“The Reserve Bank’s hand has been forced to keep interest rates high on struggling families and Australian households because the Albanese government can’t kick its spending addiction and active inflation agenda”, said Shadow Treasurer Tim Wilson said.
"At the last Census in August 2021 the underlying inflation was 2.1 per cent, this Census Day it is 3.6 per cent – and the difference is the Albanese government”.
Mr Wilson’s comments come in the wake of the Reserve Bank of Australia’s decision to keep the cash rate on hold at 4.35%, leaving the total number of interest rate rises under Labor at 15, and at its highest level since 2011.
In its statement, the RBA noted “headline inflation is still too high” and that “trimmed mean inflation also remains elevated and is little changed”. Concerningly for all Australians, the RBA also stated that “the Board will continue to do what it considers necessary to bring inflation sustainably back to target, including increasing the cash rate target further if upside risks materialise”.
“Australian families and households need cost of living relief, but the RBA’s hand has been forced to keep interest rates up because every call to cut spending and inflation is ignored by the Prime Minister and his government”, Mr Wilson said.
“The Treasurer arrogantly claimed last year that Australia had “turned the corner” on inflation, but since then, interest rates have gone up”.
“While families are being told to tighten their own budgets, the Albanese Government is pouring more petrol on the inflation fire and daring the RBA to act”.
“The Coalition has a plan to fix our economy and protect our way of life. We will deliver relief to struggling households by cutting the Albanese government’s waste, and delivering our Tax Back Guarantee, giving every Australian worker a bigger tax cut, every year”.