TED O’BRIEN MP
DEPUTY LEADER OF THE OPPOSITION
SHADOW TREASURER
MEMBER FOR FAIRFAX
MEDIA STATEMENT
Interest rates have been too high for too long under the Albanese Labor Government, but today’s CPI data will offer hope to struggling Australian mortgage holders that a rate cut is on its way.
The Australian Bureau of Statistics has announced that headline inflation has moderated to 2.1% and trimmed mean to 2.7% which will help inform a decision by the Reserve Bank of Australia at its August meeting to set the cash rate.
A rate cut would be welcome relief to the average Australian mortgage holder who is currently paying an additional $1,900 in interest every month compared to when Labor came to office.
The price of everything has gone up under Labor and, despite today’s announcement, it is never coming down. The ABS data simply indicates prices are now increasing at a slower rate.
Interest rates have been too high for too long in Australia as a direct consequence of Labor’s homegrown inflation, fuelled by an increase in Government spending from 24% to 27% of GDP, the highest level outside of recession since 1986.
Comparable jurisdictions saw interest rates cut far sooner than in Australia, with Labor’s addiction to spending keeping rates higher for longer locally.
ENDS