Despite the Treasurer arguing his Budget helped Australians, the Reserve Bank lifting interest rates is again evidence to the contrary.
Australians will understandably be feeling anxious following yesterday’s decision, on the back of a Labor Budget that did nothing to help them.
“The RBA are trying to do their job to fight inflation, but they only have one tool at their disposal.
“Labor has been in government for more than a year now. They’ve delivered two budgets.
“This is Labor’s rate rise. This rate rise belongs to the government.
“What the RBA needs, what the Australian people need, is more help from a government that is missing in action on cost of living and inflation,” Mr Hamilton said.
Since the Budget, we have seen markets, economists, and now the RBA itself react to the Budget by increasing their forecasts for inflation and interest rates.
“This government has increased taxes, increased spending, and launched into wide scale industrial relations reform.
“At the same time, they’ve intervened in energy markets, spent an additional $185 billion and flagged to the housing market that with 1.5 million people coming – demand will remain.
“The Treasurer said, ‘I take responsibility for my part of managing the economy and that’s dealing with issues in the supply side’, yet this government is void of policy on the supply side, with higher spending and little budget reform,” Mr Hamilton said.
Make no mistake – the pain Australians are feeling from inflation belongs to Labor.
After a year in office – Labor has let inflation get out of control and their economic decisions are only making the quality of life worse for Australians.
ENDS
Media Contact: Greta Dwan 0414 211 908
