Yesterday’s monthly Consumer Price Index (CPI) data has confirmed Australians are in for a difficult and expensive Christmas.  

Inflation in Australia remains high, with core inflation at 5.3%.  

The cost of everyday essentials continues to rise. 

Heading the big hitters in the last year, electricity is up 10.1%, while gas has gone up by 13%. The price of fuel has gone up 8.6%. Food and drink are up by 5.3%.   

The Opposition is of course having a field day and several Grinch memes are predictably doing the rounds.

Shadow Treasurer Angus Taylor said that inflation has become a home grown tax on everything.

“No matter what the Prime Minister and Treasurer try to tell us, Australians know they’re going backwards under the Albanese Labor Government,” Mr Taylor said.

“Real wages are going backwards. That means your pay packet is buying less than it could a year ago. In fact, analysis of OECD data shows living standards have fallen the most in Australia than any other comparable country.

Truth be told, Australians are in the grip of a cost of living crisis. During a very tough holiday period ahead, many families will be forced to have difficult conversations about what they can and can’t afford.  

“Australians are making tough decisions about their household budgets right now, and they’re doing everything in their power to try to make ends meet,” Shadow Finance Minister Senator Jane Hume said.

In an interview with Peta Credlin, Sky News, Mr Taylor pointed out that household disposable incomes have fallen more than any other advanced country in the world – 5.1% in a year – and that’s a dramatic reduction in the standard of living of Australians.

“So there is a lot of pain out there,” he said.

“I was at a food bank, in Queensland, just in Brisbane, just last week, and they’re seeing triple the number of people coming through, that they were seeing a year ago.

“And indeed, they’re seeing people who they would never have seen before. So there is a lot of pain out there, regardless of what central bankers like to say.”