TED O’BRIEN MP
DEPUTY LEADER OF THE OPPOSITION
SHADOW TREASURER
MEMBER FOR FAIRFAX
MEDIA RELEASE
The International Monetary Fund (IMF) has delivered a blunt warning on the Albanese Government’s economic mismanagement, calling out Australia for the “drawn-out persistence” of above-target inflation.
This confirms what Australian families, the banks and the Reserve Bank already know. Under Labor, inflation surged and it has stayed higher for longer.
Just as Jim Chalmers has been claiming victory, inflation is again surging. Prices are now rising faster than in any major advanced economy.
And there’s no relief in sight. The Reserve Bank now forecasts that inflation will remain above its target for at least the next two years.
As a direct result of this, real wages will continue to fall, income taxes will continue to skyrocket and interest rates will likely rise again. A trifecta of cost-of-living disasters brought to you by this Labor government.
This is not bad luck. It is the direct result of Labor’s reckless spending spree. It is Jimflation in action.
Under Labor, government spending is rising 13 times faster than the Coalition budgeted for. It’s growing at its fastest pace outside of recession in nearly 40 years.
The Albanese Government is out in the economy competing with Australian households for goods and services, bidding up the price of everything. While the lower-productivity public sector squeezes out the higher-productivity private sector, lowering the economy’s speed limit.
Labor’s economic plan is simple. Spend more, borrow more, hope inflation fixes itself, and blame everyone else when it does not.
When Labor spends, you pay.
ENDS