“Small business is collapsing and home values are falling because the Albanese government can't kick its spending addiction to fuel its active inflation agenda”, said Shadow Treasurer, Tim Wilson.
Mr Wilson’s comments come in the wake of new data from Cotality showing a collapse in house prices across the country, and AIG analysis that shows business insolvencies have surged 75 per cent since pre-pandemic levels.
“Because Albanese can't kick his spending addiction they've had to increase taxes, and feed their active inflation agenda of stoking inflation, taxing inflation and spending inflation and the consequences are there for everyone to see: rising rents, falling real wages, falling house prices and small business sent to the wall”, Mr Wilson said.
“3,450 businesses went under in the June quarter alone because the Albanese active inflation agenda is creating a cost of small business crisis. Every small business insolvency is a lost livelihood and now the Albanese active inflation agenda is sending home values falling because they're pushing the RBA to push up interest rates”.
“The Albanese active inflation agenda that is forcing the hand of the RBA is killing home values”, Mr Wilson said.
“Australian families already struggling to pay their bills are now sitting at the kitchen table watching the value of their biggest asset, their family home, fall through the floor. At the same time, first home buyers are watching their savings get slugged with higher taxes, while they pay more for rent”.