Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

Things are getting worse. Australians know it, and the data is proving it. This, unfortunately for many Australian households, will be a cost-of-living Christmas. Today we've had more data, more bad news. Core inflation has risen to 3½ per cent, higher than in any other major advanced economy in the world. In fact, every other major advanced nation in the world has seen greater falls in core inflation than we have seen in Australia. But, more than that, interest rates in Australia are higher for longer, when interest rates in other parts of the world are now beginning to fall.

The data today proves yet again that Australia's inflation experience is homegrown, it is too high and it is sticky. Anthony Albanese and Jim Chalmers have failed to tackle inflation. Inflation is dictating the economic conditions for Australian households because Anthony Albanese and Jim Chalmers have failed to take action. We know that costs are going up. We know that real incomes are coming down, and families across Australia are paying the price, and they'll pay the price this Christmas and over this summer holiday period.

If that wasn't bad news enough for Australian households, we also know that living standards are now falling at rates that many of us would never have imagined, that many of us have never experienced before. This is the Christmas experience for Australian households, and Labor has failed in 2½ years to tackle inflation and has made Australian families poorer.