"Treasurer Jim Chalmers’ active inflation agenda has ensured that the trajectory of interest rates is upwards while the rest of the world is headed downwards”, said Shadow Treasurer, Tim Wilson today.
Mr Wilson’s comments follow the announcement of the Reserve Bank of Australia today to increase rates by a quarter of a percent from 3.85 per cent to 4.1 per cent.
“Twelve months ago the Treasurer said Australia had turned the corner on inflation and interest rates, but ABS data shows that the Treasurer doesn’t understand that by pouring debt petrol on the inflation fire he is stoking it”, Mr Wilson said.
“The Treasurer will blame international factors, but Australia’s inflation problem was reported in the December data from Canberra, not March in Tehran”.
“Jim Chalmers' job was to put out the inflation fire, by keeping it alight it means Australia will be doubly hurt”.
“Australians are living the consequences of the Treasurer's inflation denial. When Australians pay their mortgage or go to the supermarket, they feel the consequences of Jim Chalmers’ active inflation agenda whether he acknowledges it or not”.
“The rest of the developed world has experienced declines in inflation and interest rates, Australia is a standout in having rates rising before the outbreak of the Iranian conflict”.
“Under Jim Chalmers, living standards have gone backwards, uniquely in the developed world. And with inflation outstripping wages, and costs continuing to rise Australians don’t have to ask if they’re getting poorer – they’re living it”.
“With the Federal Budget less than two months away, Australians are getting poorer and the only response from Jim Chalmers is inflation, higher interest rates and new taxes”.
“Australians desperately need hope, and that will only come with a change of government that stops pouring debt petrol on the inflation fire”, Mr Wilson said.