Labor’s cost of living crisis is continuing to pile pressure on Mallee family budgets, Member for Mallee Anne Webster says.
In the wake of Tuesday’s interest rate rise by the Reserve Bank of Australia, which takes the cash rate to its highest level since 2011, the average mortgage holder in Australia will be paying almost $2000 more a month.
“Mums and Dads are fighting to keep roofs over the heads of their children, and at the same time food on the table and the lights on,” Dr Webster said.
“Under Labor the cost of food has gone up 8.2 per cent over the past 15 months, the cost of electricity is up 18.2 per cent, the cost of gas is up 28 per cent, insurance is up 17.3 per cent, petrol prices have hit an all-time high. Australian families are feeling the pain of the Labor cost-of-living crisis which the Prime Minister has no plan fix.”
While the minimum household income required to afford the average Australian house is now $182,000 per annum, Australian Bureau of Statistics data indicates the median household income for Mallee is just $63,440 per annum.
Dr Webster said Labor had continually shown its incapacity to manage cost of living pressures.
“Twelve times now Mallee families have been hit by an interest rise under Labor, with poor policy decisions increasing the stress they are under,” Dr Webster said.
“Energy companies have found a correlation between interest rate hikes and the increasing number of customers on hardship plans, while charities are reporting more and more families are turning to them to help put food in their kids’ lunchboxes and meals on the table.
“Mortgage payments are having a significant impact on the living costs for Australian families, and this interest rate rise makes it even harder for those households already doing it tough to make ends meet.”
“We said it would not be easy under Albanese, and the evidence is piling up.”