“Australians are living in fear of Jim Chalmers’ active inflation agenda as consumer confidence crashes to an all time low while expectations of inflation will spike to a record 6.9 per cent,” said Shadow Treasurer Tim Wilson today.
“Until now the problem with the government’s economic agenda was crushing Australians’ attempts for hard work to pay off, now they’re increasingly worried the government is working against them getting ahead.”
Mr Wilson’s comments follow the latest ANZ-Roy Morgan consumer confidence report that headlines with “all time low” on consumer confidence.
The consumer confidence measure has now fallen to its lowest since records began, stretching back over 50 years since 1972 – even below the COVID-19 pandemic low of 2020.
Fewer than one-in-seven Australians say their families are ‘better off’ financially than this time last year. This is another new record low to sit alongside the majority of 57% that say their families are ‘worse off’ – a record low net result for this indicator.
“These conditions have been driven by the Treasurer pouring debt petrol on the inflation fire through excessive spending,” Mr Wilson said.
“Australians are already paying the price through higher mortgages, groceries and energy bills. The last thing they need is the Treasurer using international events as a smokescreen for his own inflationary decisions.
“What Australia needs right now is economic discipline: getting spending under control, restoring respect for taxpayers and focusing on policies that lift the economy so hard work pays off again.”