“The Albanese government’s spending addiction to feed their active inflation agenda has led the National Australia Bank to forecast interest rate hikes in September, exactly when households and small business can least afford higher interest rates and supermarket prices”, said Shadow Treasurer, Tim Wilson.
Mr Wilson’s comments come as the National Australia Bank forecasts the Reserve Bank will raise the cash rate in the wake of stubborn underlying inflation.
“The Albanese government’s game of interest rate chicken is forcing the RBA to keep rates higher for longer, and likely to lead to further rate hikes for Australian families and small business, who are already struggling with mortgages and supermarket prices”, Mr Wilson said.
“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. Now, economists are saying it is going to send interest rates up for the 16th time, and to their highest levels under this government”.
“Australian families and small business cannot afford another rate rise, and they cannot afford Labor’s active inflation agenda”.
“Underlying inflation has remained above the RBA’s target band for 14 of the 17 quarters under this government. Anthony Albanese has the worst inflation record of any government since the introduction of the target band”.
“The amount of money that Albanese and Chalmers keep pouring into the economy directly correlates to the higher prices families have to pay at the checkout, and higher interest rates”.
“The RBA has consistently said that inflation was too high before the Middle East crisis began, and Australians now have to pay the price of the government’s reckless economic agenda”.
