“The Reserve Bank has been forced to raise interest rates on Australian families and small businesses for the 16th time under the Albanese Labor government because they can’t kick their spending and inflation addiction”, said Shadow Treasurer, Tim Wilson.
Mr Wilson’s comments come off the back of the Reserve Bank announcing a 25-basis point increase to the cash rate, taking it to 4.6 per cent, the fourth interest rate rise this year, the sixteenth since Labor came to power, and the highest level in 15 years.
“This morning the Prime Minister was in denial about the impact of his active inflation agenda saying there was no connection between the government’s spending, inflation and higher rates, but economists are arguing he is gaslighting the public”, Mr Wilson said.
“Both the Prime Minister and his inflation addicted Treasurer, Jim Chalmers, are in complete denial about their contribution to inflation, and so long as they are inflation will stay high and households and small business will pay the bill”, Mr Wilson said.
In its statement, the RBA explicitly warned of even more interest rate rises to come, stating “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 needed.”
“The Albanese government will never pull in their belt, but they are always looking to Australians to do so, and it will add another $120 a month to the average new mortgage, taking monthly repayments to almost $4,600 and more than $30,000 in additional interest annually since May 2022”, Mr Wilson said.
“The Prime Minister and his taxaholic Treasurer are gaslighting Australians who are paying more on their mortgage and going to the supermarket and paying more but getting less in their trolley”.
“The Treasurer likes to make excuses, but he has overseen four interest rate rises this year and the first happened before a bomb was dropped on Tehran. Australia has a homegrown inflation problem, and its name is Pyro Jim the inflation arsonist, who keeps pouring debt petrol on the inflation fire”.
“The Treasurer said Australia had turned the corner on interest rates. He was right. They’ve gone up, again”.
“Jim Chalmers has been playing a game of interest rate chicken with the Reserve Bank. Today, the RBA blinked, and Australian families and small businesses are the ones who keep getting run over”.
“The Albanese government’s active inflation agenda is designed to stoke inflation, tax inflation and spend inflation in a vicious cycle that keeps Australians poorer. Spending is now at its highest share of the economy since 1986-87 outside the pandemic, and every dollar is putting pressure on interest rates”.
“Economists are now warning of more rate rises to come. That will push countless families and small businesses over the edge, unless the Treasurer finally gets serious about his addiction”.
“The Coalition has a plan to get inflation down and take pressure off interest rates. We will crack down on the waste, fraud and abuse of public money that is stoking inflation and deliver our Tax Back Guarantee, so every Australian worker gets a bigger, permanent tax cut, every year”.
“Australians deserve an economy where hard work gets them ahead, not one where they run faster just to stand still”.
