"Every day Australians are struggling under the cost of household pressure in the economy Labor built. Higher inflation is not a bug of the economy Labor built it is a design feature. Australians’ wages are falling behind, and they don’t go as far at the supermarket. Today's data shows Labor's inflation has been supercharged by the ongoing conflict in Iran and Labor's failure to secure Australia's energy future. Australia is not immune to international events, but this Labor Government left us exposed to more pain," said Shadow Treasurer, Tim Wilson.
Mr Wilson’s comments follow the latest inflation data from the Australian Bureau of Statistics which confirms what Australians have been feeling every day: the cost-of-living crisis is not over under Labor. Inflation jumped to 4.6 per cent in the 12 months to March, the highest level in more than two years as the impact of the Iran crisis flowed through on top of an inflation problem that was already running too hot.
“Labor's never-ending cost of living crisis makes Australia a world leader for all the wrong reasons. Our inflation continues to be higher than every major advanced economy, 1.3 percentage points above the nearest, the US and the UK. The jump in inflation seen today is the largest of any major advanced economy. And if the Iran conflict ended tomorrow, it would not fix the underlying inflation problem because that problem is homegrown, and it existed long before a shot was fired in the Middle East”, Mr Wilson said.
“The Treasurer likes to distract, but quarterly underlying inflation which strips out volatile fuel entirely rose to 3.5 per cent in the March quarter, up for the third consecutive quarter. Jim Chalmers has overspent by 23 billion, borrowing from the future to spend today. Labor has been pouring petrol on the inflation fire, and every Australian household is paying the price”.
“After nearly four years of Labor, Australians are paying more for every essential. Insurance is up 42 per cent. Energy is up 38 per cent. Rents are up more than 23 per cent driven by running the highest immigration intake in Australia's history without building the homes to house people. Health is up 17 per cent. Education is up 21 per cent. Food is up 17 per cent”.
"No one pretends that Iran isn't having a temporary impact on inflation but, on these numbers, the underlying problem will still be there once it is resolved. Until Labor stops pouring petrol on the inflation fire and stops borrowing from the future to spend today, Australians will continue to fall further behind at the supermarket and on their mortgage. Australians are paying too much already to afford another three years of Labor's failed economy," Mr Wilson said.
KEY FACTS
• Annual CPI rose to 4.6% in the 12 months to March 2026 the highest level in more than two years up from 3.7% in February.
• CPI rose 1.1% in March alone, in both original and seasonally adjusted terms.
• Seasonally adjusted quarterly inflation in March 2026: 4.0% identical to December 2023. Two years of Labor and inflation is no lower.
• Quarterly underlying (core) inflation rose to 3.5% in the March quarter — up for the third consecutive quarter above the RBA's 2-3% target band and rising, even after stripping out fuel entirely.
• Australia's inflation continues to be higher than every major advanced economy 1.3 percentage points above the nearest, the US and the UK.