Last week’s decision by the Reserve Bank of Australia should sound a warning bell for all Australians. After four years in office, the government needs to accept responsibility for the state of our national economy and the record is clear: Australians have experienced the biggest fall in living standards in the developed world. Inflation in Australia is higher than in every major advanced economy, and it is being driven by decisions made in Canberra, not just events overseas as the independent Reserve Bank has made clear. Government spending is at a 40 year high outside a recession, and that spending is keeping inflation higher for longer. When inflation stays high, interest rates stay high. That is why Australians have now endured 15 rate rises under Labor, putting further pressures on households and businesses. The average Australian family is paying around $29,000 more a year on a typical mortgage. Our national […]
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