“The latest inflation data confirms the Iran inflation spike is evaporating and leaving Australia with high underlying inflation with Jim Chalmers’ spending the culprit”, said Shadow Treasurer Tim Wilson.
Mr Wilson’s comments follow ABS data confirming inflation for May is at 4.0 per cent, with home grown inflation at 4.7 per cent. Underlying inflation, which is the measure the RBA focuses on rose to 3.6 per cent, well above the RBA's target band. Non-discretionary goods and services inflation, the essentials Australians need to live like electricity and housing, was up by 4.7 per cent.
“The Albanese government’s economic model is to stoke inflation, tax inflation, and spend inflation, perpetuating a cycle that ensures Australians pay higher prices at supermarkets”, Mr Wilson said.
“Jim Chalmers’ active inflation agenda is making everything at the checkout more expensive, pushing interest rates up, and making Australians poorer”.
“In March 2025, the Treasurer triumphantly declared that he had beaten inflation. Australians are now living with the consequence of his arrogance. Chalmers’ persistent inflation is causing living standards to remain at record low levels”.
“Jim Chalmers’ inflation crisis started long before the conflict in the Middle East, and Australians don’t buy his excuses. RBA Governor Michele Bullock even said, ‘Inflation in Australia was already too high before the recent conflict in the Middle East began’”.
“Jim Chalmers is like the cosplay arsonist pouring debt petrol on the inflation fire, burning away at the future economic prosperity of Australia”.
“The Coalition’s Tax Back Guarantee will protect Australian workers’ wages and salaries from this inflation crisis and return more money to their hip pockets. Labor just wants to make Australians poorer”.