Inaction on budget will leave Australians paying more

2 August 2022

The Reserve Bank of Australia (RBA) has today raised interest rates for the fourth consecutive month in a row.

Australians with a $610,000 mortgage are now paying over $500 more per month on their repayments since May.

The Government still does not have a plan to deal with this.

Nothing outlined in the Treasurer’s economic statement last week will help Australians with these rising cost of living pressures. The Treasurer continues to sound more like a commentator than a Treasurer. Australians need a real plan, not just hollow words.

All the Government has done so far is walk away from promises abandoning its commitment to cut power bills by $275 and real wage increases.

Australians are already paying the price for Labor’s lack of a plan.

If the Treasurer fails to act, it will mean more pressure on inflation, more pressure on interest rates and higher cost of living for Australian families and small businesses.

In the absence of a plan from the Albanese Government to deal with rising inflation and interest rates, Australians will get a plan from the Reserve Bank.

That plan will be to raise interest rates even further and Australians with a mortgage will pay the price.

 

Angus Taylor
Shadow Treasurer, Member for Hume

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