Today Australians have been hit with another interest rate rise, with the Reserve Bank increasing the cash rate by 0.25 percentage points to 4.85%.
The repayment on the average mortgage is now $30,000 more each year since Labor came to power.
Cost of living is out of control. Since Labor came to government:
Housing is up 25%
Electricity is up 36%
Food is up 19%
Insurance is up 44%
The Albanese Labor Government continues to dig our nation deeper into debt and fuel inflation. Underlying inflation remains at 4.3 per cent, compared with USA’s 2.6% and the European Union in the 2%’s.
Shadow Assistant Treasurer, Federal Nationals Member for Page, Kevin Hogan, said Australians are paying the price for Labor’s failure to get the economy under control.
“Families are cutting back everywhere they can. They’re spending more on the mortgage, more at the supermarket, more on power and more just to get through the week,” Mr Hogan said.
Higher interest rates also continue to hurt small businesses, which are already dealing with rising power bills, insurance and everyday operating costs.
