As interest paid on mortgages grew by 23 per cent during the December quarter, families are pulling back on spending and household savings rates are plummeting.
Shadow Treasurer and Member for Hume Angus Taylor said that instead of working in tandem with the Reserve Bank to bring down inflation, the government is putting all its energy into breaking election promises and taxing Australians more.
“It is clear the government is not doing enough to make the Reserve Bank’s job easier,” Mr Taylor said.
“Australians are now facing a full-blown cost of living crisis and yet it’s the last thing the Prime Minister wants to talk about.”
Buckling under the pressure of a tenth consecutive interest rate rise, a person with a typical mortgage of $750,000 is now paying $1700 more per month than they were when rates started rising in May.
That’s an extra $20,000 a year that a typical Australian family will now have to find.
The latest National Accounts already show it’s getting tougher for hardworking Australian families to make ends meet.
“There are more people than ever seeking help from charity groups to put food on the table,” Mr Taylor said.
“There are many people who have had no other choice but to take on a second job so they can pay the bills and worryingly, Lifeline has reported an increase of almost 50 per cent in requests for help and support in relation to financial issues.”