The latest data from the Australian Bureau of Statistics (ABS) show the Albanese Labor Government is failing to get cost of living under control, with September quarter data showing inflation was running at 1.2 per cent, up from 0.8 per cent.
Federal Member for Groom and Deputy Chair of the House Economics Committee, Garth Hamilton said these figures indicate a difficult Christmas ahead for families.
“With summer energy bills and Christmas quickly approaching, the latest inflation figures are the last thing Australians want to see.
“This news means household budgets are set to feel the cost-of-living pinch from all directions, with groceries, petrol, energy, and insurance costs continuing to increase.
“The Treasurer has gone cold-turkey on inflation, with absolutely no plan to get it under control.
“Whilst Australians grapple with the cost of living, the Labor government will be the grinch who stole Christmas, with misaligned priorities that have only continued to pour fuel on the inflation fire,” Mr Hamilton said.
“At a time when people are struggling, the Treasurer and Labor Government have prioritised the Voice, increased spending, and raised taxes whilst families struggle to pay the bills and are forced to dip into their savings.”
Mr Hamilton said the results would be alarming the RBA, which predicted headline inflation to decline to 4.5% per cent by the end of 2023.
“The underlying increase over the quarter suggests inflation is sticky and will hang around longer, meaning no relief in sight and proving the government is off track,” Mr Hamilton said.