above both the RBA and Treasury's forecasts.
Inflation impacts absolutely everyone because we all face higher prices, higher interest rates and higher taxes.
Under this Labor Government, prices have increased by more than 10%, including:
- Food by 11%
- Housing by 15%
- Rent by 15%
- Electricity by 22%
- Gas by 25%
- Health by 11%
- Education by 11%
- Financial and insurance by 17%
For the last two years, the RBA has had its foot on the brake. But Labor keeps pressing down on the accelerator, with big spending policies that have only fuelled the inflationary fire.
There is no doubt that the cost of living pain Australians are feeling is here to stay because of Labor's economic mismanagement. There is no plan to reverse the enormous collapse in their standard of living.
Shadow Treasurer Angus Taylor says the Albanese Labor Government has completely failed to tackle inflation.
"Australians are in enormous pain because of Labor's homegrown inflation crisis.
"After three failed budgets, Labor's added $315 billion in extra spending, adding fuel to the inflationary fire. But the people left to pick up the bill are hardworking Australians.
"Australia is at the back of the pack when it comes to tackling inflation - we are the only G10 country which has had core inflation rise compared to December.
"Despite causing this mess, this weak government has left it up to the RBA and ordinary Australians to clean it up.
"Anthony Albanese and Jim Chalmers must stop pointing the finger at others, and finally acknowledge who is responsible for this mess - themselves."
